Cypriot economist and Nobel-Prize Winner Christoforos Pissarides has stressed that new investments are needed to revive the economy and achieve economic recovery and growth.

In an interview with CNA, Pissarides underlined the need to attract large foreign investments and investment funds or Hedge Funds, while he welcomed the interest expressed by Russian and Chinese companies to invest in Cyprus.

With regard to measures needed to bring the Cypriot economy back on track, Pissarides said that new investments are necessary to achieve economic recovery and growth.

The financial crisis limited the liquidity of local companies and commercial banks therefore the way out is to attract huge foreign investments and in this aspect, we should feel very lucky for natural gas deposits have been found in Block 12 in Cyprus` Exclusive Economic Zone, Pissarides pointed out.

He said that huge publicity was given to the issue abroad and as a result “many companies want to come to invest in Cyprus, while “we are offered the opportunity to attract investment funds or Hedge Funds». He noted that the economy could be revived by investments of the type of the ones already announce, such as the Russian investments and the Chinese investment at the site of the old Larnaca airport.