2020 Cyprus Country Report

More documents

Info

Foreword Foreword Nicos Anastasiades President of the Republic of Cyprus 10 Country Report CYPRUS 2020
Foreword Without any doubt, the Covid-19 pandemic has caused unprecedented challenges for all the countries around the globe with severe socio-economic consequences. In dealing with this, unfortunately, ongoing crisis, my Government has been assertive in its decision-making and proactive in providing medical and economic support to our citizens, workers and enterprises. Like many other countries, Cyprus had to take harsh, painful, but necessary measures, in order to deal in a timely and effective manner with this unprecedented public health crisis. We immediately acknowledged, however, that, beyond saving lives, we also had to safeguard livelihoods and address the potential economic and social disruption the lockdown measures would cause. We needed to ensure the sustainability of businesses, preserve jobs, maintain the income of our citizens, protect the rights of workers and provide the necessary support to our economy to recover as quickly as possible once the lockdown restrictions would gradually be eased and eventually lifted. To this end, we adopted one of the most comprehensive fiscal support packages within the European Union, without risking the long-term sustainability of public finances. This is due to the fact that the Cyprus Government accumulated the necessary fiscal surpluses in the past that could be used in emergency cases such as the current pandemic crisis. As regards the economic outlook, following the unavoidable recession of economic activity in 2020 due to the imposed lockdown measures, we expect a significant rebound in 2021, with positive growth rates, drop of unemployment, budget surplus and a reduced public debt. Our motto in Cyprus is that with every challenge there is opportunity. In this regard, the Government’s broader strategy for economic recovery also includes the implementation of much needed structural reforms for the further development of key economic sectors, fully exploiting newly established European mechanisms such as “SURE” and “Recovery and Resilience Facility”. Reforms, amongst others, as regards the pension, welfare and labour market system, the judicial and health care systems, and the sectors of digital transformation, tourism, research and innovation and green economy. We will also continue the sound governance of public finances, complemented by a business-friendly investment environment, moving forward with a comprehensive government strategy for investment facilitation and fully reforming the public service so that it facilitates growth in a modern, knowledge-based, scientific, hightech and innovative economy. We envisage that the Cyprus economy will be eventually transformed in such a way, in order to become even more competitive in the global economic stage. It’s up to us to make this happen and I am certain that we will deliver. In concluding, I wish to extend my deepest appreciation to the editors and publishers of the Cyprus Country Report for providing all these years essential insight on the Cypriot economy and the attractive investment opportunities in our country. “We adopted one of the most comprehensive fiscal support packages within the European Union, without risking the long-term sustainability of public finances” Nicos Anastasiades President of the Republic of Cyprus Country Report CYPRUS 2020 11
Page 1: CountryProfiler Global Edition 2020
Page 4 and 5: DESTINATION DEVELOPMENTS BY CYBARCO
Page 6 and 7: Publisher’s Information CountryPr
Page 8 and 9: Contents Contents 10 12 16 18 26 32
Page 10: Contents Sector Profiles 50 AGRICUL
Page 15 and 16: 35ºN 33ºE Publisher’s Cyprus at
Page 17 and 18: Fast is too slow. Is the rapid pace
