The Cyprus Economic and Competitiveness Council in its recommendation report has called for creation of Special Fund partly funded by percentage from Cyprus Investment Program (CIP) revenues to be invested in sustainable development in Cyprus such as Research, health, new technologies, renewable energy etc..
According to the proposal suggestions, The Government could proceed with the creation of a Special Fund in which it will a percentage of revenues entering the country from deposited from Cyprus Investment Program.
- In cutting-edge research and development sectors that help the economy and the economy
- In sectors of the economy which have a long-term developmental character in the economy, such as upgrading education, health, new technologies productivity growth, investment in renewable energy.
Education
In the education system, a percentage of CIP revenue could be given as scholarships for excellent students who come from families with relatively low incomes at local universities or top universities abroad, or even in the construction of new ones University outlets in Nicosia and especially in Limassol.
Healthcare
For the healthcare system, a percentage of the revenues from the Cyprus Investment Program will
could lead to the construction of a new wing in national hospitals or in improvement of the first aid department or building of advanced buildings care facilities for the elderly.
Innovative Businesses, Startups and Research
The government will be able to collect a percentage of the income from the Cyprus Investment Program and direct it through the Special Fund to Investments which will aim to promote developing and innovative businesses ideas for start-ups, but also in other areas with long-term development horizons such as high technology, education, health and the research sector innovation. This suggestion will bring the extra advantage that will come from from the increase in the percentage of GDP that Cyprus directs to Research (given the current low position occupied by the country compared to the rest European countries, in investments in the Research and Innovation sector).
The report also provided additional suggestions such as ..
- Promotion: Given the intense international competition from other European countries with similar programs (although in Cyprus the percentage of total naturalization is each year in the EU is less than 1%), further promotion is considered necessary economic and fiscal incentives to continuously attract foreign investment, expansion of foreign companies.
- Creating jobs: Attracting foreign companies to establish Central or Regional Cyprus office, as this will create more jobs in Cyprus and create more demand for domestic professional services (accountants, lawyers and others) to support the activities of foreign companies.
The report also said Cypriot economy has achieved a remarkable recovery since the financial crisis of 2013 as it continued to strengthen for fifteen consecutive quarters. Economic recovery accelerated in 2017, with real GDP growing by 4.2% on an annual basis.
The full recommendation report is available here in greek only
