Total foreign investment in Cyprus increased by a record 9.1 per cent in 2016 while the assets of Cyprus-based investment funds increased by 83 per cent, the outgoing president of the Cyprus Investment Promotion Agency (CIPA), Christodoulos Angastiniotis told the organisation’s AGM on Wednesday evening.
“An important indication of the success of CIPA is the ranking of our country as the second most rapidly developing nation brand for 2017, after Iceland, according to the internationally renowned agency Brand Finance,” said Angastiniotis.
“Even though this is a recent development, it is indicative of the success of a long-term effort to highlight Cyprus as a centre of business excellence.”
President Nicos Anastasiades, whose speech focused on the impressive recovery of the economy since the 2013 meltdown, praised the vital role played by CIPA and the Cyprus Investment Fund Agency (CIFA) in promoting structural changes.
“With the contribution of CIPA and CIFA we managed to speed up and to capitalise the prospects for development,” he said.
Foreign investments today were in excess of €7.5 billion. Attracting foreign investment was one of the priorities set by his government, which introduced a range of incentives, he said. The number of investment fund companies being registered was annually increasing at a rate of 18 per cent.