Cyprus lures London investors as ExxonMobil stands defiant in face of Turkish warnings

Cyprus lures London investors as ExxonMobil stands defiant in face of Turkish warnings

A full spectre of opportunities and incentives that Cyprus is offering investors were presented at Bloomberg’s London headquarters on Friday at an event organised by the Cyprus Investment Promotion Agency.

The lead speaker was the President of the Republic Nicos Anastasiades, in London on a stopover on his way to the New York UN General Assembly.

His speech focused on the “comparative advantages” Cyprus is offering. He said that along with “the positive repercussions of an ambitious reform programme and the careful management of state finances”, these advantages have already resulted in renewed substantial investments in a wide range of sectors.

He added that a testament to the fruit borne by his government’s efforts and “a confirmation of our economic management, with obvious positive repercussions as regards the country’s financial potentials and the investors trust in Cyprus” is the return of the country’s economy to investment grade ratings.

“The challenge now is to keep up the momentum and ensure that Cyprus remains on the path of sustainable growth,” commented President Anastasiades, pledging to continue with the sound governance of public finances.

Finance Minister Harris Georgiades followed suit, saying that “Cyprus has recovered, but we are not complacent.”

The well-attended forum stroke a chord with potential investors and brought smiles to the Cypriot officials’ faces as big names like ExxonMobil, Melco and Columbia Ship Management described in enthusiastic tones how easy and rewarding is to do business in Cyprus.

ExxonMobil Exploration’s Vice-President for Europe Tristan Aspray also provided the quote of the day, making clear that the energy giant soon to drill on Block 10 of Cyprus’s EEZ is “happy to be in Cyprus” despite Turkish noises.

He added that ExxonMobil was aware of the “particular” geopolitical conditions from the beginning and that dealing with Turkey’s reactions is a matter for governments, not for a commercial entity…. / IBNA