Following the presidential election and the appointment of a new government in Cyprus, the newly-appointed Finance Minister has undertaken to improve Cyprus's attractiveness to foreign investors in order to turn the island into "the Singapore of the Middle East". He promised to keep Cyprus as a low-tax economy and to use this and the island's many other advantages, including its infrastructure, legal framework and quality of life, to attract international business.
The government's initial priority will be to finalise the renegotiation of the existing double taxation agreements with Russia, Ukraine and India so as to maximise benefits under the agreements and attract other companies from those countries. Later, the focus will shift to other countries, particularly in Europe.
Noting the contribution made to the economy by international businesses, the Finance Minister emphasised that the government would not jeopardise it by raising taxes, and that Cyprus will remain a country with low tax rates so that it can attract the best companies from Europe and the rest of the world.