Cyprus Investment Promotion Agency (CIPA) representatives have embarked on worldwide efforts to attract investments for the Mediterranean island and promote it as a competitive business destination.
Data released by the Finance Ministry shows that CIPA members were part of 62 delegations visiting target-markets abroad over recent years and behind a total of 29 promotional events that took place in Cyprus.
According to the Agency’s annual action plan, top priorities are the development of new sectors with a medium-term perspective such as that of investment funds and the audiovisual industry.
Also, the promotion of Cyprus as a regional higher education centre as well as an ideal base for headquarters of multinational companies. In addition, attracting investment in the tourism sector is also a set goal.
In the meantime, CIPA has shifted to new markets such as India and Southeast Asia. Up until now, these countries have not been sufficiently explored although they are regarded as markets with high prospects for attracting investment and doing business with.
As CIPA points out in a report that was recently submitted to Parliament, there is little awareness of Cyprus and its economy in geographical markets such as India and Southeast Asia and a great deal of information, exposure and promotion is necessary.
The agency also stressed that international developments such as Brexit can be an important opportunity to attract firms from the US and Asia seeking an alternative European base. That’s why it is now more than ever necessary to highlight Cyprus and its comparative advantages overseas.
To enhance the EU member state’s promotion efforts, CIPA has entered into agreements with international media such as CNN, BLOOMBERG and CNBC, to jointly focus on the positive image of Cyprus through television and online advertising.
The agreements include hosting/interviewing representatives of the Cypriot business ecosystem in television and online broadcasts, as well as organizing specialized seminars to promote Cyprus as an ideal investment destination.