Saturday, June 15 2024

Cyprus a magnet for investments

Cyprus a magnet for investments

Cyprus ranked 18th in the world in attracting foreign direct investment, as reported in the seventh edition of FDI Intelligence’s Greenfield FDI Performance Index for 2021, going up by 50 places compared to 2020.

An Invest Cyprus press release said it was the biggest increase registered in this year’s index and it is a very important reflection of the government and Cyprus Invest efforts.

The FDI Performance Index ranks countries according to the foreign direct investment they attract in proportion to the size of their economy. The significant increase in foreign investments and in particular those related to new projects is of great importance for the Cypriot economy. This performance is also reflected in the strong recovery of growth to 5.5% of GDP recorded in 2021.

Cyprus also ranks among the 10 top countries which stand out for the recovery of investments following the pandemic. Direct investments in Cyprus showed a 150% increase in the first half of 2022, compared to the corresponding period in 2019. Also noteworthy is the increase in investments as far as software and IT is concerned, showing a 600% increase in 2022 compared to 2019.