Major developments planned in Cyprus worth €8B
4. April 2024

Major developments planned in Cyprus worth €8B

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Andreas Demetriades, head of the Association of Large Investment Projects, stated that preparations for major developments worth over €8 billion are taking place, indicating exciting potential for Cyprus. After a noteworthy meeting between President Nikos Christodoulides and the association's board of directors, Demetriades stated that these ambitious projects, which number between 18 and 20, have the potential to create 8,000 to 9,000 new jobs.

New marinas, golf courses, technological parks, large tourism complexes, medical facilities, and other projects are among the expected developments. Demetriades stressed that his vision and President Christodoulides's are quite similar, emphasising the need of teamwork in eradicating past errors and promoting an economy that can draw in capital from abroad.

"We're working together to overcome past shortcomings and move Cyprus' economy in the direction of one that attracts international investment," Demetriades said.

Demetriades noted President Christodoulides' dedication and mentioned his "special interest" in resolving the issues faced by association members. The emphasis is still on coming up with plans to make Cyprus more attractive to international investors and make big development projects easier to be carried out. This involves providing incentives for international and Cypriot businesses to work together in order to promote growth and expertise exchange.

Demetriades said "We're fully aligned with President Christodoulides' vision for improving Cyprus' international standing". He restated the association's commitment to supporting efforts meant to rebuild Cyprus' standing and increase its attraction for prospective investors.

"Maintaining its impeccable image is essential to attracting genuine investments to Cyprus," Demetriades said.

Demetriades addressed the challenges that still need to be overcome despite the positive outlook for these developments. He specifically brought out the problem of "unfair competition in terms of taxes" that Cypriot businesses suffer when compared to their foreign competitors. He did, however, express his optimism that upcoming tax reforms will take care of these issues and create a fairer business environment.