The Cyprus Investment Funds Association (CIFA) has issued a press release in which it states that it shares an optimistic outlook for 2024, anticipating another favorable year for the Investment Funds sector in Cyprus, despite facing challenges and prevailing uncertainties.

"In 2023, the Cypriot Investment Funds were required to exhibit resilience and bolster the growth dynamic of the Cypriot economy, a goal they substantially achieved. Their investments in Cyprus neared €3 billion, concurrently fostering new, well-paid, highly specialized employment opportunities", it notes.

Furthermore, it says that significant milestones, such as hosting the 36th annual international conference of the International Investment Funds Association (IIFA) for the first time in Cyprus from October 23-25, 2023, underscore the nation's emergence as a primary European hub for international Investment Funds and Managers.

"This development has given rise to a fresh business ecosystem, aiding in diversifying the country's economic framework. Currently, there are over 250 licensed Collective Investment Organizations with operations, managing assets exceeding €10 billion and playing a crucial role in both direct and indirect job creation for thousands", it notes.

CIFA says the sector is heavily influenced by global developments, so it anticipates that 2024 will again present significant challenges for Investment Funds.

Nevertheless, it stresses, "Cyprus has demonstrated remarkable resilience and adaptability as a destination, partly attributed to the constructive approach consistently adopted by institutions such as the Ministry of Finance, the House of Representatives, the Cyprus Securities and Exchange Commission, and Invest Cyprus. CIFA is confident that this proactive stance will continue into the new year, furthering the positive impact of Investment Funds on the Cypriot economy".

According to Andreas Yiasemides, President of CIFA, "amidst challenging conditions, Investment Funds have proven to be a crucial pillar of the Cypriot economy".

They have driven, he adds, the creation of new specialized job positions, significantly supported key sectors with capital, and contributed to both the diversification and modernization of the country's economic model.

"We firmly believe that in 2024, the role of Collective Investment Organizations and all sector professionals will be instrumental in the broader endeavor for economic and social well-being in Cyprus", he concludes.