GOLD ISSUE 66 SEPTEMBER 18 2016 PRICE €2 .00
T H E
B U S I N E S S
M A G A Z I N E
NICOS ANASTASIADES
ALEXANDER SIDOROV
President of the Republic
Deputy CEO, Absolute Investment Group
O F
C Y P R U S
CHRISTODOULOS ANGASTINIOTIS
Chairman, Cyprus Investment Promotion Agency
5 TH
MICHALIS LOUIS
CEO, Eurobank Cyprus (Gold Sponsor)
00001 >
5 291295 000577
ANNA VYSHLOVA
EVGENIOS EVGENIOU
Chief Operating 2IÀFHU 5HQDLVVDQFH Capital Group
CEO, PwC Cyprus (Platinum Sponsor)
CIPA
INTERNATIONAL
INVESTMENT
Celebrating International Investment in Cyprus GOLD
NAGUIB SAWIRIS Chairman, Gemini Real Estate
18
SPECIAL
PAGES OF PHOTOS & COVERAGE OF THIS YEAR’S EVENT
awards ISSUE
VASSILIS PETRIDES,
PIETER OLIVIER Development Manager, Atterbury Cyprus
LOUCAS MARANGOS,
CEO, Laiko Cosmos Trading (Silver Sponsor)
DEEPAK PADMANABHAN
CEO, TFI Markets (Silver Sponsor)
Chairman, Go plc
PRABHAT K. JHA Group Managing Director, MSC Shipmanagement Ltd.
DR. WERNER HOYER JOHN VICKERS
DANA DVORAKOVA
Chief Editor Gold
Commercial Manager, Emma Delta
President & Chairman, European Investment Bank
NOAM WEIMAN President & CEO, Diplomat Group
Photo by Jo Michaelides Venue: Presidential Palace Gardens, Nicosia
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ISSUE 66 SEPTEMBER 18, 2016
T H E
B U S I N E S S
M A G A Z I N E
O F
C Y P R U S
CONTENTS 8 | EDITORIAL 12 | BUSINESS BRIEFING
Economic & Business Highlights of the past month.
16 | MY WAY
COVER
Christos S. Christodoulou’s management style.
STORY
35 | THE 5TH CIPA
20 | FIVE MINUTES WITH…
INTERNATIONAL INVESTMENT AWARDS Photos from the prestigious annual event hosted by Gold, featuring the winners and the N\LZ[Z WS\Z WYVÄSLZ VM [OL nine com companies receiving a an award.
Michalis Economides.
22 | THEY SAID WHAT?
A selection of remarkable statements made about Cyprus and the Cypriots over the past month.
OPINION 96 | WELCOME TO THE
POST-MEMORANDUM ERA By Savia Orphanidou.
FEATURES 24 | FRAGILE YET STRONG
The former Irish Taoiseach John Bruton on the positive aspects of the European Union.
20
28 | GETTING TO GRIPS WITH VAT Alexis Tsielepis on the new Chelco VAT International Academy.
24
SPECIAL PROMOTIONAL FEATURE 69 | The Business of Health & Health Insurance Nine companies present their products and services in detail.
32 | LEADING INNOVATION IN PRACTICE By Dimis Michaelides
58 | PROMOTING FOREIGN INVESTMENT Interview with Nicolas Theocharides, Chairman of CIPA’s Promotion Committee.
58 64 | EFFECTIVE
116
122
CORPORATE COMPLIANCE Marios M. Skandalis explains why regulatory compliance has become so important in recent years.
92 | CONFIRMATION STATEMENT *VUÄYTH[PVU JVT [OL SLHKPUN WYV]PKLY VM VUSPUL H\KP[ JVUÄYTH[PVUZ OHZ VWLULK HU VɉJL PU *`WY\Z
98 | SMALL IS BEAUTIFUL
104 | REINVENTING
TRADITION Andreas Papayiannis on the philosophy behind the creation of the Casale Panayiotis hotel at Kalopanayiotis.
114 | BOOKSHELF Five of the best new business titles. 116 | LUNCH WITH GOLD Stella Kyriakides, MP
The Acting CEO of cdbbank, George Spyrides, on the secret behind its 50 years of success.
