It is a great pleasure to welcome you at Hilton Park in the framework of the seventh Invest Cyprus International Investment Awards event. An event through which we award extroversion, entrepreneurship and innovation as key tools for revitalising economic growth.
At the outset, I wish to congratulate Invest Cyprus for this important initiative and to extend my praise to GOLD magazine for its hard work towards its implementation.
Cyprus currently enjoys one of the highest growth rates in the EU of around four percent, while macroeconomic forecasts show a robust growth of more than three percent in the coming years. Unemployment has also been reduced to 8.6 percent and is expected to be reduced even further.
Our plan was to continuously improve the country’s business environment so as to reinforce the position of Cyprus as a competitive, innovative, stable and fully transparent destination for business and investment. In this respect, we recognised the importance of maintaining sound public finances, of preserving a stable and competitive tax regime, and of providing incentives for new business and investment.
We have promoted significant reforms, in the welfare system, the health care system, the management of public finances, in tax administration and, very importantly, in the banking sector. We have been actively promoting new investment opportunities, ranging from sea-ports, to Marinas and the largest integrated casino resort in Europe.
Almost four months into our second term, our objective is to solidify the conditions for sustainable growth in a mid and long-term horizon, in favor of all citizens and within conditions of full employment. In order for this to be achieved, amongst others, we intend to implement strategies for the transformation of the public service and its transition into the digital era.
Areas we are all well-aware of their importance for any investor and in particular as regards creating a business-friendly environment. Our aim is to reform the public service so that it facilitates growth in a modern, knowledge-based, scientific, high-tech and innovative economy.
Moreover, it goes without saying that we will continue promoting transparency and demonstrating zero tolerance to any kind of mentality that could evoke phenomena of corruption or inexcusable delays in business-related processes. At the same time, we shall remain committed to our balanced budget policy which has been successful in upgrading our economy’s credit rating and establishing higher levels of confidence by the international investment community. It has also been vital in helping us maintain the stability and competitiveness of our tax system as a whole, through the elimination of additional taxes and the introduction of tax deductions and incentives for a number of economic sectors.
Overall, Cypriot banks are now operating on healthier foundations, even though constant work is still needed to address the remaining challenges, such as the level of non-performing loans.
I wish to assure that we shall remain focussed on maintaining and broadening the conditions under which surpluses and high growth rates can be generated.
