Speaking at a three day conference held under the auspices of the Cypriot Finance Ministry and the European Commission last week, Finance Minister Takis Klerides unveiled the Government's strategy for the development of e-commerce in the region.
Although Cyprus has made great progress in this area, with investment in high technology equipment showing a 15% year on year increase from 1995 to 2000, potential for further development is huge, Mr Klerides told the conference.
He revealed that the Government would soon be unveiling initiatives to upgrade infrastructure, liberalise the telecommunications industry, and ensure high speed access to the internet at affordable prices for Cypriot businesses and individuals. He also told attendees that the authorities would be looking to create a coherent legal framework on issues such as data protection, electronic signatures, and intellectual property.
The Finance Minister revealed that the Government hopes that the e-commerce drive will encourage international IT companies to locate in Cyprus, in order to exploit the opportunities arising out of the country's participation in European Union programmes. However, special tax incentives for such companies were not discussed.
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