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CIPA Among Top 25 IPAs IN FIAS GIPB 2009 Report
Jun 25, 2009
In June 2009, the Cyprus Investment Promotion Agency (CIPA) achieved a top 25 ranking in the Foreign Investment Advisory Service (FIAS) Global Investment Promotion Benchmarking (GIPB) 2009 survey that evaluated 213 investment promotion agencies worldwide.
FIAS, as the World Bank Group’s Investment Climate Advisory Service, conducted GIPB 2009, the second in a series of confidential biennial reviews investigating the investment promotion capabilities of investment promotion intermediaries (IPIs) worldwide. An Investment Promotion Agency ( IPA) is considered an investment promotion intermediary.
GIPB 2009 assessed 181 national IPIs and 32 sub-national IPIs globally. Independent FIAS consultants appraised IPI websites and the ability of IPIs to manage and respond to investment inquiries based on two contrived investment projects.
According to the FIAS GIPB 2009 report, CIPA’s overall score “represents a strong performance”.
CIPA’s achievement is even more remarkable taking into account its short time in operation and the relatively limited resources at its disposal.
CIPA, operating since January 2008, actively promotes Cyprus as an attractive international investment centre in key priority growth sectors, advocates reform to improve the regulatory and business environment and infrastructure in Cyprus, and provides investor support with after care and development services.
FIAS GIPB 2009 makes a number of specific recommendations for improvement for all the countries evaluated. In relation to CIPA, the recommendations of FIAS aim to further enhance the website and the standard of services provided to investors, particularly in the area of investor care follow up. CIPA has already implemented most of the recommendations and is in the process of addressing those recommendations that are resource intensive.
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