Invest Cyprus and CYFA MoU Bolsters Business Ecosystem

16 May 2024

    Invest Cyprus and CYFA Forge Strategic Alliance to Boost Business in Cyprus

    In a move that underscores the importance of cooperation in driving economic growth, Invest Cyprus and the Cyprus Fiduciary Association (CYFA) have formalized their partnership. The signing of a memorandum of understanding (MoU) on Wednesday is set to strengthen the business ecosystem in Cyprus, with a focus on attracting Foreign Direct Investment (FDI) and generating employment opportunities.

    Marios Tannousis, CEO of Invest Cyprus, and Christoforos Ioannou, General Manager of CYFA, have taken a significant step by endorsing the MoU. This collaboration is not just about enhancing ties; it’s a strategic move to position Cyprus as a global hub for fiduciary and administrative services.

    The alliance will see both organizations engaging in regular dialogue to share insights on the fiduciary sector. They will join forces on research initiatives, industry reports, and projects aimed at expanding the sector’s reach, thereby contributing to Cyprus’s economic landscape.

    Moreover, the partnership will extend to organizing business cooperation meetings and supporting each other in setting up conferences, roundtable discussions, road shows, and other business-centric events. These collaborative efforts are designed to share knowledge on the latest trends in business administration and propose investment-attracting strategies to bolster the fiduciary sector.

    Addressing challenges related to taxation, visas, and sector regulations will also be part of their joint agenda. The organizations are committed to coordinating their efforts to overcome any hurdles that may impede business progress.

    International and foreign companies looking to enter or expand in the Cypriot market will find allies in Invest Cyprus and CYFA. The organizations will facilitate introductions and collaborations, ensuring that these companies can seamlessly integrate into the local business environment.

    The MoU, which took effect on May 15, is set for an annual renewal cycle, ensuring that this partnership continues to foster a thriving business ecosystem conducive to collaboration and cooperation, ultimately leading to sustained growth and innovation within Cyprus.

    collaboration and cooperation

    How will the MoU boost collaboration and cooperation in Cyprus?

    The MoU will foster synergies in Cyprus by facilitating joint initiatives, sharing expertise, and aligning strategies, thereby enhancing both public and private sector partnerships.

    Can the MoU boost Cyprus collaboration and cooperation in services?

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