Major Developments Set to Boost Cyprus Economy
In a significant boost to the Cypriot economy, Andreas Demetriades, the chairman of the Association of Large Investment Projects, announced plans for over €8 billion worth of major development projects. These initiatives, numbering between 18 and 20, are poised to generate between 8,000 and 9,000 job opportunities. The ambitious developments include an array of construction projects such as new marinas, golf courses, technology parks, expansive tourist complexes, and medical centres.
Following a productive meeting with President Nikos Christodoulides, Demetriades expressed a sense of alignment with the president’s views on economic growth and investment. Both parties agree on the importance of overcoming past challenges and fostering an environment conducive to attracting foreign investments. President Christodoulides has shown particular interest in addressing the challenges faced by the association’s members and is actively exploring strategies to enhance Cyprus’s appeal to international investors.
The planned investments are not just about infrastructure; they also focus on partnerships and knowledge sharing. Incentives are being considered to encourage collaborations between foreign and Cypriot companies. The goal is for local businesses to gain expertise and benefit from these joint ventures. The association fully supports President Christodoulides’s efforts to restore Cyprus’s international reputation, with members committed to assisting in this endeavour.
Demetriades highlighted the collective interest in maintaining a positive national image that attracts genuine, productive investments. However, he also pointed out current challenges, such as the perceived unfair tax competition faced by Cypriot companies when compared to their international counterparts. Despite these concerns, there is optimism that upcoming tax reforms will address these issues.
The developments in Cyprus signal a new era of growth and prosperity, with investments set to transform the island’s economic landscape while providing substantial employment opportunities.
