Cyprus to implement new shipping strategy

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Cyprus’ government is putting in place a new Shipping Strategy to expand the horizons of the island’s industry and create new opportunities in other markets, Transport Minister Marios Demetriades said on Thursday, at the 5th Mare Forum Cyprus 2016.

He said that Cyprus has established itself as a leading international shipping centre, offering a number of competitive services to the shipping industry as well as other advantages for foreign investors.

“As part of our efforts to enhance Cyprus’ competitiveness, we have procured a study for the shipping industry in cooperation with the private sector. The study proposes measures that would strengthen the Cyprus merchant fleet and shipping cluster. The outcome and recommendations of the study have been taken into consideration and the implementation of those measures has already begun. Additional measures that are already taking place include the recent engagement of a private firm for the promotion of shipping, the strengthening of regional offices, and incentives for business development.

“I am confident that the effective and successful implementation of the new Cyprus Shipping Strategy, along with the restructuring of the Maritime Administration, which is also in progress, will widen the horizons of our shipping industry and create new opportunities for expansion into new markets. At the same time, we have to make sure that the high standards of quality and safety that characterise our maritime industry are maintained and safeguarded,” the Minister said.

Demetriades stressed that the discovery of hydrocarbons places new challenges to the shipping industry of Cyprus.

“We are confident that Cyprus has the potential to develop into an important energy centre in the Mediterranean offering services in the area. Such services include transportation ashore, operation of specialised ships and equipment and the supply of specialised support services,” he said, noting that “we already witness increased interest from companies involved in the sector for port infrastructure to offer these services”.

He also mentioned the efforts of the government to lift the Turkish embargo. Demetriades said that the development would undoubtedly be a game changer for Cyprus’ shipping, and significantly enhance its potential for growth.

“Cyprus shipping has solid grounds to build on and to expand further. We have the experience and know-how, the professionals, a high quality flag and a package of favourable incentives for the sector. These are basic ingredients for a successful maritime industry. Our objective for the future is to consolidate and further develop our role in world shipping and to provide the necessary conditions for a sustainable growth of the shipping sector in Cyprus” he said.

Source: Cyprus News Agency



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