Announcing a major overhaul of government policy, Cypriot Minister of Commerce, Industry and Tourism George Lillikas has announced that Cyprus should seek to exploit its unique position as the trade bridge between Europe and the Middle East in order to entice more foreign investment to the country.
Addressing a news conference earlier this week, Lillikas revealed that the government's new investment initiative would rest upon three pillars, namely the creation of a non-profit state-owned Cyprus Investment Promotion Agency (CIPA); new procedures to accelerate the approval of new investment projects deemed important to economic development; and the 2006 Strategic Action Plan for Foreign Investors, which promises better-targeted promotion and marketing activities.
"Our basic aim is to attract foreign funds for immediate investments in fields like the production of high technology products and the transfer of technical knowledge," Lillikas noted.
The minister also stated that Cyprus will use the tools already at its disposal to attract foreign investors, such as its geographical position, low corporate tax rate of 10%, membership of the European Union, network of double tax treaties, its foreign income tax credit system, high standards of services, and favourable climate and quality of life.
"All these advantages as well as the revolution mainly in the sectors of information and communications create the conditions to establish Cyprus as the main trade, finance and services centre in the Eastern Mediterranean, as the pipeline that will connect a market of 450 million Europeans with 300 million consumers of the Middle East," Lillikas added.
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