The President of the Cyprus International Business Association, Chris Koufaris, has called for closer links to be developed with other international financial jurisdictions such as Dubai and Singapore.
"Our association should establish closer contacts with associations in other international business centres and especially in the Gulf and Asia regions,” Koufaris declared at CIBA’s annual general meeting earlier this month.
"We should approach these business centres as complementary, not as competitors, because Cyprus is unique in the respect of being on European Union ground," he added.
It was noted by CIBA’s Executive Committee that more must be done to promote the island’s financial and tax environment abroad which Koufaris noted have been held back by recent political developments and Central Bank reforms.
The CIBA president also suggested that a benchmarking mechanism was needed to measure the attractiveness of different financial jurisdictions relative to one another.
"This [benchmarking facility] will provide us and guide us with measures to be adopted in order to maintain our and enhance our lead," stated Koufaris.
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