The comparative advantages of the two cities were presented yesterday during Consulco’s hybrid conference.
An exceptional dialogue took place during the hybrid conference “Resilient Cities: London and Limassol” organized by Consulco, on Thursday 16 June 2022 between London and Limassol, where speakers from Cyprus and Britain exchanged views on the two cities and their development. Consulco brought together key London and Limassol policymakers for a discussion on the differences and similarities between the two global investment hubs, focusing on what they can learn from each other. These are, after all, two cities and economies of the world that have shown tremendous resilience despite the blows they received from the pandemic and the effects of the Ukrainian crisis.
The conference was attended by:
- Nicos Nicolaides, Mayor of Limassol, who stated that the focus of the city is now on the green economy, technology, innovation and modernization of the municipality. Major infrastructure projects have been launched concerning the city center, the old port and the marina, with the upgrade of Aktaia Odos, which will connect the marina with the new port of Limassol at a total cost of € 50 million, being one of the most anticipated projects.
- Debbie Jackson, Executive Director of Development, Planning and Housing at the City of Westminster, spoke of Westminster as the heart of London and the British economy, which contributes 50 billion GBP each year to the national economy. Ms. Jackson stated that the goal of the city is to welcome people back downtown and aim to achieve this by investing in both public space and transportation, with the new Elizabeth Line as a prime example. In this way, it will attract new businesses to the city in order to remain attractive, thus proving the viability of both Westminster and London as a whole.
- Andreas Pishias, Managing Director of CIBA, stressed that Cyprus, and specifically Limassol, is a friendly environment for companies and individuals thanks to the welcoming tax and legal system of the country. He also referred to Vision 2035, which aims to make Cyprus one of the best places to live, work and do business by focusing on developing a thriving economy that is innovative, sustainable, diversified and based on the principles of digitization and those of the green economy.
- Darren Rodwell, Deputy Chair of London Councils, mentioned Opportunity London, a new initiative that promotes sustainable investment in real estate, regeneration and green infrastructure in all London boroughs and communities. Opportunity London is led by the Mayor of London, London Councils and The City of London Corporation and backed by a partnership of public and private sector organisations committed to delivering good growth in London. It is delivered in partnership by New London Architecture, London Communications Agency and London & Partners.
- Andreas Tsouloftas, President of the Limassol Chamber of Commerce and Industry, spoke about the multifaceted economy of Limassol which explains its comparative resilience to crises that has faced at times, either locally or globally. With its private sector at the forefront, Limassol’s economy has grown significantly over the years to what it is today, an economy that includes virtually all areas of business.
- Ruth Duston OBE, Managing Director of Primera Corporation, focused on Business Improvement Districts (BIDs), that exceed 70 in London and play a vital role in supporting the resilient city of the future, as they help attract and retain talent, making the London market competitive and resilient.
London and Limassol were placed under the microscope and examined as two metropolises that have shown significant developments in the business and investment world after the pandemic and the Ukrainian crisis and are preferred destinations for both locals and foreigners. The authorities and institutions of Limassol and London elaborated on experiences, opportunities and reflections, representing each city accordingly. On the one hand, the British capital, which is considered one of the best places for business as its skills, know-how, investment momentum, green financing and innovative fintech sector, turn it into a strong base for international investment managers and property owners and on the other hand Limassol which is developing rapidly and now puts Cyprus on the map of foreign capital.
The Consulco conference was held in Limassol, at the Four Seasons Hotel, and welcomed big names of the investment community of Cyprus. At the same time, the event was attended by people from the investment community of London, as it was also hosted online at the same time.