A FOREIGN investor is “seriously” considering making a “huge” investment in a large tourism project in Cyprus that will be “much bigger” in scale than the Qatari-Cyprus hotel complex earmarked for the capital, said Finance Minister Kikis Kazamias yesterday.
Kazamias accompanied the foreign investor to a meeting with President Demetris Christofias yesterday at the presidential palace.
Speaking to reporters after the meeting, Kazamias refused to divulge the potential investor’s identity.
“This potential investment is both large and serious and concerns the possibility for an investment in any location deemed appropriate for the construction industry and which would boost our tourist product,” he said.
The project concerns “a big building complex which would enrich our tourist product,” he added.
Kazamias declined to elaborate, noting that further details will be given by the investor himself.
The minister noted that the government is currently evaluating other similar proposals from other investors.
“The joint investment with Qatar is only the beginning. The contacts we had and continue to have are multiplying. We are evaluating,” he said.
Kazamias noted that he has received proposals for new projects from both foreign investors and foreign residents of Cyprus, adding that even the slightest improvement of the economic situation in Cyprus “encourages them to consider making large scale and serious investments”.
Asked about the size of the potential investment discussed at the palace yesterday, the minister said it is “much bigger” than the joint Cyprus-Qatar project for the construction of a hotel and apartments on prime real estate in Nicosia.
The new investment under consideration is “huge”, he added.
“We are at the beginning of an exchange of views. What’s important is the political will to implement this,” said Kazamias.
According to the state broadcaster, the minister said the new investor was considering building a hotel complex which would include a casino. The location of the planned project has yet to be decided. The Cyprus Broadcasting Corporation also reported that one of the two nationalities of the potential investment is American.
The finance minister confirmed the government’s intention to include casinos as a potential activity that would improve Cyprus’ tourism product.
Asked what the incentive was behind the reported increase in interest from foreign investors, he said: “The evidence, even if thin, is that we’re surpassing the crisis. But we must remain grounded, the situation remains serious and if we don’t tackle it as such, we will not be able to overcome our problems. We continue our efforts seriously.”
Meanwhile, addressing a New Year’s celebration event at the palace yesterday, Christofias said 2012 would be more difficult than the outgoing year, noting that Cyprus we face all difficulties, political or financial, with “courage and dignity”.
The answer for dealing with these problems is in unity and cooperation, he added.
