Cyprus is a country that relies to a significant degree on investments, President of the Republic, Nikos Christodoulides said Monday evening, adding that the state welcomes serious and reliable investments and investors who can meet their obligations.

The President was addressing an event for the “Larnaka Land of Tomorrow” project, designed by the Petrolina company at Dhekelia’s beach front at the area from which the facilities of the Petrolina were transferred, opposite the first refinery, in Larnaka.

He added that his presence at the event together with members of the Council of Ministers "is indicative of how important the executive power considers this project to be".

The "Land of Tomorrow" project, he said, aims to create a sustainable coastal development, which will reinforce the effort to revitalize the wider area.

"This development is not only about buildings and infrastructure, but about the creation of an area that will enhance the development of the local economy and beyond, as well as the well-being of citizens, with full respect for the environment," he pointed out.

Larnaca, he continued, with its impressive heritage, diverse natural environment and its sea, will have a new area, fully in harmony with the surrounding environment. 

The prospects that are created through the implementation of this project, he said, will allow the city to reintroduce itself to the tourist and investment world.

President Christodoulides also noted that the government welcomes "such serious and reliable investments" and noted that "we are a country that relies to a great extent on investments, but we are a country that wants to have reliable investments and investors that can meet their obligations " expressing satisfaction for the project.

In the next period, he concluded, in other cities of Cyprus, as well as in Larnaca, we will "announce new important reliable investments, showing the real perspective of our country".

Meanwhile, in his address, President of the House of Representatives Annita Demetriou referred to the demolition of the oil tanks some years ago that existed on the sea front of Larnaca and noted that this endeavor was made possible with a collective effort from everyone, and pointed out the intervention on behalf of the Parliament.

He noted that the development of Larnaca has been evident for some years now, adding that there is more to come for this city and said that the Parliament supports this "great effort".

This specific project will give a great boost to the economy, he concluded.