Smart Regulation is an initiative which is promoted by the Republic of Cyprus, while it has also been set as a major priority by the European Commission. It aims at better governance, as well as at the modernization and improvement of the state’s efficiency in the way it functions and in its role as a provider of public services.
Both the institutional and regulatory framework in Cyprus face a number of weaknesses/bottlenecks which hinder the country’s potential as an attractive destination for business activity and the effective provision of services to citizens. In some sectors, the regulatory framework is very restrictive and/or anachronistic and the weaknesses of the existing framework in specific industries act as an impediment to their growth potential.
For this purpose, the following actions are promoted: