Cyprus Investment Association unveils €8 billion in projects

Members of the Cyprus Association of Large Investment Projects unveiled ambitious plans Thursday, highlighting 18 to 20 projects valued at over €8 billion. These initiatives are anticipated to generate employment for over 8,000 to 9,000 individuals, according to Association President Andreas Demetriades.

Following a high-level meeting at the Presidential Palace with President Nikos Christodoulides, Interior Minister Konstantinos Ioannou, and Deputy Minister to the President Irene Piki, Demetriades outlined the diverse scope of the proposed projects. Ranging from marinas to technology parks, these ventures encompass significant sectors such as tourism, healthcare, and infrastructure development.

Demetriades emphasized alignment with the President's strategy of fostering collaborations between foreign and Cypriot companies, aiming to enhance the nation's investment landscape. The Association pledged comprehensive support towards bolstering Cyprus' reputation among investors, underscoring the pivotal role of foreign partnerships in driving economic growth.

Discussions during the meeting delved into crucial economic themes, including tax reforms and urban planning enhancements, signaling a concerted effort toward attracting foreign investment. Demetriades lauded the President's proactive engagement in addressing challenges faced by the Association's members, underscoring the pivotal role of major projects in Cyprus' economic resurgence.

Highlighting ongoing initiatives, Demetriades reiterated the Association's commitment to fortifying Cyprus' global standing and fostering a conducive environment for sustainable investment. Responding to queries regarding pending projects and governmental strategies, Demetriades endorsed the President's proposals, emphasizing the imperative of incentivizing collaboration between domestic and foreign entities.

While acknowledging the significance of restoring Cyprus' international prestige, Demetriades affirmed the Association's unwavering support for governmental endeavors aimed at enhancing the nation's image. Addressing concerns over unfair competition and regulatory hurdles, he advocated for comprehensive tax reforms and streamlined urban planning processes to spur economic vitality.

Regarding construction activities in the Turkish-occupied territories, Demetriades clarified that the issue was not addressed during the meeting. However, he underscored the importance of maintaining equitable business conditions while preserving communication channels with the occupied territories.

The Cyprus Investment Association's unveiling of transformative projects signals a pivotal juncture in the nation's economic trajectory, underlining a collective commitment towards prosperity and sustainable growth.

Information from CNA