Key persons of the banking and financial sectors talk about Cyprus one year after the Eurogroup decision, the financial situation and projections on Cyprus’ economy. Mr. Johny Abuaitah, CEO of Windsor Brokers Ltd interviewed by GOLD Magazine in Cyprus.

‘If it plays its cards right, Cyprus will be back on its feet much sooner than we think’.

Cyprus’ financial situation is quite difficult at the moment and it will take some time to overcome the current economic obstacles.  We believe that Cyprus needs to regain its confidence and improve its bureaucracy; these are things that will help attract investment.

We were affected last year; there were concerns over Cyprus’ reputation and the safety of client funds.  We reassured our clients by letting them know that we have risk management policies in place so there was no reason for concern.  People have to realize that no matter where an investment firm is located, its viability during tough economic times depends essentially on its internal strength rather than its location. Windsor was ranked one of the top 10 CIFs with the highest capital reserves at the beginning of 2013.

We are confident however, that this phase will benefit Cyprus in the long run.  People here have experience, they are educated and also think collectively.  This time, you can see less talk and more action; restructures on a political, economic and social level is already underway. People are now more aware of the reality of things and are doing something about it.  And yes, Cyprus is still a high caliber services and business friendly center.

We expect the economy to stabilize by the end of 2014 – beginning 2015 but we believe that a sustainable growth will require a minimum of 5 years.  It is also a matter of perspective as many investors seize investment opportunities during such periods.

It is essential to proceed gradually and effectively to restore long term confidence in the country both internally and externally.  Economic restructures and new laws will definitely play a vital role in the country’s progress.  We must not forget that Cyprus has several aces in hand its location, infrastructure, jurisdiction, human resources, culture and climate are very important and should not be taken for granted. If it plays its cards right, Cyprus will be back on its feet much sooner than we think.

Source: Gold The International Investment, Finance & Professional Services Magazine of Cyprus