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CIPA Chairman Discusses Cypriot Feats

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The Cypriot economy is now heading on the right path, while a new wave of international investments have begun on the island, as confirmed by the Cyprus Investment Promotion Agency Chairman Christodoulos Angastiniotis.

The CIPA Chairman's remarks occurred during his address at the 3rd CIPA International Awards ceremony held at the Presidential Palace. He stated, "prospects are now opening up as the country transitions into a new phase, veering towards stability and fiscal consolidation while examining new engines of growth as investors continue to show confidence in our country", according to Parikiaki.

The CIPA leader added, "The government's efforts are now bearing fruit and have been acknowledged on an international level...the economy is heading in the right direction and due to everyone's constructive contribution new foreign investment has started to flow into Cyprus".

Speaking on the nation's banking mechanisms, Angastiniotis commented,"The banking sector has possibly seen the biggest ever flow of foreign investment into Cyprus with international investors from various geographic locations being involved in the recapitalisation of the country's biggest banks".

Additionally, Angastiniotis discussed Cyprus' hydrocarbon assets, "Naturally, the discovery of natural gas reserves in Cyprus' Exclusive Economic Zone creates immense prospects for investment and cooperation in the energy field, having already created a new impetus to encourage opportunities for cooperation between Cypriot and foreign enterprises. As such, the country appears destined to play a vital and strategic role as the energy hub of the Eastern Mediterranean which in turn opens up further opportunities for a number of correlated sectors such as shipping, another very important and successful sector of our economy with proven resilience".

The CIPA chairman further commented, "important foreign direct investments are expected following the government's decision to licence an integrated casino resort that will also enhance and enrich the country's tourism product, as well as through the decision to privatize a number of state-owned entities performing commercial operations".