‘Tangible results’ in Cyprus’ bid to become financial hub, spokesman says

Cyprus’ strategic aim to turn the country into ‘a hub for innovation and financial services is being enhanced with tangible results’, government spokesman Konstantinos Letymbiotis said on Thursday of the president’s trip to the US.

In a written statement, he said Cyprus is now being promoted “as a steadfast and trustworthy partner in an area of complex challenges, capable of offering a safe, regulatorily mature and financially viable environment for investments.”

President Nikos Christodoulides’ contacts in the United States, which included Silicon Valley, were “absolutely successful and productive, affirming the international trust in the Republic of Cyprus and the positive image it radiates,” Letymbiotis said.

The results, he added, were within “a broader framework of reforms, upgrading the international profile of the Republic of Cyprus and strengthening the extroversion of our economy.”

“In just two years, transparency has been enhanced, trustworthiness has bee established, Cyprus’ geopolitical presence has been upgraded and the economy has been reinforced. Cyprus is changing, it is evolving and radiating dynamism. Our steady course, know-how, political will and human capital constitute the best guarantee for the future,” Letymbiotis said.

He pointed out that “the investment interest recorded was not coincidental, but the result of methodical and targeted work.”

“Cyprus is gaining the position it deserves on the international investment map and the benefits of this course are multiple: creation of quality jobs, enhancing innovation, increasing competitiveness and strengthening the resilience of the economy,” he added.

The spokesman said “we are moving forward with planning, determination and confidence in the strong and infinite capabilities of our homeland.”

Letymbiotis outlined the president’s contacts in the US, which focused on the financial sector with meetings with international investment funds, banks and companies.

The president emphasised the course of the economy, the positive growth rate of 3.4 per cent – one of the highest in the Eurozone – the reduction of public debt to 66 per cent of the GDP, the public surplus of 4 per cent and the unemployment rate of less than 5 per cent.

Letymbiotis said these figures were recognised as determining factors for the increased faith in Cyprus’ financial services.