The Cyprus Property Developers Association has welcomed the government’s revised bill for a national mechanism for screening foreign direct investment (FDI), calling it an important step towards transparency, credibility and alignment with the European framework.

According to the statement, it is “particularly important that Cyprus will acquire a modern and clear framework for the protection of national security and public order in the context of foreign investments,” while at the same time this should not undermine the country’s appeal as an investment destination.

The association further noted that “the adoption of clear and transparent procedures is a basic prerequisite for establishing the confidence of foreign investments and further promoting Cyprus as a modern and reliable investment destination.”

“Attracting quality investments”, it added, “has always contributed both to economic growth and to the wider progress of society.”

Moreover, it stressed that it is closely monitoring developments in the investment environment and considers it essential that the new framework is implemented in a way that enhances transparency and credibility, while at the same time strengthening Cyprus’ investment potential.

Director general Mersina Isidorou pointed out that the association represents companies in one of the most important sectors of the economy.

Isidorou said it supports every initiative “that strengthens the competitiveness of Cyprus, participating actively and constructively in the public debate, with the aim of shaping a comprehensive and effective institutional framework.”