Despite the recent improvement in a number of economic indicators, Andreas Demetriades, president of the Large Investment Projects Association, on Tuesday called for concerted and immediate action to support the local economy.
“The association seeks to remove bureaucracy, distortions and obstacles so that 25 major projects worth more than 7 billion euros, which are managed by the members of the association, can begin to be implemented,” Demetriades said, addressing those present at the general assembly of the association in Nicosia.
The meeting was attended by representatives from both the public and private sectors, including party leaders and representatives of professional associations, and President Nikos Anastasiadis spoke.
In his address, Demetriades made a number of proposals and requests on behalf of the association, among which were changes to urban planning rules, such as maintaining certain incentives, increasing the build rate by 20 percent, and abolishing the minimum usable area of apartments.
In addition, Demetriades proposed the provision of tax incentives such as reductions in VAT and income tax to further attract foreign companies, the abolition of capital gains, as well as the introduction of a VAT of 5 percent on all real estate until the end of December 2022. “The main goal of the association remains a systematic improving social, urban, tourism and economic incentives that contribute to the development of the domestic economy and attract significant and long-term investments to the island,” the association said in a statement. The challenges and outlook for the Cyprus Ports Authority remain significant and are being addressed by management and administration, according to a statement accompanying the release of its latest quarterly report.
“Without any restriction or hesitation, the body is proceeding to the full use of all its resources and the full acceptance of its new, higher role as a supervisory and regulatory body, as well as an organization with significant operational activities,” announced the CPA.
The department also reported that the new board of directors of the department has already begun to implement the goals set when it was created six months ago.
CPA also touched on the recent filling of the CEO position, which had been vacant for a long time.
In the near future, the department will complete its management pyramid by appointing a new financial director.
“Hundreds of decisions of the board of directors are fully justified and are the result of long discussions, analysis of all available data and consultations,” the department concluded.
The Cyprus Stock Exchange (CSE) ended Wednesday, February 16, with losses.
The main Cyprus stock market index stood at 70.56 points at 13:27 during the day, reflecting a 0.63% drop from the previous trading day.
The FTSE/CySE 20 Index stood at 42.38, down 0.68%.
The total transaction value was 58,119 euros.
As for the sub-indices, the main index (0.83%), the alternative index (0.53%) and the investment company index (2.34%) all declined, while the hotel index remained stable. Bank of Cyprus (no change), Hellenic Bank (-1.23%), Logicom (no change), Pandora (+1.59%) and Salamis Tours (+0.52%) attracted the most investment interest.