Foreign Investors Ready to Invest in Cyprus Economy

Antonis Paschalidis, the Minister of Commerce of the Republic of Cyprus, noted that the interest of foreign investors in various projects in Cyprus has significantly increased recently. The signing of a major investment agreement with Qatar, which includes the construction of a hotel complex in Nicosia, has been an additional incentive for foreign companies. Several large projects are currently being discussed with investors from different countries, Mr. Paschalidis pointed out.

First and foremost, foreign companies are interested in investments in real estate, the development of the tourism industry, and energy projects. In the field of energy, Antonis Paschalidis emphasized, Cyprus will continue to explore its shelf to find hydrocarbon reserves. The next phase of the competition for the right to conduct such work is planned in the near future. Major foreign companies specializing in these works have already shown interest in the upcoming tender. Moreover, from 2010, three tenders are planned for the right to construct new wind-powered electricity stations.

In the tourism sector, Cyprus will continue to attract foreign investments for the development of this industry, as well as pursue a policy to attract tourists from a variety of countries. A significant stimulus for the tourism industry will be the construction of new marinas in Limassol, Paphos, and Ayia Napa. Construction of a new marina in Limassol has already started. The cost of this project is estimated to be about 300 million euros. In Paphos, a marina designed for 1,000 yachts and boats is planned. This project is currently in the negotiation stage. The marina in Ayia Napa, designed to accommodate 600 vessels, is currently undergoing approval in various instances.

Additionally, the construction of new golf courses will continue in Cyprus. The total number of golf courses is expected to increase to 14, Antonis Paschalidis noted. In the near future, there are plans to construct 9 new golf courses and renovate two existing ones. Currently, permission has been obtained to start planning one new golf course, and public hearings have been conducted on the construction of another golf course.