Cyprus has emerged as a serious contender in the world of international investment, putting a conference in Limassol next week in a unique position to promote the island as a regional headquartering centre.
Over 100 conference-goers are expected to attend the third annual Cyprus International Investment Summit, according to Michalis Michael, chairman of the Cyprus Investment Promotion Agency.
CIPA, also known as Invest Cyprus, has picked regional headquartering as this year’s theme, according to Michael who spoke with InBusinessNews.
“We want to emphasise the fact that businesses can use Cyprus as their main base for their activities,” Michael said, adding that the island has everything on offer, from great climate, good schools, and great professional standards.
Most participants at the conference will come from Britain, while other countries such as Malta, Luxemburg, and Holland will send representatives.
Many of these countries are known competitors, according to Michael, who said there is a lot of interest in seeing and evaluating what new products and services are offered on the island. But he also said that some countries have not ruled out cooperation, citing conversations with officials where Cyprus could fill the void in many areas.
Incvestment pitch in the works
Michael, a known advocate for adaptability and reform, has spoken in the past in favour of Cyprus focusing on the headquartering sector, using examples of start-ups and innovation, health tourism, energy and investment funds.
But he also has been emphasising Brexit in recent months, sending the message that CIPA ought to utilize opportunities to the fullest.
Many of these countries are known competitors but officials have not ruled out cooperation where Cyprus could fill the void in some areas
Back in April, CIPA attended a Business Forum that preceded the Commonwealth Heads of Government meeting in London.
CIPA officials had invited to a working breakfast a number of professionals from leading companies in the financial and professional services sectors, shipping, and technology, such as Simmons & Simmons, Allen & Overy, PIMCO, Brookwood Capital, and Goldman Sachs.
The pitch was promotion of Cyprus as a safe and cost-effective alternative for global companies in a post-Brexit world, listing the island’s taxation system, workforce, and services as a main selling point.
But CIPA was also on the lookout to identify potential interest, leading to a broadly-coordinated effort to promote significant incentives and opportunities as well as highlight the prospects of making a brand in Cyprus.
During a foreign investment award ceremony back in June, Michael had warned that it was “necessary for the economy to keep adapting, to encourage reforms, to become competitive through modernisation and innovation.”
The convention will take place on September 13 and 14, where delegates are expected to come from the UK, USA, India, Hong Kong, Russia, Ukraine, Other Central and Eastern European Countries, GCC Countries, Singapore, Egypt, Israel and South Africa.
Topics covered during the two-day summit will include new tax provisions for non-residents, the Cypriot Investment Scheme, rules and regulations, and a number of case studies of international firms headquartered on the island.