Minister of Commerce, Industry and Tourism, Antonis Paschalides, has said that the government is doing its utmost to support foreign investors Cyprus’ service providers, emphasizing Nicosia’s firm commitment to safeguarding and enhancing the Republic’s competitiveness as a cost-effective platform for international business operations and a gateway for cross-border investment cooperation across Europe and the Middle East.

Addressing the European Conference of Baker Tilly International, in Paphos, Paschalides said that Cyprus’ economy is a small and predominantly service-based economy, with the wider services sector, including tourism, being the main driver of growth for the whole economy, contributing about 80% to the GDP. “Our vision is to continue building on the strengths of our leading knowledge-based and export-oriented service industries. However, the pursuit of this strategic goal is currently being tested under the impact of the ongoing international financial and economic crisis”, he said.

The Minister noted that Cyprus has achieved this international status because of the hard work and entrepreneurship of service providers, who have capitalized on some attractive comparative advantages and incentives which the island offers to international business operators and investors.

Paschalides said the government will continue providing every possible support to the international business sector. “It is within this context that the Ministry of Commerce, Industry and Tourism and the Cyprus Investment Promotion Agency are intensifying their multilevel promotional effort. Specific initiatives are undertaken, such as organising seminars in Cyprus and in important overseas markets, sponsoring advertorials and special reports, participating in services exhibitions and granting financial assistance to Cypriot service providers”, he said.