Cyprus Government aims to facilitate Limassol growth, says Pilides

Minister of Energy, Commerce and Industry Natasa Pilides has pledged that the government’s aim is to further enhance Limassol’s growth and to facilitate developments that will push the city to reach its full potential in all areas.

In a recorded address at the «Limassol Business & Investment Summit», held in Limassol, she said there is a distinct and increased interest in relocating and creating company presence in Limassol. We believe, she added, that this is only going to increase because over the last few decades the city has managed to attract high level investors and has really transformed into e vibrant community and business centre with landmark buildings and cultural diverse in quality lifestyle.

With increasing numbers of high tech shipping, forex companies and with many major projects that are expected to operate in the coming years, such as the integrated casino resort, Limassol is expected to grow even further and that is definitely the aim, said Pilides and assured the government will take into account all suggestions and support identified investment and synergy opportunities arising from the panel discussions that will follow during the day.

“Our aim of course is to further enhance Limassol’s growth and to facilitate developments that will push the city to reach its full potential in all areas”, she added.

There is no doubt that the 2020’s will be a decade of ground breaking changes in regards to business social behaviour and the adoption of new emerging technologies and of course the green transition, the minister noted adding that the industry 4,0 era combined with the Coivid-19 pandemic have made it essential for companies to adapt new consumer habits, for example by adopting digital technologies and turning to the creation of modern hybrid work spaces.  Businesses worldwide are working hard to become more efficient and more resilient while employees are working on honing their digital skills.

These times of social and economic turmoil, she added, “Cyprus could not be the exception.”

“Acting promptly and decisively our government has implemented the necessary measures for prevention and containment of the pandemic in order to protect our citizens and the public health system. At the same time we have provided targeted physical support to businesses and individuals to ensure their survival and the prevention of job losses,” she said.

While digital transformation is at the forefront of the government’s strategy, Pilides continued, “this goes hand in hand with the transition to a green circular economy which enhances competitiveness and ensures the ease of doing businesses while adopting and embracing green practices.”

The above pillars form the base of Cyprus’s national recovery and resilience plan which in fact constitutes the blueprint for our growth policies for 2021 to 2026, providing for a combination of investments and reforms budgeted for a total of 4.4 billion euros said Pilides.

Furthermore, she remarked that as part of the package of incentives to promote foreign direct investments, new and existing corporate entities can also take advantage of a fast track mechanism for setting up a business in Cyprus.

Established at our Ministry since October 2020 the mechanism means to facilitate businesses to relocate or expand in the country allowing  company registration and incorporation to be completed in 7 days. It is also accompanied by a revised policy for temporary residence and employment permits to 3rd country nationals, employed in companies of foreign interest operating in Cyprus.

Investors and businesses looking to form presence in Europe can enjoy Cyprus’s competitive advantages, which include a transparent and modern legal system based on common law, a highly trained workforce of lawyers, accountants and corporate service providers, excellent telecommunications and other infrastructure including transport and logistics and a favourable tax environment. In fact, she added,  there are numerous opportunities for investments in Cyprus including the ICT sector, higher education, health care, an advanced shipping sector and the energy sector where opportunities for investments in green projects are rising.


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