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Ambassador Kountourides Wants to Draw More Cypriot Companies to Slovakia
Wednesday 10 November 2010 Zoom in | Print page
Bratislava, November 10 (TASR) - Cyprus is the tenth most important investor in Slovakia, but there is still a lot of scope for improvements, the new and, at the same time, the first resident Cypriot ambassador to Slovakia Marios Kountourides told TASR on Wednesday.
"I hope that I will act as a catalyst to promote investments in both directions," said Kountourides.
In terms of the factors of the Slovak market that are viewed as advantageous by Cypriot investors, Kountourides points to the qualified and versatile workforce and high a level of services in Slovakia. "So that Slovakia offers a great opportunity for investments. And the importance of the physical presence of the Cypriot embassy in Bratislava is to make this known to Cypriot businessmen," he stressed.
According to the ambassador, there are some 20 Cypriot companies active in Slovakia, and "more have to come", he said. He highlighted mining and the chemical industry sectors as attractive. "Our intention is not to limit ourselves to these two spheres, but to widen the scope of investment, however."
Cyprus is an attractive location for doing business, claims Kountourides in the same breath, stating that the island has a favourable position between the Balkans, the Commonwealth of the Independent States [states of the former Soviet Union - ed. note] and Europe. "It has a dynamic and adaptable market economy and it is an EU member and a eurozone member since 2008."
As is the case of Slovakia, Cyprus also offers a highly educated and versatile labour workforce, developed infrastructure and communication networks, claims Kountourides.
Most of all, however, it is well-known for its low taxes. This is one of the reasons why there are around 450 organisations or shareholders of Slovak nationality registered in Cyprus, he said. "The country offers a very low corporate taxation of ten percent and the tax-free threshold is on nearly €20,000. It's a tax regime friendly to non-residents and businessmen," he said, adding that Cyprus has also signed 42 agreements on avoiding dual taxation. According to the new ambassador, there are no problems or concerns over Cyprus's low tax regime being expressed by countries. "Cyprus has been placed in the highest category of countries by the OECD with its full legal compliance regarding tax information," he praised the system, adding that transparency is very important in this sphere.
The interview questions also touched the recent EU issues, especially the plans to toughen up the EU budgetary rules. Cyprus fully backs the idea of stricter enforcement mechanisms in order to prevent undesirable fiscal developments. It also agrees with creation of the so-called permanent crisis mechanism. "The conditions for financial aid for countries in need should not encourage irresponsible policies by member states. In this respect, strong conditionality and prevention of morally hazardous behaviour are essential and necessary elements," he added.
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