Mehran Eftekhar: Cyprus Lacks Adequate Governance & Risk Management

How you evaluate Cypriot entrepreneurship?

There are plenty of entrepreneurs in Cyprus. However, what Cyprus entrepreneurship lacks is proper governance and risk management. The business world is evolving continuously and Cyprus needs to change with it. The failure of the financial system was the prime example of lack of risk management and governance, including proper supervision.

What changes may be implemented in order to enhance entrepreneurship in Cyprus?

Being an entrepreneur and a leader is a gift that is not given but taken. Unless the culture changes, such gifted people will not be given the opportunity to make their mark. Most families in Cyprus want their children to be Doctors, Pharmacists, Engineers, Accountants or Lawyers. This results in the creation of a purely service-based country. However, we don’t know how to take advantage of that as we don’t have a central based strategy.

What are your comments as regards the current business conditions in Cyprus?

The banking sector and economy at large have improved tremendously in recent months. Investor confidence is being restored once again, however – once again – politics is taking over to satisfy the ego of the island’s politicians, rather than focusing on what is beneficial for the country. Cyprus, with its potential in the field of energy, has good prospects and is a very good base for foreign entities. Basically we need to add to the education system is the art of being innovative.

How do you see the investment sector in Cyprus developing both in the short- and long-term?

There have been great foreign investments in the fields of tourism, leisure, education, health and energy in Cyprus. Furthermore, the privatisations of the CYTA, the Electricity Authority and the Limassol Port provide great investment opportunities. We need also a sophisticated Stock Exchange with volume and liquidity. Finally we need to resolve the “Cyprus Problem”. 

Do you believe that being a member of an organized group, such as a Chamber of Commerce, can make a difference in the business world?

Platforms such as the Chamber of Commerce are only useful if one already has a vision, mission, risk-based strategy and plan for business. 

Company’s profile
Nest Investments (Holdings) Limited has been in existence for over 20 years.  Our group of subsidiaries, associates and affiliates operate in more than 23 countries in North America, Europe, Africa, The Middle East / Gulf Region, and Asia Pacific.  The Group's assets surmount US$5,000m and its annual turnover is in excess of US$700m with annual profit of USD 200m.
Combining a wealth of industry experience and expert knowledge, we operate in the fields of Insurance, Reinsurance, Reinsurance Broking, selected Real Estate Developments, Banking and World Trade Centre operations.
We employ approximately 1,200 dedicated and fully qualified management and staff and guarantee first-rate personal service to our clients wherever we operate.  Our local knowledge and expertise ensure continuity and support to our customers, adding value to the local economy, as well as enhancing our Group assets.