- Cyprus Property News Magazine - http://www.news.cyprus-property-buyers.com -

Business development stifled by bureaucracy

business bureaucracyA REPORT that compares business regulations for firms in 189 economies around the world confirms the bureaucratic issues that plague businesses on the island and hamper the efforts to attract investments for the implementation of major development projects.

Although Cyprus ranks 38th on the ease of doing business and 44th on starting a business, it performs very poorly on construction-related activities and the enforcement of contracts. For example:

Speaking to the online news portal Stockwatch Andreas Demetriades, spokesman for the Major Development Projects Association, said that  “development and bureaucracy are two incompatible concepts”, stressing that “if we want to attract investors, as a state should create the required business-friendly environment and provide the necessary incentives.”

Further reading

Doing Business 2014 – Understanding Regulations for Small and Medium-Sized Enterprises (Published by the World Bank and the International Finance Corporation).