Andreas Demetriades, President of the Cyprus Association of Large Investment Project, said that the first victims of the war in Ukraine regarding the financial activity in Cyprus, are Limassol and Paphos. He stressed that the government must urgently prepare a new investment framework that will allow the penetration into new markets to find investors.
He noted that the investors who are usually active in Cyprus are Russian and Ukrainians so things have become very bad and it is urgent to take measures in order to attract investors from other countries.
He pointed out that Limassol is the area where most development projects are being currently constructed in Cyprus, with mainly important Russian presence. However, he added that a large part of these investment capitals had recently been directed to Paphos due to rising prices in Limassol. Now these investment moves have stopped in both towns.