Insider Economy Minister: End of investment scheme has impact on economy

Minister: End of investment scheme has impact on economy

The abolition of the Cyprus Investment Scheme will affect the economy, but new measures are in the pipeline to boost the economy, Ministry of Energy, Commerce and Industry Natasa Pilides said on Wednesday.

The Council of Ministers abolished yesterday the scheme with effect on November 1, following a documentary released by the Al Jazeera network the previous day.

“Surely the end of the programme will affect the economy,” Pilides said responding to questions but she added that both her Ministry and the other Ministries are in the process of evaluating and launching schemes which we believe will lead to the recovery of the economy” amid the coronavirus pandemic.

She highlighted the Ministry of Commerce schemes to support digital economy, green growth and circular economy, adding the Ministry has submitted proposals to the DG of European Programmes, Coordination and Development (DG EPSA) for the utilisation of funds by the EU Recovery and Resilience Fund.

She also referred to a fast-track company licensing scheme which will launched soon, facilitating companies that wish to operate or expand their business in Cyprus.

“A comprehensive planning will give a new impetus in our businesses and the broader economy and we are open to suggestions from the business world to shape our plans accordingly”, she said.

(CNA)

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