Financial professionals in Cyprus are focusing on the next steps to be taken the day after the coronavirus pandemic is over, Phileleftheros reports.
And they seem to believe that seeking new opportunities will be the only way towards economic survival.
In fact, services professionals who are trained to look ahead feel that the fast growing sector of investment funds could be the one to win the island’s battle with the coronavirus.
Andreas Yiasemides who heads the Cyprus Investment Funds Association (CIFA) told Phileleftheros that the crisis is a fact and the whole of Cyprus is feeling it.
The question, he added, is how it will further develop and put a bet that investment funds will be the “winners” of this battle with the whole of Cyprus benefiting from it.
“Investment funds or collective investment organisations are an important part of the global financial market, attracting large amounts of investment since they do have specific advantages,” he said.
“I believe that after the critical period is over investment funds will play a leading role since liquidity will be in dire demand. Both aid plans as well as private initiatives will be in need of liquidity and this alternative financing will go towards new projects as well,” he added.
Yiasemides also said that CIFA, and those involved in investment funds in general, are currently trying to seize the opportunity so as to spot a possible vacuum at the legislative or tax level, identify it and resolve it.
“What we aim at is for Cyprus – the day after the coronavirus crisis – to be ready and more competitive than countries like Luxembourg and Ireland,” he said.
“We have to be there when new investment funds start funding new projects in Europe and will be in need of a place to set up headquarters. This perspective is on the horizon, and if an investment fund is registered in our country then it will have a gateway to Europe,” he added.