National Investment Promotion Authority of Cyprus, Invest Cyprus – Annual General Meeting
The National Investment Promotion Authority of Cyprus (Invest Cyprus) aims to attract and facilitate foreign direct investments into the country. This includes supporting businesses and investors during the location selection process, facilitating and aftercare services in business set up, relocating and expanding staff and operations, working closely with all governmental authorities and private sector to maintain and expand international standards in legal and business operations, promoting Cyprus as the ideal business and investment destination, highlighting its potential for growth and as a dynamic financial centre within the EU.
Cyprus Climbs the Greenfield FDI Index
FAI Comply director Constantinos Constantinides attended the Invest Cyprus Annual General Meeting which highlighted the growth and progress in investment over the last year – namely that Cyprus rose 50 places in the 7th Greenfield FDI Performance Index for 2021 of the fDi Intelligence, Financial Times, not to mention that Cyprus has attracted 3.37 times more investments than GDP, resulting in Cyprus ranking 18th internationally and illustrating the attractiveness of Cyprus as an investment destination. During the event the President of the Organization’s Board of Directors, Evgenios Evgeniou, highlighted that the obvious advancements create optimism in turbulent times; this will contribute to the creation of jobs and continued transformation of the economy.
Constantinos Petridis, the Minister of Finance, opened by stating that “We are entering a new era where cheap money and cheap energy are coming to an end. In this new era, Cyprus is in a strong position, with high growth rates, low unemployment and significant investments. The role of investment today is more important than ever, and it is necessary for our economy to be strong in order to continue attracting international institutional investors in priority sectors. Invest Cyprus is called upon to continue to play this difficult but crucial role. We recognise the important role of the Organisation and that is why as a government we have decided to increase its budget for 2023.”
Investments in Cyprus Boost Economy
Mr George Campanellas, the General Manager of Invest Cyprus, presented the outcome of the Organisation's recent approach, which entailed promoting the country’s advantages to more than 3,500 representatives of international companies and investment organisations, from 19 countries, 736 in-person meetings with high-ranking executives of international technology companies and large investment organisations. To date, 46 of them have either proceeded to invest in Cyprus, are at an advanced stage and receiving support from the Invest Cyprus team. As per the analysis conducted by Invest Cyprus concerning its strategy, the outcomes are excellent, for instance a 49% increase in international companies, a 78% rise in jobs, the total impact on the economy is estimated at 3 billion euros until the end of the year. According to data published by the Cyprus Securities and Exchange Commission (CySEC), the number of investment funds increased significantly in the last two years, Cyprus being one of the first EU countries to transpose the Alternative Investment Fund Managers Directive into national legislation and the ratification of the Cyprus Alternative Investment funds centre in Europe for investment funds and asset management companies.
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Written by Andie Henderson, Legal and Compliance Associate of Financial Associates International FAI Comply