Energy Minister Yiorgos Lakkotrypis presented the benefits of Cyprus as an investment destination during a business event organised in London.
Lakkotrypis, in London for this year’s World Travel Market, was addressing a selected audience of professionals in tourism, finance, commerce, energy, media and entertainment, as well as other economic sectors.
Some of the things that make Cyprus a unique investment destination, the minister said, are the exceptional quality of the island’s human capital, the modern and transparent legal and tax framework, the recently restructured banking sector, the country’s location and its excellent professional services.
Presenting figures attesting to the stable economic growth of the last years, the minister emphasised the impressive record of tourism since 2015, both in increased revenue and arrivals, which are expected to top 3.6 million this year.
The minister noted that Cyprus needs to diversify its tourism product, but also to face up to challenges such as the change in the exchange rate between the pound and the euro caused by uncertainty over Brexit.
Lakkotrypis also highlighted Cyprus’ strategy for restructuring its tourism industry by 2030, making special reference to the provision of a new ministerial department dedicated to tourism.
Referring to hydrocarbons finds in Cyprus’ exclusive economic zone, Lakkotrypis said that the Eastern Mediterranean could be an alternative energy route for Europe.
Asked to comment on the challenge of Brexit, the minister said that Cyprus is really sad to see a strong ally leave the EU, adding that more clarity on the kind of Brexit that is being pursued is required by the UK.
In brief remarks, the Cyprus High Commissioner to the UK Euripides Evriviades spoke of the ‘umbilical cord’ in the relationship between the two countries, adding that this relationship will continue after Brexit.
On behalf of the Cyprus-UK Business Association, chair Dinos Lefkaritis called upon UK investors to do business in Cyprus’ real estate, hydrocarbons and professional services.