Cyprus is emerging stronger than ever from an unprecedented crisis, President of the Republic Nicos Anastasiades has said, noting the island can become China`s gateway to Europe, Africa and Asia.
“Cyprus is emerging stronger than ever from an unprecedented crisis. Our country’s comparative advantages not only remain intact, but have been further enhanced and developed, setting it apart from most investment destinations,” Anastasiades said addressing the China-Cyprus business forum in Beijing.
The President outlined the advantages of Cyprus to act as a gateway to China, namely the excellent bilateral relations with China, the vast network of agreements for the avoidance of double taxation, the EU harmonised tax and legal system and the 12.5% corporate tax, one of the lowest rate in Europe.
“Through the introduction of decisive and effective structural changes and the significant reductions achieved in costs and operating expenses, the already attractive investment destination that Cyprus is, has now become considerably more competitive and efficient,” Anastasiades added.
He pointed out that his government is currently implementing a series of measures which include the simplification of procedures for the faster issuing of permits and licensing of investment projects and operation of businesses, as well as the speedier granting of residence permits to foreign investors.
Noting the government is taking measures to simplify procedures of visa application so as to make it easier for Chinese tourists to visit our beautiful island, the President added that to this end, we have chosen a private provider through a tender competition, in order to establish a number of authorized visa application centers in Chinese cities, 5 at first stage and 15 in total, where there is no Cypriot diplomatic or consular representation.
“Our efforts are bearing fruit, as evidenced by the fact that Cyprus has officially exited recession and is registering growth as of this year. Our journey along the road to recovery has been faster than anyone could predict two and a half years ago,” he went on to say.
Anastasiades highlighted that opportunities for growth exist in the majority of economic sectors of Cyprus including commerce, tourism, privatization of ports, electricity and telecommunications, shipping, real estate, large-scale development projects, education, health, research and innovation.
“Especially today, the discovery of natural gas reserves within Cyprus’ Exclusive Economic Zone creates excellent investment prospects in the energy sector and ancillary services,” he said, adding that “not surprisingly, the emerging oil and gas industry to be created on the island is expected to provide a significant boost to our economy, spearheading significant growth and driving numerous other sectors as well.”
Anastasiades also underscored the renewable energy sector`s great potential for investment and growth.
He also said that the government will also be soon publishing a tender for the creation of a Science and Technology Park in Cyprus.
Recalling that Cyprus can benefit from drawing best practices from China, which is today managing 120 Science and Technology Parks and we welcome and promote, of course, Chinese involvement in this project, Anastasiades pointed out the agreement, signed in Nicosia last September, between the Government of the People’s Republic of China and the Government of Cyprus, for Science, Technology and Innovation Cooperation.