CIPA Event for the World Bank's Doing Business Report 2012
Press Release
CIPA Event on “Doing Business Report” 2012 of the World Bank Group
The results of the Annual Report of the World Bank Group “Doing Business Report 2012” have been presented at the Hilton Hotel in Nicosia during the event organized by the Cyprus Investment Promotion Agency (CIPA).
The Chairman of the Organization, Mr. Christodoulos E. Angastiniotis, welcomed all contributors to the “Doing Business Report” project, as well as representatives and stakeholders of the private and public sector services. Mr. Angastiniotis stated that CIPA acts as an advisory to the government on reforms and issues concerning the improvement of the investment environment, and is willing to assist interested institutions in advocating for reforms aiming to raise the level of competitiveness in our economy.
Following the introduction by the Chairman of CIPA, the Director General, Mr. Sotiris Sotiriou, presented in-depth results of the Report, by comparing the findings of the investment environment of Cyprus against its competitive OECD nations. The results were presented based on the evaluation which was completed by the World Bank Group by comparing the competitiveness in ten specific indicators of the report. Mr. Sotiriou furthermore highlighted the areas where Cyprus could upgrade its investment environment through reforms and new legislation.
A coordinated discussion followed, during which not only the weaknesses of the local investment environment were further analyzed, but constructive solutions were presented, which could help to upgrade and promote a modernized and effective business environment.
The “Doing Business Report” project of the World Bank Group investigates regulations and practices that enhance or restrict certain fundamental activities necessary for starting and operating a business, and compares its competitiveness across 183 economies.
In the Doing Business Report 2012, Cyprus ranks 40th place in its global competitiveness compared to 49th position in the previous year. It was further noted, that Cyprus ranked 16th amongst the countries of the European Union in comparison to 15th place in 2011.
