Cyprus and Greece renew investment pact to boost cooperation

Invest Cyprus and Enterprise Greece have renewed their strategic memorandum of cooperation through a formal signing this week, deepening the investment ties between the two nations in order to attract high-value foreign capital.

The expanded cooperation framework in the field of investment was signed on behalf of Cyprus by Invest Cyprus director general Marios Tannousis and on behalf of Greece by Enterprise Greece president Dimitris Skalkos.

The signing took place on Tuesday, April 21, during the 2nd Cyprus Business Presentations Conference in Athens, organised by Financial Media Way (FMW).

The event, held under the theme of “the new changes in the tax system of Cyprus”, took place in the presence of institutional economic stakeholders and business figures from both countries.

Following the signing, Tannousis stressed the importance of closer ties between Cyprus and Greece in the investment field, adding that the two countries can achieve more together for their mutual benefit.

At the same time, he placed particular emphasis on the development of Cyprus’ defence industry, saying the sector can attract significant investment from abroad.

Moreover, he said the imminent end of the war in Iran could create important new opportunities for Cyprus and Greece, adding that the memorandum signed in Athens would help both sides capitalise on them.

Referring to Cyprus’ new tax system, he said it is “functional, modern and flexible and is expected to contribute decisively to Cyprus remaining an attractive investment destination.”

For his part, Skalkos pointed to the need to renew and expand the Cyprus-Greece memorandum of cooperation, citing the major changes taking place in the international economy.

He added that the two countries can complement each other in meeting the needs and demands of foreign investors.

He also said that, from the day after the signing of the memorandum, Enterprise Greece and Invest Cyprus would begin its implementation through specific initiatives concerning both markets as well as the wider international economy.

Moreover, Skalkos said that “the good progress of the economies of Cyprus and Greece constitutes the solid foundation on which new joint efforts to attract foreign investments can be based”.

Those present at the signing included Cyprus’ ambassador to Athens Stavros Avgoustides, Cyprus tax commissioner Sotiris Markides, and ICPAC president Odysseas Christodoulou.

The event also hosted Cyprus-Greece Business Association president Iosif Iosif, CYFA general manager Christoforos Ioannou, as well as representatives of accounting and law firms and business figures from the two countries.