Russia and Cyprus: Lessons of the Crisis and Prospects for Cooperation
Achieving a new economic miracle took Cyprus exactly three years. That success has been due, among other reasons, to its long-standing and mutually beneficial relationship with Russia. After adopting emergency measures in 2012-13 – including requesting help from Russia, the EU, and the IMF to tackle the government budget deficit, refinance public debt, and support its financial sector – the island nation has managed to stablize and grow its KPIs. Cyprus's direct investment in the Russian economy totaled around €1 billion in the first semester of 2015, helped by the ratification of the double taxation treaty between both countries at the start of 2013. According to Cyprus, these are just the first steps to resuming comprehensive cooperation with Russia.
The 'Russia and Cyprus: Lessons from the Crisis and Prospects for Cooperation' conference is a high-level business event to discuss and analyze Cyprus's experience in overcoming the crisis and returning to strong economic growth in 2015, as well as an opportunity to explore the potential for further growth in 2016. The aim of the event is to identify and develop common interests for cooperation with Russia, including investment and trade in such industries as: energy, finance, freight transportation, real estate, and tourism.
The conference's highlights
The road beyond recovery: an open discussion on developing a sustainable Cypriot economic model
The end of business as usual: an analysis of the evolution of the Cypriot financial services industry
Who's who in the marketplace: what has changed post-reforms, repositioning of the major players, and the brand revival of Cyprus's banking system
New values in an old relationship: looking back at what united Cyprus and Russia in the past, challenges and opportunities in the present, and the benefits of greater cooperation in the future
Cyprus as Russia's investment and trade partner: why Cyprus strategically suits Russia as a privileged business partner and how Russian capital can benefit from cooperation while developing global business
Much more than sun, sea, and sand: a selection of the best Cypriot tourism projects, with potential for Russian investors to take a stake
Program
9:30 – 10:00. Conference registration, morning coffee
10:00 – 11:30. Official opening of the conference. Plenary session. Cyprus's economy and Russia. Opportunities for new directions in mutually beneficial cooperation
Moderator
Dr Kirill Zimarin, Chief Executive Officer, RCB Bank Ltd.
What are the prospects for Russia in the new Cypriot economy?
How was Cyprus able to return its economy to stable growth in less than three years?
What measures are being introduced to secure and protect foreign investment interests?
Which infrastructure projects are potentially interesting for Russian investors?
Harris Georgiades, Minister of Finance, Republic of Cyprus; Co-Chairman of the Cyprus-Russian Intergovernmental Commission on Economic Cooperation
Nikolay R. Podguzov, Deputy Minister Economic Development of Russian Federation; Co-Chairman of the Cyprus-Russian Intergovernmental Commission on Economic Cooperation
Evgenios Evgeniou, President of the Cyprus-Russia Business Association; CEO, PwC Cyprus
Georgios Kasoulides, Ambassador Extraordinary and Plenipotentiary to the Russian Federation
Stanislav Osadchy, Ambassador Extraordinary and Plenipotentiary of the Russian Federation to the Republic of Cyprus
Georgy G. Petrov, CIC VP
11:30 – 12:00. Coffee break
12:00 – 14:00. Strategic session 1. Investment opportunities in Cyprus: infrastructure projects, the banking sector, trade and economic cooperation
Moderator
Aleksander Zakharov, Partner, Paragon Advice Group
Global cross-industry restructuring, large-scale privatizations of Cyprus's biggest public-sector companies, the reorganization of the local banking system, the creation and development of the Cyprus National Investment Fund. What are the hot prospects for Russian investors in Cyprus? And what guarantees are there of the economy's stability and growth prospects?
Speakers
Cyprus’ Energy Appeal of Russian Investors
Denis Borisov, director of the Moscow Oil and Gas Center EY
Introducing a new Entrepreneurship and Innovation Ecosystem in Cyprus: development of the first Science Technology Park
George Campanellas, Coordinator for Investments and Energy Affairs, Ministry of Energy, Commerce, Industry and Tourism (Republic of Cyprus)
Investment opportunities and possibilities of Cyprus
Angelos Gregoriades, Member of the Board, Cyprus Investment and Promotion Agency (CIPA); Chairman, KPMG Cyprus
Legal methods to protect the interests of investors in Cyprus
Maria Kyriacou, Member of the Cyprus Parliament / Head of the Nicosia office of Andreas Neocleous & Co LLC
Cyprus Real Estate: A show of Resilience
Yiannis Misirlis, Director at Imperio Group
Impact of international tax developments in doing business in Cyprus
Christoforos Socratous, Executive Director, EY Cyprus *
Investment attractiveness of the economy of Cyprus
Andrey Vedenkov, First Deputy Chief Executive Officer, RCB Bank Ltd
14:00 – 15:00. Lunch
15:00 – 17:00. Strategic session 2. Investment Funds in Cyprus
Cyprus is becoming one of the fastest growing investment fund centers in Europe through the prompt response to legislative and regulatory needs and its strong financial services sector which is at the forefront of industry developments. The growth of the investment fund sector is founded on the social and political stability of Cyprus and on a pragmatic legal and regulatory environment that is continuously evolving through constructive consultation between the regulator and the private sector.
Moderator
Angelos Gregoriades, Chairman, KPMG Cyprus; President, CIFA
Topics for discussion
What are the features of the regulation of investment funds exist in Cyprus?
What measures are taken to protect the interests of the investor?
Cyprus legal and tax framework: opportunities for successful investment
Speakers
Cyprus Legal Framework: Regulatory Compliance
Irina Kirsanova, Senior Manager, EY Cyprus
Cyprus Tax Framework
Charalambos Sergiou, Director, PwC Cyprus
Cyprus Legal Framework: Regulation of Fund Managers
Panicos Teklos, Director, Deloitte Cyprus
Cyprus Legal Framework: Fund Vehicles – Alternative Investment Funds / UCITS
Christos Vasiliou, Board Member, KPMG Cyprus
Discussion Part. Fund Administration
Participants
Andreas Athinodorou, CEO, ATG Fund Services LTD
Angelos Gregoriades, Chairman, KPMG Cyprus
George Karatzias, Senior Manager, Alter Domus, Cyprus
Andreas Yiasemides, Partner, Treppides & Co
17:00 – 18:30. Evening cocktail
