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Cyprus must become a pole of attraction for foreign companies

Cyprus must become a pole of attraction for foreign companies

13.01.2022

It was hardly possible to foresee the great changes that the pandemic has brought to the organization of life and work around the world. Today, the key issue for all states is to create the right conditions that will allow them to quickly recover. Which of the states will succeed and to what extent, is determined by a number of parameters. Among them is the ability or inability of governments to promote policies that will allow each country to take advantage of the strategic advantages, while at the same time recognizing the great changes brought about during the pandemic and continuing.

Public policy in Cyprus, declared as the goal of attracting foreign companies to open their headquarters in the country (headquarters), seems to take into account new data. For example, the fact that lifelong communication with customers, partners and employees will become less and less important. Instead, companies will look for areas that are business-friendly, guarantee a modern, politically stable environment for their leaders, and provide a quality of life for employees.

Whether Cyprus will achieve this goal depends not only on the potential of the country’s productive forces, but also on the support they receive from the state. In the area that concerns us directly, in the field of land and construction, Cyprus can showcase enviable building projects such as modern marinas, golf courses, the largest multi-themed casino resort in Europe, modern buildings intended for residential or commercial use and much more.

These are just some of the private sector projects catering to the needs of foreign investors, which, combined with the country’s modern infrastructure networks and its increasingly developed air and maritime links, give it many of the characteristics of an international organization. It should be noted that companies in this sector should be given special incentives to include them in their design projects, which will be addressed to this specialized market of foreign companies. Likewise, the Cypriot banking system should support projects that highlight the country’s role in the wider region by attracting a significant amount of foreign direct investment.

Experience shows that with such a level of attraction of foreign companies for the headquarters, not only modern office space developments are in demand. The relocation of the company’s headquarters is often associated with the relocation of the families of its leaders. Therefore, the needs are broader and concern housing, quality public services, good educational institutions, a modern transport network, a perfect healthcare system and much more. Industries in which Cyprus can and should invest in order to meet the quality of life that administrations and heads of foreign companies aspire to.

However, in addition to the major changes required by the state in these areas, we can only dwell on the main issue. The point is in the very work of the state machine of Cyprus, which remains sluggish, with difficulty adjusting to the rhythms of modern life. Unfortunately, entrepreneurs in the industry, as well as citizens who have had to deal with a construction-related service, know what was said a little higher. This does not mean that in 2022, both in terms of legislation and procedures, Cyprus will remain the “tail” of Europe and thousands of people will be locked up for years just to get the right to own their home. The same applies to other aspects of construction activity, such as the issuance of planning and construction permits. With regard to large municipalities that act as city planners, there are serious delays that upset citizens and businesses, delaying the start and development of projects.What is urgently needed is the common sense to review and modernize the legislation and use the fortunately almost limitless possibilities that technology gives us to speed up procedures.

Cyprus has many characteristics that are its comparative advantage. Already, some major investments in technology (ICT) have paved the way for the establishment of regional cooperation between Europe and Asia. In this positive legacy, the Republic of Cyprus and entrepreneurs in the sector must work together to provide state-of-the-art solutions that will attract new companies and established professionals, ultimately benefiting all Cypriots.

* President of the All-Cypriot Association of Entrepreneurs in the field of land management and construction

Source and photo: www. inbusinessnews.reporter.com.cy.com, Editor estateofcyprus.com
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