Officials in Cyprus have been implementing a programme of economic reform and fiscal consolidation in order to improve the country’s economic perspectives. During a recent visit in the United States, president Nicos Anastasiades talked about the country’s plans for improvement and the importance of foreign investments and partnerships, particularly with the U.S.
Plans to boost economic development
During his visit in Chicago, the Cypriot president highlighted the importance of the relationships with the United States, of which he said that they are of strategic importance. This is particularly important for foreign investors from the United States
who can find it beneficial to invest in Cyprus
During his speech, the president did not forget to emphasize the strong presence of US investors like Wilbur Ross and Third Point. He also talked about the changes included in the economic reform. Cyprus already has a restructured and fully recapitalized banking sector but other changes will include a pension system reform, a welfare reform, a public administration reform as well as labor reforms and tax administration reforms. There is no doubt that these changes will bring advantages and benefits for foreign entrepreneurs in the country.
Redressing a shaky economy
When the current president took office the country was going through some troublesome times. He and his economic team has to work to boost the financial sector which had been destabilized by an unsustainable credit boom. Tough decisions had to be made to help the country stand on its own: and not without consequence. After imposing a reduction on the Greek sovereign debt, Cyprus banks were nearing collapse.
Cyprus then had to convene on an unprecedented cut of bank deposits and take several other measures. Now, after all these reforms, Cyprus can pride itself with a successful economic reform and a successful completion of the economic reform programme. As the president declared, Cyprus has officially exited recession, is currently registering growth and is on the road to complete recovery.