Foreign direct investment (FDI) is an integral part of an open and well-functioning economic system and a major catalyst for development.
They are of great importance, especially for small countries like Cyprus, which are limited by natural resources and capital. And during the current recession caused by the COVID-19 pandemic, FDI is becoming the main tool in the recovery and transformation of the country's economy.
The main source countries of these investments for Cyprus traditionally remain Russia and the countries of the CIS, the Middle East and the Persian Gulf, China, Greece, and the US. At the same time, in recent years, the attention of international investors has been attracted not only by the real estate or tourism sector, but also by infrastructure projects, shipping, energy, telecommunications and even financial services, the sphere of higher education.
Recently, Minister of Energy, Trade and Industry Natasa Pilidou said that in the coming years Cyprus, and in particular Limassol, expects an influx of large companies.
In this regard, the city is obliged to use its full potential in all directions.
Pilidou stressed that investors and companies wishing to be headquartered in Europe can enjoy the competitive advantages of Cyprus, which include a transparent and modern legal system based on common law, a highly skilled workforce, excellent telecommunications infrastructure and a favorable tax environment.
She also noted that Limassol has great investment opportunities, including in information technology and communications, higher education, healthcare, shipping and energy.
Pilidou stressed that in Limassol, there is a special and increased interest in relocation and the creation of a foreign corporate presence. She expressed confidence that this interest will only grow.
Pilidou added that over the past decades, Limassol has managed to attract high-level investors and has become a dynamic multicultural business center and a place for quality living.
Thanks to a growing number of high-tech shipping companies, forex companies and many large projects that are expected to be launched in the coming years, such as a casino resort, Limassol's potential will grow even more. We are moving forward in strengthening and modernizing our policies to attract foreign companies wishing to work in Cyprus, as we believe that this development will be a catalyst for creating dynamics of growth and conditions for long-term improvement of economic prosperity in our country, - said Pilidou.
We should note that the Cypriot authorities said earlier that they intend to attract large companies to the island and develop the commercial real estate sector.
It is expected that the interest in commercial properties in the country may become a trigger to stabilize the general situation in the Cyprus property market.
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