President meets CIBA to discuss economy and FDI

Cyprus’ efforts to strengthen its appeal as an international business and investment centre received backing from the Cyprus International Business Association (CIBA), whose board met President Nikos Christodoulides this week and pledged support for measures aimed at boosting the country’s competitiveness. 

According to a CIBA statement, the meeting was held in a constructive atmosphere and included a broad exchange of views on the role, challenges and prospects of international businesses operating in Cyprus. 

CIBA president Vasilis Demetriades told Christodoulides that the association, as the main representative body of international businesses based on the island, stood behind the government’s efforts to reinforce Cyprus’ position as a reliable and resilient business centre. 

He said CIBA members, as direct users of the services Cyprus offers to the international business community, could also serve as ambassadors for the country abroad.  

At the same time, he stressed the need for “closer coordination between the state and competent bodies, including Invest Cyprus, to further promote the country and attract new international companies.” 

The talks also focused on a number of issues seen as strategically important for the Cypriot economy, among them the regulatory and institutional framework, efforts to strengthen foreign direct investment.  

They also covered the need to speed up the digital transformation of the public sector, and wider geopolitical developments affecting the international business environment. 

In remarks after the meeting, Demetriades said “international businesses are an important part of the Cypriot economy” and added that “CIBA stood firmly alongside the government in efforts to strengthen Cyprus’ position as a competitive and dependable international business centre.” 

He also said the association’s role was “to act as a bridge between the international business community and the government,” adding that “CIBA would establish an annual report to the president setting out the positions, problems and challenges facing the sector, as well as specific proposals for its further development.” 

For his part, Christodoulides praised what CIBA described as the association’s constructive and responsible approach, while stressing the importance of maintaining a constant channel of communication.  

The President also expressed his intention to draw on the association’s expertise and the experience of its members in the government’s efforts both to retain foreign companies already operating in Cyprus and to bring in new investment.