108 | IN GOOD COMPANY
102 | MAKING YOUR MONEY WORK HARDER FOR YOU By Ian Woodcock.
119 | WHAT’S ON Gold’s guide to the best cultural events of the coming month.
112 | BUSINESS CLASS
122 | A DAY IN THE LIFE Eleni Kaloyirou
6 | GOLD | The Business Magazine of Cyprus
How Andreas Neocleous & Co LLC wins the talent race Stefan Nolte
| EDITORIAL |
Saying ‘Thank You’
GOLD ISSUE 66 SEPTEMBER 18 2016 PRICE â‚Ź2 .00
T H E
B U S I N E S S
M A G A Z I N E
NICOS ANASTASIADES
ALEXANDER SIDOROV
President of the Republic
Deputy CEO, Absolute Investment Group
O F
C Y P R U S
CHRISTODOULOS ANGASTINIOTIS
Chairman, Cyprus Investment Promotion Agency
5 TH
MICHALIS LOUIS
CEO, Eurobank Cyprus (Gold Sponsor)
EVGENIOS EVGENIOU CEO, PwC Cyprus (Platinum Sponsor)
CIPA
INTERNATIONAL
INVESTMENT
Celebrating International Investment in Cyprus
00001 >
5 291295 000577
ANNA VYSHLOVA Chief Operating 2IĂ€FHU 5HQDLVVDQFH Capital Group
NAGUIB SAWIRIS Chairman, Gemini Real Estate
GOLD
PUBLISHED BY IMH ISSN 1986 - 3543
MANAGING DIRECTOR
“AS WE EXPRESS OUR GRATITUDE, WE MUST NEVER FORGET THAT THE HIGHEST APPRECIATION IS NOT TO UTTER WORDS, BUT TO LIVE BY THEM.�
T
John F. Kennedy
he Cyprus Investment Promotion Agency (CIPA) was established in 2008 with the aim of working to attract foreign investment to Cyprus but it was not until four years later that it joined forces with Gold (founded in 2011) to create the annual International Investment Awards, which have grown in stature to be seen today as being among the most prestigious in the broader Eastern Mediterranean region. The concept was extremely simple: for 40 years, Cyprus had been a beneficiary of foreign companies that have invested in the island, providing jobs, know-how and tax revenues (and, of course, reaping many benefits of their own) and raising the country’s profile. Wasn’t it time we said ‘thank you’? Over the past five years, that is precisely what the Government (represented at the annual ceremony by the President of the Republic himself) has done for 41 companies and four individuals representing the full range of investment sectors, from energy and shipping to education and banking. As individuals, we all have opportunities to feel grateful to others and to experience their gratitude to us. This basic human emotion is no less potent when thanks are expressed by an entire nation, through its head of state, to a company employing a large number of people, both local and foreign. This was evident on September 7 when senior company officials flew to Cyprus from Germany, the Czech Republic, Malta and elsewhere in order to receive a CIPA International Investment Award. When a multi-billionaire like Naguib Sawiris speaks about the honour he feels to be recognized, this is a clear sign that such an award has value. In this issue of Gold, we give extensive photographic coverage to the ceremony, together with a brief profile of the nine award-winning companies. Staying with CIPA, we feature an interview with Nicolas Theocharides, Chairman of the Promotion Committee, who explains the philosophy and methods underlying the agency’s work in attracting foreign investment. Beyond the subject of investment, we also have interviews with the former Irish Taoiseach John Bruton, ahead of his address to next month’s Limassol, Economic Forum (page 24), George Spyrides, Acting CEO of cdbbank (page 98), Alexis Tsielepis, Managing Director of Chelco VAT Ltd (page 28), Marios M. John Vickers, Skandalis, Director, Group Compliance Division, Bank of Cyprus Chief Editor Group (page 64), and Christos Panteli, Regional Manager of Confirmation.com (page 92). Enjoy this special issue of Gold. john@imhbusiness.com 8 | GOLD | The Business Magazine of Cyprus
George Michail
GENERAL MANAGER
Daphne Roditou Tang MEDIA MANAGER
Elena Leontiou EDITOR-IN-CHIEF
John Vickers JOURNALISTS
Artemis Constantinidou, Voula Loizou CONTRIBUTORS TO THIS ISSUE
Dimis Michaelides, Savia Orphanidou, Ian Woodcock ART DIRECTION
Anna Theodosiou
SENIOR DESIGNER
Alexia Petrou
ASSISTANT DESIGNER
Stephanie Andreou, George Yiamiadakis PHOTOGRAPHY
Emma Louise Charalambous, Jo Michaelides, Andreas Loucaides, Christos Tsekouras MARKETING EXECUTIVE
