Background information

The Cyprus Investment Promotion Agency (CIPA) operates as a full-service centre for companies exploring investment opportunities in Cyprus. It constitutes the central agency of Cyprus for information, support, and foreign investors' relations. Moreover, recognising the importance of serving the established foreign-based companies, the centre also provides aftercare and development services aimed at anchoring existing investors in Cyprus.

Content of measure

The Cyprus Investment Promotion Agency (CIPA) operates as a full-service centre for companies exploring investment opportunities in Cyprus. It constitutes the central agency of Cyprus for information, support, and foreign investors' relations. Moreover, recognising the importance of serving the established foreign-based companies, the centre also provides aftercare and development services aimed at anchoring existing investors in Cyprus.

The objectives of the Cyprus Investment Authority are as follows:

• to play a vital role in attracting foreign direct investment in Cyprus;

• to constitute itself as a central agency for the provision of information and support to interested investors;

• to develop and implement an investment promotion strategy;

• to liaise with any governmental, semi-governmental, municipal, local or other departments, services, agencies and authorities, with a view to facilitating the process for granting any necessary permits, approvals, consents or other authorisation, as may be required under any applicable law.

Use of measure

CIPA, besides attracting new investors, assists local business to overcome financial difficulties by providing access to investments by international players. In its 2016 annual report, CIPA points its role in the facilitation of foreign direct investments in Cypriot owned companies, such as the €40 million recapitalisation of Piraeus Bank (now renamed to Astrobank) or the €260 million purchase of a local pharmaceutical company by the South-African Ascendis Health.

CIPA fulfils a policy advocacy role; its institutional framework and operational structure allow the government to adopt flexible procedures to effectively respond to changing demands and challenges.

Target groups

Workers	Businesses	Citizens
Employees in standard employment	Applies to all businesses	Does not apply to citizens

Actors and funding

Actors	Funding
National government Employers' organisations Company / Companies	National funds

Social partners

Social partners' role in designing the measure and form of involvement:

	Trade unions	Employers' organisations
Role	No involvement as case not in social partner domain	Informed
Form	Not applicable	Not applicable

Social partners' role in the implementation, monitoring and assessment phase:

• Only employers' organisations
• Main level of involvement: Peak or cross-sectoral level

Involvement

Social partners have not been involved in the designing of the Cyprus Investment Promotion Authority, as the authority does not lie within the domain of social partners. However, social partner organisations representing enterprises do interact and co-operate with the authority in the preparation of programmes and events, both in Cyprus and abroad.

Views and reactions

Social partners organisations representing enterprises support the operation of the authority and have regular interaction with the authority for the implementation of special promotion programmes.

Sources

• 01 January 2008: Cyprus Investment Promotion Authority (CIPA). (www.investcyprus.org.cy)
• 04 November 2022: European Commission Enterprise and Industry. Small Business Act -Database of Good Practices  (ec.europa.eu)