N. Anastasiades: Cyprus’ comparative advantages in shipping enhanced and expanded

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We are on our way towards the full re-establishment of confidence in Cyprus by the international investor community, Cypriot President Nicos Anastasiades told the Capital Link “Invest in Cyprus” Forum, in New York City last week.

The event was attended by almost 500 people, representing banking, investment, shipping and other industries from the United States, Cyprus, Greece and elsewhere.

Economy, Energy and Transportation Ministers Haris Georgiades, George Lakkotrypis and Marios Demetriades also addressed the forum that was organized by the Cyprus Union of Shipowners, the Cyprus Investment Promotion Agency and the Chambers of Commerce of Cyprus and the US.

In his remarks the President of the Republic Nikos Anastasiades noted that the diplomatic relationship which the US and Cyprus enjoy at a bilateral, regional and multilateral level is at an excellent level, nonetheless “we should all aspire to further strengthen our partnership through expanding and enhancing our cooperation in key economic fields, such as banking and finance, shipping and transportation, energy and tourism.”

The President noted “the comparative and, yet unfulfilled by the US, advantages that our economy has to offer, and particularly the significant potential in sectors like Tourism, Shipping and Logistics, Business and Financial services” as well as “the prospects of new sectors, on which Cyprus is set to play an important role, including the development of the Funds Industry, the Energy Industry and relevant auxiliary services.”

Anastasiades said that despite the economic difficulties faced, Cyprus’ comparative advantages “not only remain intact, but have been further enhanced and expanded, setting them apart from most investment destinations”.

He said Cyprus has one of the lowest and most competitive corporate tax rates in Europe at 12.5%, “deeming it an attractive investment destination, and a highly competitive centre for international businesses, offering a platform for operations and preferential access to markets like Europe, Middle East, North Africa and Asia”.

Marios Demetriades, Cyprus’ communication & works minister, said shipping is an invaluable asset for Cyprus with significant political and economic advantages. “Despite the international adverse economic conditions, the Cyprus shipping sector has managed to maintain its competitiveness and grow further,” he said.

Demetriades said Cyprus “managed to maintain a high quality fleet through the implementation of all internationally applicable safety, security and environmental protection standards”.

“Currently, Cyprus shipping offers a wide range of fiscal and economic incentives, including competitive ship registration costs and annual tonnage taxes, ensuring the fleet’s worldwide competitiveness,” he said. “On the logistics side, Cyprus fulfils all criteria to become a trade hub in the region, due to its strategic location. This particularly applies in relation to the latest developments in the energy sector in Eastern Mediterranean and the need of companies to be based out of a stable country in the region like Cyprus.”

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