22/01/2016 14:34
The Deputy Minister to the President Konstantinos Petrides said that many of the things done to improve procedures and indicators relating to business are attributable to the memorandum, while he suggested that these issues have to be included in a general framework for further simplification.
Speaking at today's event of the Cyprus Investment Promotion Agency (CIPA), Mr. Petrides noted that "growth will not come with a magic wand."
"We need to study and improve these indicators and sub-indicators to be competitive because these are also studied by investors before they proceed to investments," he said, adding that procedures, fees and issues of technological upgrading must be included in a single framework.
He noted that there have already been contacts with the ministries in an attempt to chart the course of investors and simplify it.
Mr. Petrides said that each ministry should study these indicators and draw attention on the absence of a horizontal mechanism for policy enforcement.
He argued that the Memorandum of Understanding has contributed in many of what has been done so far.
Gaps and weaknesses
The gaps and weaknesses identified in the context of doing business in Cyprus, were also highlighted at the event, along with a presentation of the results of the report «Doing Business 2016» published by the World Bank.
Factors affecting the business climate in Cyprus and measures which must be promoted for further improvement were discussed.
Cyprus climbed 13 places in the global ranking of countries in terms of the ease of doing business, as it held the 47th place from the 60th last year.
Although, according to the report, Cyprus is among the 10 countries with the best level of improvement in the areas examined, market players emphasized that they are not satisfied and that there are still many things to be done to further improve the position of Cyprus.
President of CIPA Christodoulos Angastiniotis stressed that we must see our position compared not with the other 188 countries included in the report, but compared to the rest of the EU countries, in order to have a better picture of where we stand.
"Cyprus is 25th among the 28 EU countries, so we should not compare ourselves with African countries for instance, and say that we are all right" he said.
He added that there is no other choice but to move on directly to strategies, reforms and improvements.
"We need simplified procedures, speed and transparency’ he added, noting that the Presidency supports the efforts of CIPA for improvement in this area.
A representative of the Registrar of Companies noted that there is an ongoing process of redesigning the department’s application forms for the simplification and unification of all processes in a single process that will be completed by year's end.
She added that the European Commission approved the technological upgrading of the department in a time frame of three years.
Some of the negative results of the report in relation to Cyprus related to the fact that contract enforcement in Cyprus takes 1.100 days and to the cost and time needed for company registration.
In contrast, significant improvement has been recorded in the sectors of access to credit, tax payment, contract enforcement, insolvency resolution and access to electricity.
Speaking at today's event of the Cyprus Investment Promotion Agency (CIPA), Mr. Petrides noted that "growth will not come with a magic wand."
"We need to study and improve these indicators and sub-indicators to be competitive because these are also studied by investors before they proceed to investments," he said, adding that procedures, fees and issues of technological upgrading must be included in a single framework.
He noted that there have already been contacts with the ministries in an attempt to chart the course of investors and simplify it.
Mr. Petrides said that each ministry should study these indicators and draw attention on the absence of a horizontal mechanism for policy enforcement.
He argued that the Memorandum of Understanding has contributed in many of what has been done so far.
Gaps and weaknesses
The gaps and weaknesses identified in the context of doing business in Cyprus, were also highlighted at the event, along with a presentation of the results of the report «Doing Business 2016» published by the World Bank.
Factors affecting the business climate in Cyprus and measures which must be promoted for further improvement were discussed.
Cyprus climbed 13 places in the global ranking of countries in terms of the ease of doing business, as it held the 47th place from the 60th last year.
Although, according to the report, Cyprus is among the 10 countries with the best level of improvement in the areas examined, market players emphasized that they are not satisfied and that there are still many things to be done to further improve the position of Cyprus.
President of CIPA Christodoulos Angastiniotis stressed that we must see our position compared not with the other 188 countries included in the report, but compared to the rest of the EU countries, in order to have a better picture of where we stand.
"Cyprus is 25th among the 28 EU countries, so we should not compare ourselves with African countries for instance, and say that we are all right" he said.
He added that there is no other choice but to move on directly to strategies, reforms and improvements.
"We need simplified procedures, speed and transparency’ he added, noting that the Presidency supports the efforts of CIPA for improvement in this area.
A representative of the Registrar of Companies noted that there is an ongoing process of redesigning the department’s application forms for the simplification and unification of all processes in a single process that will be completed by year's end.
She added that the European Commission approved the technological upgrading of the department in a time frame of three years.
Some of the negative results of the report in relation to Cyprus related to the fact that contract enforcement in Cyprus takes 1.100 days and to the cost and time needed for company registration.
In contrast, significant improvement has been recorded in the sectors of access to credit, tax payment, contract enforcement, insolvency resolution and access to electricity.
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