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Kuwaiti prospects

Cyprus’ legal and tax systems are the main attraction for potential foreign investors, government sources said Friday – the last day of an exploratory visit by Kuwaiti investors.

But President Anastasiades again sent a cautiously optimistic message saying that Cyprus offers plenty of investment opportunities but feet should be kept firmly on the ground.

“I hope that at some point we will have something positive to announce. We will not give up efforts, we will try our best to attract inflow of foreign capital into the country,” he said.

“There is great interest but we are still at an exploratory stage. Let us not create illusions to the people. This is not our intention,” he added.

As for Energy Minister George Lakkotrypis he repeated on state radio that Kuwait’s investment fund representatives are interested in the energy sector and mainly petrochemicals which produce ammonia for fertilisers. And this requires the availability of cheap onshore natural gas reserves, he added.

The Kuwaitis are also interested in golf courses, the marinas and other large development projects related to tourism and which are already underway.

“All indications whether these concern upgrades or the performance of Cyprus bonds overseas or other evidence shows foreign investors that this is a very good time to invest in Cyprus,” Lakkotrypis said.

Nonetheless, the Kuwaitis turned down Anastasiades’ invitation to extend their stay in Cyprus for another two days so as to be provided with additional demonstrations on the island’s investment climate.

They had already committed themselves to visiting other countries, the sources said before adding that the Kuwaitis promised to come back soon. In addition, investors from the United Arab Emirates and Dubai are also due to visit Cyprus next month.