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Invest Cyprus: Global recognition for its reform actions

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Invest Cyprus: Global recognition for its reform actions


Invest Cyprus was awarded by the World Bank Group (WBG) the Advocacy Award 2021, for its reform actions during the period 2019-2020, aimed at improving the regulatory framework in the field of ICT to attract international technology companies and foreign investment.

In a special ceremony held within the framework of the 7th World Investment Forum organized by the United Nations World Trade Organization and Development (UNCTAD), on “Investing in Sustainable Recovery”, the actions of Invest Cyprus drew this global distinction. In particular, Invest Cyprus was awarded for the contributions submitted during the aforementioned period with the aim of attracting and establishing in Cyprus international high-tech companies, including the revision of the policy of issuing residence permits and employment of specialized personnel from third countries, as well as other fiscal and regulatory proposals.

The UNCTAD Global Investment Forum, held every two years in collaboration with international bodies such as the World Economic Forum and the World Bank Group, is the leading international meeting on investment and sustainable development. This year's Forum was attended by more than 5,000 investment institutions from 160 countries, with speakers from Heads of State, heads of International Organizations, ministers and CEOs of multinational companies.

In his statements, the General Manager of Invest Cyprus, George Kampanellas, expressed his satisfaction for the new international distinction secured by the Organization. “We are very proud of this development, since in addition to the international recognition of the work carried out by the executives of our Organization, at the same time it is clearly confirmed that as a country we are moving in the right direction to transform Cyprus into a modern and powerful European business destination. ».

“It is extremely important to be awarded in front of this audience by the World Bank Group, which also publishes the internationally renowned Doing Business Report, which is the most important evaluation of investment destinations, ranking them based on their attractiveness, hence it is taken seriously. “by international companies and foreign investors,” he added.

It is recalled that from 2019 Invest Cyprus proceeded to adjust its strategy, prioritizing as a top pillar the promotion of Cyprus as an ideal choice for the establishment of international companies Technology, Information and Communications (ICT). Mr. Kabanellas noted that Invest Cyprus, as the competent state investment organization, remains committed to the effort to keep our country on a growth trajectory and continues to cooperate with all relevant ministries as well as the National Council for Economy and Competitiveness, to facilitate attracting foreign investment in Cyprus and further improving the business environment by submitting targeted proposals.

It is worth noting that last week George Kampanellas was elected as the new Regional Director of Eastern Europe and a member of the Steering Committee of the World Investment Promotion Organization (WAIPA). These international distinctions are the culmination of the intensive efforts made by the Organization for the promotion of Cyprus abroad in terms of investments.

Source: www.philenews.com

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