CIBA and Invest Cyprus sign pact to boost foreign direct investment

The Cyprus International Businesses Association (CIBA) and Invest Cyprus (CIPA) have signed a memorandum of understanding aimed at strengthening Cyprus’ position as an international business and investment centre, according to a CIBA statement. 

The agreement sets out a framework for closer cooperation between the two organisations, with a focus on supporting foreign direct investment (FDI), promoting sustainable economic growth and improving Cyprus’ visibility as a competitive destination for international investors. 

Under the memorandum, CIBA and Invest Cyprus will work together on the exchange of investment-related information, the organisation of joint events and business missions, and the provision of coordinated support to both existing and prospective investors. 

The statement said the partnership would also seek to improve access to information on investment opportunities, regulatory developments and available incentives, while helping investors navigate the local business and regulatory framework. 

In addition, the two sides will encourage knowledge-sharing, technical cooperation and joint international initiatives designed to promote Cyprus abroad as a business and investment base. 

CIBA said the collaboration reflects a more unified public-private sector approach to promoting the country internationally and supporting investors from initial interest through to establishment and long-term growth. 

CIBA president Vasilis Demitriades described the agreement as an important step in aligning the voice of the international business community with national efforts to attract investment. 

Through the cooperation with Invest Cyprus, he said, “CIBA aims to contribute to a more competitive, transparent and business-friendly environment, while reinforcing Cyprus’ role as a reliable hub for international business and investment.” 

Invest Cyprus chief executive Marios Tannousis said “the memorandum further strengthens joint efforts to promote Cyprus as a leading investment destination.” 

By working more closely with CIBA, he added, Invest Cyprus will be better placed to engage with the international business community, understand investor needs and pursue a more coordinated approach both to attracting new investment and supporting the expansion of existing operations. 

The statement also noted that, in connection with the signing of the memorandum, the two organisations co-hosted an event, end of March, under the title ‘FDI & Omnibus: Driving Cyprus’s Competitive Edge in the EU Legal Landscape.’