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The first victims of the war in Ukraine in terms of economic activity in Cyprus will be Limassol and Paphos. This is the assessment of the president of the Association of Great Developments of Cyprus, Andreas Dimitriadis, who in his statements to “F” stressed that the immediate elaboration by the Government of a new investment framework that will allow penetration into new markets to find investors is urgent. b>
“In relation to the tourism industry, of course, the large development sector is not so directly affected by the war,” said Mr. Dimitriadis. “And this since there was already a great stagnation in the promotion of major projects after the abolition of the naturalization program and in conjunction with the pandemic. That is why the Association had already called on the Government to adopt new attractive investment measures to attract new investments.
But now, with Russia's war in Ukraine, things are getting significantly worse in the area of major developments, as investors already operating on our island are Russians and Ukrainians. Therefore, measures to be taken to attract investors from other countries become urgent. “
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The president of the Association of Greater Developments identifies much of the economic damage from international developments in Limassol in the first place and Paphos in the second. Limassol, he explains, is the area where, as is well known, most of the major development projects under construction in Cyprus today are underway, with a very important Russian presence, mainly.
“It should be taken into account, however. “, Stressed,” the fact that a large part of these investment funds have recently begun to be directed to Paphos, mainly due to the very high accuracy that prevails in the field of real estate in Limassol.
“Now, these investment moves are stopping anyway.” The first house, but also the second house that occupies a large part of European and Russian visitors, is no longer an important part of the construction industry of the place, during the war and the economic restrictions imposed on Russia, after the absence of a large tourist current “We also have to say that many Russian-owned companies operate in Cyprus or participate in Cypriot-owned companies,” he concluded. “These investment funds are now inactivated, so there is an urgent need for the Government to find ways and measures that will allow the inflow of investment funds from countries other than Russia, primarily, and Ukraine secondarily.”
