Adoption of the Euro in Cyprus

The FINANCIAL — "Cyprus' competitive advantage derives from its strategic geographical location, favourable business climate, fiscal regime, stable macroeconomic environment, high educational level of the labour force in conjunction with the comparatively low level of graduates' remuneration, modern legal, banking and financing systems, excellent infrastructure with advanced transport and telecommunications network, as well as the widespread knowledge of English.” (Source: Cyprus Ministry of Commerce & Industry) In this respect, European Financial Convention (EFC) announced that the Cyprus Business & Investment Summit has been scheduled for the 13

& 14 December in Limassol at the Four Seasons Hotel and welcomes your presence for this occasion.

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“The adoption of the Euro in Cyprus on January 1, 2008 will be a win-win situation both for Cypriots wanting to do business abroad and for foreign investment coming into the island,” Tanguy de Craecker, Managing Director Brussels Office, told The FINANCIAL.

The benefits that the Euro brings will contribute to strengthening macroeconomic stability in Cyprus and in the longer term, economic prosperity, as it creates more opportunities for local businesses. Moreover, being part of the single currency and the Euro area also engenders further trade opportunities in the global economy and attracts foreign direct investment.

Capitalizing on its strategic location, Cyprus has developed through the years into a reputable international hub especially in the banking and other services oriented activities. Since Cyprus’ accession to the European Union, its role as a business bridge between Europe, Asia and Africa is further being enhanced.

“Cyprus offers a unique basket of advantages to foreign investors utilizing Cyprus as a base for conducting their business activities worldwide,” said Craecker.

Ideally located at the crossroads of Europe, Asia and North Africa, Cyprus is the Mediterranean’s gateway to untapped opportunities in the region and beyond.

An EU Member since 2004 – and part of the Eurozone from as early as 1 January 2008 – Cyprus is rapidly gaining ground as a major business centre and attractive tourist venue.

Backed by progressive economic policies, low corporate tax rates, a skilled, multilingual workforce; it deserves its reputation of a place to mix business and pleasure.