A broad meeting took place Wednesday under President of the Republic Nicos Anastasiades, during which measures were discussed which aim at re-starting the economy through development projects, less bureaucracy and investments.

The meeting was attended by Minister of the Interior Socrates Hasikos, the leadership of the Cyprus Employers & Industrialists Federation and the Cyprus Chamber of Commerce and Industry as well as Director of the Inland Revenue Department.

In statements after the meeting, Minister of the Interior said that procedures for construction permits for residences will be approved within one month, and for major projects within three months.

As regards the reopening of the banks, which remained closed after the Eurogroup decision on the 16th of March, Hasikos said that the government is taking measures so that banks reopen smoothly tomorrow.

The government, the Minister said, is examining ways so that banks reopen tomorrow, without any difficulties in transactions “so that we get back to normal”.

Hasikos said that the government’s main priority is to restart the economy with development projects. “We will thus strengthen the economy, reduce unemployment and give hope to this country”.

The Minister also referred to the interest of behalf of Chinese investors, saying that this was one of the issues discussed.

He said that recently, one developer sold 400 homes to Chinese, saying that “the interest is there” and that the government will take measures to further facilitate Chinese investors.

In their statements, the chairmen of the Cyprus Employers & Industrialists Federation, and the Cyprus Chamber of Commerce and Industry, said that they made a series of recommendations regarding tax incentives to attract fresh capital, while they assured that the vast majority of businesses in Cyprus will be able to pay their employees.

President of the Cyprus Chamber of Commerce and Industry Phedias Pillides said that when banks reopen tomorrow morning business and daily life will return to normal.

Regarding transactions restrictions, he said that “we have assurances that restrictions will not affect transactions within Cyprus”.

Restrictions, he said, will be applied, “rightly so, as regards money we spend abroad, when we travel, as well as capital flow”.
However, this, he added, does not have an impact on transactions of Cypriot companies with foreign companies.

In his statements, President of the Cyprus Employers & Industrialists Federation Philios Zachariades expressed his belief that when banks open tomorrow, economy will gradually be restored.

He added that during the meeting, they mainly discussed how to better promote development projects, saying that restarting the economy is imperative.