The Cyprus Investment Promotion Agency, commonly known as Invest Cyprus, and the Cyprus Fiduciary Association (CYFA) inked a memorandum of understanding (MoU) on Wednesday, aiming to bolster their ties and foster cooperation to enhance the Cyprus business ecosystem.
According to the announcement, the agreement also seeks to accelerate economic growth and create jobs in Cyprus through Foreign Direct Investment (FDI).
Moreover, the announcement said that the signing of the MoU by Marios Tannousis, CEO of Invest Cyprus, and Christoforos Ioannou, General Manager of CYFA, “marks a significant step towards enhancing collaboration between the two organisations and the promotion of Cyprus as an international centre for fiduciary and administrative services“.
The collaboration aims to achieve several key objectives. Both organisations will maintain regular communication to facilitate the exchange of information concerning the fiduciary and administrative services sector.
They will also collaborate on various initiatives, including surveys, industry reports, and projects, with the goal of expanding the fiduciary sector and contributing to the growth of the Cyprus economy.
Additionally, they will work together to organise business cooperation meetings and provide mutual support in arranging conferences, roundtable discussions, road shows, and other targeted business events.
Furthermore, the collaboration will involve sharing insights on the latest trends and developments in business administration, essential infrastructure, research and development, and proposing strategies to attract investment funds to strengthen the fiduciary sector.
Efforts will also be made to coordinate within their respective competencies to address and resolve potential obstacles related to taxation, visas, sector regulations, and other relevant areas.
Moreover, the organisations will facilitate introductions with international and foreign companies interested in collaborating to establish or expand their presence in Cyprus.
Lastly, they will address any other issues pertinent to the broader development of the business ecosystem, ensuring a comprehensive approach to fostering growth and innovation in Cyprus.
The MoU, effective as of its signing date on May 15, will remain valid for one year and will be automatically renewed unless mutually terminated earlier.
