Leading executives interacted with the Cypriot delegation and panel of expert panelists, discussing a country that a recent UN report calls “the forerunner model for the future of corporate holding jurisdictions and international business centers.”
According to Cyprus Trade Commissioner in New York Aristos Constantine, “the event was very well attended in part due to the fact that it is becoming increasingly apparent that financial markets are gravitating away from the UK, while Brussels is saturated and Cyprus—with its broad bilateral tax and trade agreements, favorable tax structure and amicable relationships to key eastern EU and middle eastern markets—holds the key to their growth.”
In the midst of a sluggish economy, intense competition for capital, need for enhanced due diligence, limited investment/alpha generation opportunities, limited access to leverage and difficulty generating higher returns are the issues business is concerned with. “Business leaders heard the message that Cyprus offers a viable and compelling solution as both an EU member and gateway to neighboring regions,” said Constantine.
The event was addressed by H.E. Demetris Christofias, The President of The Republic of Cyprus, who spoke about the heart of the country, a nation built upon tradition, values and ethics. He urged the audience to experience Cyprus within the context of a growing global economy, inviting the distinguished guests to explore the opportunities that Cyprus offers first hand. In his closing remarks President Christofias stated that the Cyprus government enjoys excellent relations with the Cyprus Chamber of Commerce & Industry and the Association of Employers in Cyprus and extended his congratulations and gratitude for their support.
Minister of Commerce, Industry and Tourism Antonis Paschalides in his address eloquently delivered a compelling case for doing business in Cyprus. “Our policy is to create a stimulating environment and the necessary conditions to foster the continued attraction of foreign investors and the creation of successful business ventures.”
The opening remarks at the commencement of the event were delivered by Trade Commissioner of the Republic of Cyprus Mr. Aristos Constantine who stressing that “within the context of the prevailing bleak global economic climate, the need to better function within the context of an ever increasing global environment has never been more profound.” He continued by stating that Cyprus, as a dynamic, flexible and adaptive economy, has seriously taken up this challenge and offers investors the added value they need to meet the shifting trends in the international marketplace while affording them the protections and security that has come to be expected”
Introductory addresses were also given on behalf of the Cyprus Chamber of Commerce and Industry by President of The Nicosia Chamber Of Commerce & Industry Mr Christodoulos Angastiniotis, and by Mr. Chris Christodoulou, President of The Cyprus American Business Association.
There followed a detailed and insightful series of presentations regarding the benefits and methods of doing business through Cyprus for foreign investors given by Mr. Marios Klitou, Treasurer of the Board of Directors of Cyprus Investment Promotion Agency (CIPA), Mr. Christis M. Christoforou, Chief Executive Officer of Deloitte Ltd Cyprus, Mr. George C. Pelaghias, Junior Partner of Pelagias & Co. Cyprus and Mr. Mikael F. Mavrides, Partner Bingham McCutchen LLP, New York.
“Executives who control in excess of $2 billion in assets from commercial bankers and real estate investors to hedge fund leaders, commodities firms and holding companies who attended the event came away with a new perspective on Cyprus,” Aristos Constantine pointed out.
