On October 19 2016 the Cyprus Investment Promotion Agency (CIPA) and its Irish counterpart, the Industrial Development Authority (IDA) signed a five-year Memorandum of Understanding as a means to strengthen relations and promote inward and outward investments between the two countries.
By signing the agreement, the two organisations have jointly agreed to:
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Exchange information on the investment environment and investment opportunities with a view to promoting investment between the two countries and exchange experiences and best practices regarding investment promotion
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Encourage interested local companies to set-up or expand their businesses in the other country
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Introduce investment opportunities in both countries in all economic sectors
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Organise investment seminars, meetings and workshops in areas of mutual concern to further promote investments and to inform and educate their respective investors on investment opportunities and other matters of interest
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Examine the possibility of employee secondments to / from the offices of the two organisations in Cyprus and Ireland
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Identify ways and means to remove obstacles impeding the development of joint investments, and advise their respective Governments of the remedies to overcome any possible blockage
During the signature ceremony, CIPA’s representative and Board of Directors’ member Mr Thomas Kazakos, stated:
“Following a difficult period, Ireland is back on track, showcasing impeccable credentials as an attractive destination for Foreign Direct Investment. Ireland has an impressive track record in building and enhancing its competitive advantages, which has enabled the country to attract incoming investments, thus contributing to economic growth and job creation. Through this agreement, CIPA is aiming to share best practices with its Irish counterpart and draw from IDA’s expertise and knowhow in order to contribute to the future of the Cyprus economy in the best possible way.
Despite the progress recorded by the Cyprus economy in recent years, we are fully aware that our mission is nowhere near accomplished. In order to achieve further growth, Cyprus must continue its reform efforts with the same momentum and zeal as in previous years. To this end, CIPA vows to continue to work collectively with the Cyprus State Authorities and private stakeholders in order to facilitate investment by improving the regulatory framework, business environment and overall investor offering.”
Further details of the Memorandum of Understanding will be added as soon as they become available.
Source: Goldnews.com.cy 20 October 2016