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CTA and Government Improve Strategies to Remove Investment Barriers

CTA and Government Improve Strategies to Remove Investment Barriers

The Confederation of Economic Associations (CTA) and the government, through the Ministry of Industry and Trade, met to discuss and improve strategies to boost development and remove barriers to investment, in order to create a healthy business environment in the country.

According to information published on Tuesday 9 July on the CTA website, at the meeting the parties also discussed various issues of concern to the private sector, including difficulties in accessing finance, the slow payment of invoices by the state and the high tax burden.

In view of these concerns, the need to create a reference rate, either interest and/or mandatory reserves for commercial banks that finance agriculture and industry was proposed, as was the provision of support for Small and Medium-sized Enterprises (SMEs) owned by young people and women.

As far as the tourism sector is concerned, the parties agreed to pursue actions aimed at increasing the attractiveness of tourists and investment by extending visa-free travel to a further 30 countries, as well as eliminating the cost and bureaucracy associated with acquiring a border visa.

According to the publication, at the meeting both organisations also discussed the concerns inherent in the restrictions and slowness of capital repatriation and its alignment with foreign exchange legislation, stating that these points jeopardise foreign trade, especially through digital means, causing companies to lose money due to a lack of flexibility in the systems.


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