This document includes the following information:
Press Release (11 February 2014).
The results of the World Bank’s “Doing Business Report 2014” reaffirm the views and concerns of the Association of Large Scale Development Projects over the negative impact red tape has on business activity and how it blights our country’s efforts to attract investments, which will assist in the implementation of large scale development projects.
The report, which was presented locally by the Cyprus Investment Promotion Agency (CIPA), indicates how easy it is to do business in a total of 189 countries.
While Cyprus ranked 39th in the Report’s overall standings, it held 103rd place in the field of property registration and 108th in providing building permits. Compared with 2013, our country’s performance waned when it came to indexes such as, “performance contracts” and “starting a new business”. Furthermore, in order to secure building permits one must go through nine procedures, while the time needed to secure the permit is estimated at 677 days. In the report’s 10 indexes, Cyprus improved its ranking in only three, remained steady in one and declined in six.
On the occasion of the Report’s findings being publicised, the Association of Large Scale Development Projects is calling on the government and all stakeholders to move ahead with all the necessary measures that will contribute to reducing bureaucracy, update and speed up the procedures, so as to create a more business friendly environment.
The Association’s press spokesman, Mr Andreas Demetriades, said that “growth and bureaucracy are two incompatible concepts”, adding that “if we want to attract investors, we must as a state create the business friendly environment required and offer the necessary incentives”. He explained, “Competition is intense; in many cases, bureaucratic dysfunctions and onerous conditions have led foreign investors to seek other, more business friendly destinations”.
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About the Association of Large Scale Development Projects
The mission of the Association of Large Scale Development Projects is to promote and realise large scale development projects in Cyprus. Its goal is to restart the economy and contain unemployment. The Association is a member of the Cyprus Chamber of Commerce and Industry (CCCI) and represents more than 25 companies active in Cyprus. The Association’s members come from the entire spectrum of the Cyprus economy and represent projects with a total value in excess of € 8 billion. Among the Association’s main priorities is the issue of creating a friendly business environment, so as to overcome barriers that discourage or eliminate foreign investors.
Press Release (29 May 2014)
Meeting between the Association of Large Investment Projects and a delegation from Qatar Islamic Bank
The large investment projects and opportunities on offer in Cyprus’ private sector were the focus of a meeting between the leadership of the Association of Large Investment Projects and officials from Qatar Islamic Bank. The meeting took place at the offices of the Cyprus Investment Promotion Agency (CIPA), with the participation of the leaderships of the Cyprus Chamber of Commerce and Industry, Employers and Industrialists Federation, the Association of Large Investment Projects and other business associations. .
The Qatar Islamic Bank officials were briefed on Cyprus’ business environment and the investment opportunities through projects such as golf courses, marinas, health and wellness centres, theme parks, tertiary education institutions, complex commercial and housing developments, hotels and many more, the implementation of which will play a catalytic role in efforts to restart the Cyprus economy.
The Qataris praised the progress made in the Cypriot economy over recent months, showing a keen interest in the investment scene and existing opportunities. Qatar Islamic Bank is Qatar’s biggest bank and is one of the top five banks in the world, in line with the Sharia principles. Besides its basic banking activities, it holds shares in a series of businesses, such as: Qinvest, Al Jazeera Finance, Aqar Real Estate, Damaan Islamic Insurance Company (Beema).
The Press Spokesman of the Association of Large Investment Projects, Andreas Demetriades, said: “The Bank is interested in funding large investment projects in Cyprus, with the exception of the property sector, as well as projects that are being taken over by Cypriot companies in Qatar. Once again, we are proving that if we want to attract investors, we must as a state create the business-friendly environment that is required and offer the necessary incentives.” Mr Demetriades concluded: “The implementation of investment projects will lead to multiple benefits, new job positions, influx of tax revenue to state coffers, investment opportunities and growth for the country’s broader economy.”
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Association of Large Investment Projects
The mission of the Association of Large Investment Projects is to promote and realise large scale development projects in Cyprus. Its goal is to restart the economy and contain unemployment. The Association is a member of the Cyprus Chamber of Commerce and Industry (CCCI) and represents more than 25 companies active in Cyprus. The Association’s members come from the entire spectrum of the Cyprus economy and represent projects with a total value in excess of € 8 billion. Among the Association’s main priorities is the issue of creating a friendly business environment, so as to overcome barriers that discourage or eliminate foreign investors.
