November 23, the Finance and Competitiveness Council (ΣΟΑΚ) said, that the country has an urgent needs to immediately adopt essential reforms that will help to create a more competitive and modern environment aimed at sustainable development and attracting foreign high-quality and productive investment.
In particular, the Finance and Competitiveness Council made several recommendations aimed at improving the business environment and further revitalizing foreign investment, which include:
- ensuring transparent and reliable procedures for all enterprises;
- simplification and acceleration of the relevant processes;
- using the fast activity mechanism to serve foreign investors both before and after attracting investments;
- provision of subsidies;
- attracting foreign investors from the Cypriot diaspora;
- liberalization of specific sectors of the economy;
- incentives and assets for the digital sector;
- revision of tax incentives, expansion of existing ones, strengthening tax incentives for enterprises investing in industrial and hotel complexes, etc.
Finally, the Council stressed the need to create a solid institutional framework that will provide a solid foundation for the country's development, lead to social progress and prosperity, and restore citizens' confidence in public administration.