Nicosia.- CNA

Attracting direct foreign investments is at the heart of the government’s strategy for economic recovery, Cyprus President Nicos Anastasiades has said, in his address at an event to mark 25 years since the establishment of financial services firm Windsor in Cyprus.

According to an official press release issued here on Friday, in his address President Anastasiades referred to the competitive advantages Cyprus offered to foreign investors, such as its diversified open-market economy, its highly-educated workforce, its strategic location at the crossroads of the three continents of Europe, Asia and Africa, its well-developed infrastructure and its favourable tax regime.

“Still today, even after so many years, Cyprus retains unique characteristics of expertise and advantages in the service industry, which, in addition to the above-mentioned attributes, have been enhanced by its EU membership, its fully internationally harmonized tax and legal system, the conclusion of almost 50 double tax treaties and its most competitive corporate tax rate at 12.5%”, he said.

President Anastasiades further stressed that “at the heart of the Government`s strategy for economic recovery during the current economic challenges that Cyprus is facing, is the pursuance of Foreign Direct Investment”.

To this end, he assured that “all steps are being taken to ensure that a more effective and business-friendly environment is facilitated”.

In this respect, he said, “I am pleased to note that a thousand new companies were actually registered in Cyprus in November, reinforcing the expectations of stakeholders in the international services sector that the situation is improving and that Cyprus is capable of addressing its current challenges as thoroughly, as effectively and as promptly possible”.

Referring to Windsor, he said that it was the first financial services firm to be established in Cyprus and added that undoubtedly “the next 25 years to follow will be marked by even greater success and growth”.