Page 19 and 20: Government Structure President of t
Page 21 and 22: Economy GROWTH ON THE ORIZON Follow
Page 23 and 24: Economy Real GDP Growth Source: Eur
Page 25 and 26: Harmonised Consumer price inflation
Page 27 and 28: Foreign Direct Investment (FDI) FDI
Page 29 and 30: operations, the island is sharpenin
Page 31 and 32: A GROWING ENERGY SECTOR Since US co
Page 33 and 34: The sectors that have seen the most
Page 35 and 36: Melco International Country of Orig
Page 37 and 38: Headquartering Cyprus’ entry into
Page 40 and 41: Headquartering CONNECTING WITH THE
Page 42 and 43: HQ Insights WHY DID YOU CHOOSE CYPR
Page 44 and 45: Interview Natasa Pilides Minister o
Page 46: Interview Interconnectors. The Mini
Page 49 and 50: Total Exports €3.15 billion Domes
Page 51 and 52: Sector Profiles Education Energy: O
Page 53 and 54: Over 50% of agricultural exports go
Page 55 and 56: u Cyprus cannot compete with countr
Page 57 and 58: TASTE OF CYPRUS Ministry of Energy,
Page 59 and 60: Although key indicators are under p
Page 61 and 62:
CyprusProfile EVERYTHING YOU NEED &
Page 63 and 64:
The unfolding of Covid-19 into a gl
Page 65 and 66:
and bonds, which operate under the
Page 67 and 68:
CSE’s goal for 2020 is to be reco
Page 69 and 70:
In this last year the Ministry of I
Page 71 and 72:
A development by
Page 74 and 75:
Construction & Real Estate Sector P
Page 76 and 77:
Education Sector Profile EDUCATING
Page 78 and 79:
Education Sector Profile Both UCY a
Page 80 and 81:
Education Sector Profile Cyprus’
Page 82 and 83:
Energy: Oil & Gas Sector Profile Ro
Page 84:
Energy: Oil & Gas Sector Profile me
Page 87 and 88:
Renewables have the potential to cr
Page 89 and 90:
To decrease dependence on heavy fue
Page 91 and 92:
The multiplier effect to the local
Page 93 and 94:
BENEFITS: Diverse landscapes never
Page 95 and 96:
Having managed to bring to Cyprus
Page 97 and 98:
Cyprus ranks 24th (out of 195 count
Page 100 and 101:
Insurance Sector Profile MITIGATING
Page 102 and 103:
Insurance Sector Profile fintech co
Page 104 and 105:
International Financial Services Se
Page 106 and 107:
Page 108:
Page 111 and 112:
Cyprus funds have been a platform f
Page 113 and 114:
Competitive Tax Regime for Fund Man
Page 115 and 116:
A NEW VISION The backbone of the ne
Page 117 and 118:
The economy of Cyprus is expected t
Page 119 and 120:
GROWING APPEAL Cyprus has proven it
Page 121 and 122:
2020 has been a challenging year fo
Page 124 and 125:
Research & Development Sector Profi
Page 126 and 127:
Page 128:
Page 131 and 132:
Cyprus is ready to boost investment
Page 133 and 134:
Also the country’s investment pro
Page 135 and 136:
Telecom operators are being faced w
Page 137 and 138:
OPERATING 24/7, 365 DAYS AT LARNAKA
Page 139 and 140:
KEY players Deputy Ministry of Tour
Page 141 and 142:
Sector Profile 2020 has taken an un
Page 143 and 144:
We are currently experiencing a dis
Page 145 and 146:
“Investing in sustainable tourism
Page 147 and 148:
Sector Profile Following the Covid-
Page 149 and 150:
The unprecedented coronavirus pande
Page 152 and 153:
Business Operating Environment BUSI
Page 154 and 155:
Business Operating Environment Cypr
Page 156 and 157:
Business Operating Environment Lega
Page 158 and 159:
Business Operating Environment Key
Page 160 and 161:
Travel & Living CountryProfiler Ess
Page 162 and 163:
Travel & Living SHOPPING In Cyprus
Page 164 and 165:
Travel & Living PUBLIC TRANSPORT Wi
Page 166 and 167:
Travel & Living COMMUNICATIONS Cypr
Page 168 and 169:
Travel & Living Key Tourist Areas i
Page 170 and 171:
Who’s Who - Cyprus Business Direc
Page 172 and 173:
Page 174 and 175:
Page 176 and 177:
Page 178 and 179:
Page 180 and 181:
Page 182 and 183:
Page 184 and 185:
Page 186:
show all

2020 Cyprus Country Report

Create successful ePaper yourself

Delete template?

Save as template?