The decision of the 27 EU leaders yesterday to extend the BREXIT procedure for 6 more months has come to add to the uncertainty caused by the inability, to reach and ratify an agreement, and avoid the “sudden death” of the EU – UK relationship.
Indeed this uncertainty has already caused too much especially to the United Kingdom, mostly financially wise. According to the latest statistical facts released by the World’s Trusted Currency Authority, during the period March 26th until April 2nd the British pound has suffered severe deficits against the Euro. The collapse was much more intensive during the days of the last two votes in the British Parliament on the agreement.
Political and financial analysts have been warning in the last couple of years regarding the domino effect that the BREXIT may cause, but as well as the newly announced delay could have both to the United Kingdom and the European Union. Financial instability, commercial obstacles, fear to invest in the country, and of course ignorance of the Britain’s next day. Nevertheless, I insist suggesting that one can always turn a crisis into an opportunity. Now it is the time to take advantage of this extensive crisis to the benefit of our country and the effort to enhance the investment environment of Cyprus.
As a country with political, financial and commercial stability, further strengthened by its geopolitical and geostrategic position, it is the time to convince people that Cyprus is an oasis for investors. The same applies to the european and other international businesses and willing firms, to relocate their headquarters from the United Kingdom due to the current uncertainty. According to the latest facts 250 european companies are currently in the stage of seeking a new base to relocate their headquarters. Cyprus could perfectly facilitate those companies. Taking the advantages of the lowest corporate taxes among the European countries, the fast-track legal procedures, the governmental incentives, the well established Cyprus lawyers specialized on this field, the gateway that Cyprus provides to the rest of the European Union, and the Middle East investors and companies could find the most suitable business environment to expand further and enhance their affect the international business stage.
A successful and profitable business definitely needs a stable environment. The BREXIT crisis has taught us that uncertainty is the enemy of profitability and development. The time has come to trust a business destination that can eliminate any threats, and can assist to greater developments. Ultimately this destination is Cyprus!
By Loizos Michael
*Loizos Michael is the Director of International Affairs and Investments at G. Kouzalis LLC