Cyprus seeks investment from the Gulf

Through a visit to Kuwait, the national investment agency Invest Cyprus reported on Friday that it had made a number of connections and had presented Cyprus' commercial and investment potential to local government officials and investors.

The Cyprus Investment Promotion Agency, also known as Invest Cyprus, has been conducting on-site targeted promotional actions in significant markets in the region, according to a statement from the agency. This is part of the agency's strategy to promote Cyprus in the wider region of the Middle East and Gulf countries.

Recently, Invest Cyprus' CEO George Campanellas and promotion officer Sarris Dimitriou traveled to Kuwait where they had the chance to engage with private investors and regional government organizations in-person.

The agency added that during the discussion with Ghanem Suleiman Al-Ghenaiman, Managing Director of the Kuwait Investment Authority (KIA), and Ahmad Bastaki, Executive Director, its mission presented an analysis of current developments pertaining to the Cypriot economy.

The presentation also looked at Cyprus' plans to use money from the Recovery and Resilience Plan to speed up the digital and green transitions, as well as the new long-term sustainable development strategy called "Vision 2035."

Along with key development projects and investment prospects in significant economic sectors, the mission also highlighted possible channels of collaboration between Invest Cyprus and Kuwait's state fund.

The delegation from Invest Cyprus also met with Sheikh Meshaal Jaber Al-Ahmad Al-Sabah, Director General of the Kuwait Direct Investment Promotion Authority (KDIPA), and Salah Eyadah, Director of International Relations of the Kuwait Chamber of Commerce and Industry, to discuss the potential for furthering bilateral ties.

Additionally, Michalis Mavros, the ambassador of the Republic of Cyprus to Kuwait, who attended the discussions, stated that "the excellent level of political cooperation between the two countries should translate into closer relations at all levels, including tourism, trade and investment."

Additionally, as part of the trip, Invest Cyprus organized the Cyprus-Kuwait Investment Forum, which was attended by family offices, businesspeople from the Gulf region, and senior executives from state-owned firms in Kuwait.

According to the agency, speaking to a highly targeted audience allowed its representatives to emphasize Cyprus' benefits as a prime location for investors, which in turn allows them to access the European market, as well as to highlight investment opportunities across a variety of Cypriot economic sectors.

The agency said that additional initiatives to promote Cyprus as a business and financial center, as well as a destination for investments, are planned to be taken in 2023 as part of Invest Cyprus' efforts to continue marketing Cyprus in the Gulf markets.

According to Invest Cyprus CEO George Campanellas, "the United Arab Emirates, Saudi Arabia, Kuwait, Qatar, and Bahrain constitute for us a region with endless prospects."

"As the competent national investment promotion agency, we are making continuous efforts to capitalise on the improved bilateral relations between the two countries," said Campanellas.

By fLEXI tEAM