The Cyprus Chamber of Commerce and Industry (CCCI) has called for formal, continuous dialogue with the government on the country’s competitiveness and wider economic outlook.
CCCI Secretary-General Philokypros Roussounides said closer cooperation could help Cyprus respond proactively to developments affecting foreign investment, while also allowing it to attract companies seeking a more stable European base.
Concerns over foreign investment
Asked about reports that a company had decided to leave Cyprus, Roussounides said the chamber was seeking dialogue on issues that could affect foreign direct investment or businesses based on the island.
He stressed that the development should not be interpreted as a sign that other companies would follow, nor should it cause alarm.
“It would be useful to hold a discussion proactively and maintain continuous dialogue with the state,” he said. This would allow the authorities and the chamber to respond immediately to similar cases and potentially prevent further problems.
Roussounides said the CCCI had specific proposals on competitiveness which it would present, together with supporting evidence, if invited to do so.
Tax and energy costs
The CCCI Secretary-General also referred to the European Union’s Pillar Two rules, which impose a minimum global tax rate of 15% on large multinational companies with annual revenues exceeding €750 million.
He said this was among several issues requiring open discussion with the government.
Roussounides also highlighted Cyprus’ high energy costs, which may exceed those in other countries and could affect companies operating on the island.
“There must be constant communication and dialogue with the country’s chamber, given that it is an institution which, by law, advises on economic matters,” he said.
He added that the objective was to discuss foreign direct investment regularly, without causing panic or creating fears of a domino effect.
Opportunities amid geopolitical uncertainty
Roussounides said the CCCI’s economic diplomacy links with chambers in other countries, as well as its involvement in trade missions, could help Cyprus identify investment opportunities.
He noted that geopolitical instability in the surrounding region had prompted several companies in Middle Eastern business centres, including Dubai and Qatar, to consider relocating their headquarters to Europe.
Regular coordination between the chamber and the government would ensure both sides remained alert and able to capitalise on such developments, he said.
Roussounides concluded that the world was experiencing a prolonged period of uncertainty, particularly under the Trump administration, and that Cyprus could make use of some of the opportunities arising from it.
Source: CNA
