The Cyprus plan for growth has 95 targeted actions with the aim to enhance the competitiveness of the economy, to increase productivity and unlock the country’s investment potential. The government has emphasis on improving the access to finance for small and medium enterprises and removing barriers to investments.
Cyprus has realized the necessity to develop a comprehensive strategy to promote investments and to establish a legal framework for facilitating strategic investments. The government has also signed an agreement with the EBRD for implementation of ‘’Advice for Small Business Facility’’. The programme aims to promote the sustainable development of SMEs in Cyprus though tailor made advisory services. The objective of this programme is to provide business advice and training to new or existing SMEs.
In addition, the EBRD has provided capital injections to Hellenic Bank, the second largest commercial bank in Cyprus. Also, New York-based hedge fund, Third Point, became a major shareholder of Hellenic Bank and this action has attracted many investors to Cyprus. Additionally, the island’s biggest bank, Bank of Cyprus, has secured €1 billion of investment from world- renowned investors and the bank listed on the London Stock Exchange in January 2017.
Cyprus’s private and government sector is providing incentives to attract more headquarters to the country. Already, three has been an influx of new businesses Cyprus. Furthermore, decision makers choose Cyprus as the right location to establish international and regional headquarters.
As an example, high-tech and entertainment start-up Whipper, led by a founding team of executives and advisors who hail from Riot Games, Netflix, Swiftkey, Amazon, Echo UK, Omnicom, and Viber, established its global headquarters in Limassol in 2017.
Due to the rapid economic turn- around, the improvements in Cyprus macroeconomic and financial environment, the amazing projects for properties and energy opportunities, Cyprus has become one of the top ranked destinations of investments. Projects such as the Sofitel Resort & Spa, which is a joint venture between Singapore Oxley and Planet Vision on the Limassol beachfront, takes lifestyle residences to the next level.
Global Finance has named its FDI Superstars 2018, ranking the top 20 nations for attracting foreign investment (FDI). This unique ranking is based on an algorithm developed by Global Finance. Despite its small size, Cyprus ranked 6th, which clearly indicates the country's development as a magnet for foreign - owned companies.Share Share Share