During the next couple of weeks the Cabinet is expected to reach a decision that would allow Cyprus Investment Promotion Agency (CIPA) to operate as an One-stop service in a bid to speed up procedures to attract Foreign Direct Investment to the island, CIPA Chairman Christodoulos Angastiniotis has said.
Speaking after a meeting of CIPA Board of Directors with Cyprus President Demetris Christofias in the Presidential Palace, Angastiniotis said that the aim is not to introduce a new law, but to give CIPA the opportunity to gain a coordinative role in the foreign investments services, so that Cyprus to become a more attracting and competitive destination for foreign investors.
Angastiniotis said that CIPA Board of Directors briefed President Christofias on the way the Agency works, on its targets and on the latest developments in the field of foreign investments.
Government Spokesman Stephanos Stephanou said that Cyprus is a regional investment centre, noting however that the international environment on the field of foreign investment is very competitive. “Hence, Cyprus should continue to work intensively by upgrading its efforts in order not only to maintain its place in the investments map, but to become a modern investment centre”, he added.
Stephanou said that CIPA was established by the government with the aim to assist its effort to promote Cyprus and to attract foreign investments to Cyprus.