President: Cyprus a favourable destination for investors

Cyprus ticks all the boxes to be consider as a favourable investment destination, the island’s President Nicos Anastasiades said on Thursday.

Addressing a Cyprus – Bulgaria Business Forum, hosted in Sofia on the occasion of his official visit to Bulgarian capital in the presence of President Rumen Radev, Anastasiades said that Cyprus remains one of the largest investors in Bulgaria with investments amounting to €2 billion.

This amount, the President noted, shows the significant background and the solid basis of our economic cooperation.”
 
He also welcomed the three Memoranda of Cooperation singed between the chamber of commerce of the two countries as well as the creation of a Cyprus-Bulgaria Business Association.
 
Anastasiades also referred to the prospects of tourism between the two countries, noting that tourist flow from Cyprus to Bulgaria has been doubling in the past five years with 50,000 Cypriot holidaymakers visiting Bulgaria, while tourists from Bulgaria to Cyprus rose to 20,000.
 
“Numbers could be higher but with close cooperation and flight connectivity on a daily basis between Cyprus and various Bulgarian cities the aim of increasing tourist flows to and from Bulgaria is certainly attenable,” President Anastasiades stressed.
 
Referring to Cyprus, Anastasiades said the authorities have overcome the problems of the 2013 financial crisis, with Cyprus posting fiscal surpluses, recording among the highest growth rates in the EU, while the country’s credit rating returned to investment-grade and unemployment rate is constantly declining.
 
“I want to believe that the wider investment climate is excellent for all who really want to develop their business activities,” he concluded.
 
On his part, Radev said that both countries share a common goal of further strengthening the bilateral relations between Cyprus and Bulgaria particularly in the fields of energy, economy, tourism and air connectivity.
 
Noting that Cyprus is an important partner with a steady increase in trade relations, the Bulgarian President said there is significant room for improvement in the sector of trade and investments.