1st Greek Cypriot business summit between optimism and concern

The Greek Cypriot business summit 1st Greece-Cyprus Business Summit was held for the first time in Athens on Friday, May 6, with more than 45 business representatives and competent ministers from Greece and Cyprus in attendance.

The aim of the conference is to highlight the close relationship between the two countries not only culturally, but also in the business sector.

Investment record of the last 18 years

The Minister of Development and Investment, Adonis Georgiadis was one of the main speakers at the summit. Wanting to create an optimistic climate, he spoke about attracting foreign investors, saying that in 2022, Greece will achieve “an investment record of the last 18 years”. Answering a question from Alpha journalist Antonis Schroeter, regarding the course of investments, given the instability and accuracy caused by the war, Mr. Georgiadis answered that it is better than last year in both the business and the tourism sector, with large multinational companies to give a “vote of confidence in the country”.

“We have reduced and will further reduce taxes and levies, we have reduced and we will further reduce bureaucracy,” he continued, talking about the country’s policy of extroversion towards foreign investors. The minister said that there is no “freezing” of foreign investment in the country, not even Russian investment. Mr. Georgiadis clarified from the beginning his position against the Russian invasion by comparing it with the Turkish occupation of part of Cyprus. In addition to the need for stability, he considers it extremely important to create a climate conducive to entrepreneurship.

Greece is a champion at European level in investments and exports for 2022-23

In a discussion, the Minister of Finance, Mr. Christos Staikouras with Emilia Kenevezou and Antonis Schroeter, spoke about the importance of a stable fiscal policy that helps society to ensure its present and future. He said that our country from a primary budget deficit of 7% in 2020 fell to 5% in 2021 and the expectation for this year is to have a -2% to go to + 1% in 2023. “So you realize that we are following a path fiscal stability “said the minister, emphasizing that with this path it will be possible to create a surplus to support households. Despite the challenges, such as debt, increased spending and supervision, from which the government expects to emerge in the summer, he added that there are positive developments “from the fact that we took advantage of the crisis and improved the framework to attract foreign investment.” .

“It will take several years to get rid of fossil fuels”

According to the Minister of Finance of Cyprus K. Petridis “inflation is a monetary phenomenon and in order to deal with it, instead of falling money in the market, they must leave”. He said inflation was due to external factors such as the energy crisis and the green transition. “It will take several years to get rid of fossil fuels and this has costs that we will have to bear,” he said, stressing the need for support measures. “In proportion to population, we are one of the countries that have given the most support compared to Europe.”

Meeting panel

During the first Greek Cypriot business summit, the guests had the opportunity to attend thematic panel discussions in the following sections: Investments – Fiscal Policy, Technology and Local Government, Tourism and Shipping.

In the discussion panel “National Economy and Extroversion – New Investment Attraction Policies”, which was coordinated by Alpha Cyprus journalist Amalia Kenevezou, representatives from all business sectors in Greece and Cyprus reported on the needs and prospects for a better future investment. Among other things, the need to adapt the legislative framework, greater flexibility of the public sector, but also a shift to the digital world (digitalization) was mentioned. There was talk of non-monetary (geographical) investments and expansion to further countries (extroversion).

In unit “Technology & Local Government”, in a panel that participated, among others, the Minister of Interior, Makis Voridis and the Deputy Minister of Research and Technology, Christos Dimas, stressed the importance of technology in all areas of life, including business. “Without it there is a gap and anyone who can not use it properly can not move forward,” said Mr. Dimas, while then said that the government has given tax incentives to R&D companies (research – Development) while through NSRF programs we give the opportunity to finance innovative projects and start-ups and we place great emphasis on the support of the Region, in order to create innovation centers in more places in our country “. In addition, Mr. Voridis underlined that the Greek public administration at the level of digitization “is running at a very fast pace”, while referring to the program agreement signed between the Ministries of Finance of Greece and Cyprus that allows the two governments to deepen cooperation between the National Center. Of Administration and Local Government with the respective Cypriot School.

5 Memoranda of Understanding were signed between Greece and Cyprus

In parallel with the work of the Conference “1st Greece – Cyprus Business Summit” 5 MOUs were signed, ie Memoranda of Understanding between bodies of the two countries. Four Memoranda of Understanding were signed by EYDAP SA and other actors. EYDAP signed with the Ministry of Agriculture, Rural Development and Environment of Cyprus the Memorandum of Understanding for cooperation in the field of Water Resources. He signed another Memorandum with the Nicosia Water Supply for cooperation in the field of Water Distribution to consumers and with the Limassol Sewerage Council and Amathountas Larnaca for cooperation in the Wastewater Collection and Treatment Sector of the city of Limassol.

Finally, EYDAP signed a Memorandum of Understanding with the Larnaca Sewerage Council for cooperation in the Larnaca Wastewater Collection and Treatment Sector. The fifth MOU was signed by the Municipality of Piraeus and the Municipality of Larnaca for cooperation and strengthening of Bilateral Relations