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12° Nicosia,
17 June, 2024
 

CIFA projects optimistic 2024 for Cyprus investment funds amid challenges

Investment funds sector in Cyprus demonstrates resilience, driving economic growth and specialized job creation

Newsroom / CNA

The Cyprus Investment Funds Association (CIFA) has expressed optimism for the Investment Funds sector in Cyprus in 2024, projecting another positive year despite existing challenges and uncertainties, according to a press release.

CIFA noted that in 2023, Cypriot Investment Funds demonstrated resilience, contributing significantly to the country's economic growth. With investments nearing €3 billion, they played a pivotal role in generating new, high-paying, and specialized employment opportunities.

The association highlighted key milestones, such as hosting the 36th annual international conference of the International Investment Funds Association (IIFA) in Cyprus from October 23-25, 2023. This event showcased Cyprus as a prominent European hub for international Investment Funds and Managers, contributing to the development of a robust business ecosystem.

CIFA emphasized the sector's reliance on global trends and acknowledged potential challenges for Investment Funds in 2024. However, the association praised Cyprus for its resilience and adaptability, attributing it to the constructive approach of institutions like the Ministry of Finance, the House of Representatives, the Cyprus Securities and Exchange Commission, and Invest Cyprus.

Andreas Yiasemides, President of CIFA, highlighted the crucial role of Investment Funds as a pillar of the Cypriot economy amid challenging conditions. He stated that Investment Funds have not only created specialized job positions but have also supported key sectors with capital, contributing to the diversification and modernization of Cyprus' economic model. Yiasemides expressed confidence that in 2024, Collective Investment Organizations and sector professionals will play an instrumental role in enhancing economic and social well-being in Cyprus.

TAGS
Cyprus  |  economy

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