Kevi Chishios
SALES MANAGER
Irene Georgiou
SALES EXECUTIVE
Stavros Epifaniou
OPERATIONS MANAGER
Voulla Nicolaou
SUBSCRIPTIONS
Myria Neophytou PRINTERS
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Recently, we were commissioned to conduct EY Cyprus has long-term and deep commitment to a study for the Department of Merchant the shipping industry, with Y strong track record of Shipping of the Ministry of Transport, We arethrough able to respond fast accurately to proud people areand dedicated to quality, intoservice. Cypriot history a guided Communications andthere Works clients’ needs, irrespective that of pay location, Gold: Are otherregarding locations inthe homage towith their environment tourour in the monastery. development of a holistic Strategic tailored services from experienced with deep and love for CyCyprus which, in your view,Plan have for the andteams who have a passion the Cyprus Shipping Industry based the industry knowledge. Together with priot EY culture. Greece we are potential to be revitalised andon turned Gold: the hotel’s examinationinto and analysis a Describe team of over philosophy 130 experienced professionals a tourist hub inofthethe samepresent way as as well as foreseeable future trends and dedicated solely to supporting our shipping clients. Kalopanayiotis? Gold: Name one thing that makes and culture. developments in the International Shipping A.P.: Basically the whole of the Troodos Casale Panayiotis memorable and unA.P.: Τhe hotel’s philosophy revolves market. Our and development regioninsights needs better infrastructure and forgettable around breathing life back into a dying measures are in the process of being more incentives for local businessmen A.P.: It is a place that brings together a village and reviving a way of life. Thanks implemented by the Ministry strengthen to invest so that we canto drive tourism to and to the guest rooms in eight houses across rich culture, a luxury environment the local shipping industry. the mountains. The authorities should unique experiences told from a personal the village, as well as cafés and restaucreate a new classification for resort vilperspective. It provides an experience rants, the villagers themselves have been Our Transaction team lages like Advisory ours and notServices simply include us that people seek: a discovery on their inspired to invest in their own commuhas extensive advisory experience on in the hotel or agrotourism sectors. The own terms, guided by a friend who can OF THE BEST WErestoring HAVE OVER nity, their homes and opening marina developments andshould port transactions. tourism industry focus on winter give them insight into what is there. small businesses, preserving our mounExamples include Port, Limassol tourism the – notPiraeus by the sea but via the tain culture and way of life. A strong set Port and mountains. numerous marina developments Gold: Do you solutions have plans or projects of values permeates thethat entire webusiness; tap into to provide client in Greece and Cyprus. The same team is for the future development ofcurrently Casale we believe in a project that means someoffering advisory services to the Panayiotis? thing beyond profit and beyond personal Cyprus Governmenl for the re-development A.P.: We have many projects onofthe ambition; it is a very personal story and the Larnaca port and marina. horizon – all related to reinstating the experience that speaks for the wider Cysimple way of life and connection to priot community and culture; and there Stavros Pantzaris the land that was lost during difficult is dedication to a cause – the regeneraCountry Managing Partner times. Plans are in progress to retion of a community and providing a Stelios Demetriou establish vineyards that once covered window into a world where time has Head of Transaction Advisory Services surrounding mountainsides and to stood still. The attracts Find outhotel how weguests canwho help the you reach Tel : +357 22 209 999 preserve orchards and historic buildings.
230k people
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90 | GOLD | The Business Magazine of Cyprus
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