Cypriot industry chief laments ‘flight’ of foreign companies to Malta

Speaking on the sidelines of a press conference in Nicosia this morning,  Michalis Pilikos, general manager of the Employers' and Industrialists' Federation (OEB), expressed his disappointment for the flight of foreign companies from Cyprus to Malta due to excessive bureaucratic procedures. 

"I feel that we keep saying the same again and again without result and I hope that some people will finally stop bureaucracy", he said. 

Despite the shocks of the Cyprus economy and the outdated structures of the Cypriot state, Pilikos said that many countries such as China, Russia, India, Brazil, and Israel have expressed their interest for investments in the high-tech sector of Cyprus.

He avoided giving further details for "confidentiality and competition purposes".

"The amounts that certain companies or individuals are willing to invest in Cyprus are such that they don't want to take risks and make their intentions known", he added.

"We need those investments because they have incredible added value and will contribute immensely to the development of the local workforce", he noted.

"There are many new scientists in those sectors that cannot find job easily under the current structure of the economy", he stressed.

Outnumbering the island's comparative advantages against other neighbouring countries, he said that Cyprus is an EU member state and has favourable tax system.

Pilikos referred to the new perspective from the natural gas deposits and the island's geographical positions, which enables investors to promote their products to Europe and Africa with less cost.

At this point, Pilikos made it clear that decisions have nothing to do with politics but are purely business decisions and welcomed the Chinese interest in investing at the old Larnaca airport.

Finally, the OEB Chairman criticised the strikes by air traffic controllers in Larnaca and Paphos, stressing that they are 'catastrophic' for the economy.