The competitiveness of Cyprus as an international business center and prospects for Russian companies and investors in the light of recent developments in Cyprus’ economy, will be discussed during a conference organized by the Cyprus-Russian Business Association (Cyprus Chamber of Commerce and Industry) on 19 September.
The conference, titled "The Future of Cyprus for Russian Business,” aims to send the message that despite the developments in the financial sector, Cyprus is still in the international business map and can compete with countries with similar business environment such as Malta and Luxembourg.
Speaking to CNA, Director of the Cyprus-Russian Business Association Antis Nathanael, stressed that the recent developments in Cyprus’ banking sector should not be linked to the international business sector. “Although some companies”, he said, “have left Cyprus, the majority continue their operations in the island, despite the outflow of deposits”. As he explained, while a company can be based in Cyprus, its funds could be abroad. He also expressed the belief that with determination and dynamism that Cyprus will gradually recover.
He also stressed the importance of the fact that one of the largest law firms in Switzerland ‘Withers LLP’, agreed to co-organize the conference with CCCI, as well as the participation of speakers from Luxembourg and Malta, countries that are competitive to Cyprus.
"The field of international business is still attractive, we still have many comparative and qualitative advantages over our foreign competitors," he said finally.
The conference will be addressed by the President of the Republic of Cyprus Nikos Anastasiades and the Russian Ambassador to Cyprus Stanislav Osadchiy. It is co-organized by the Cyprus-Russian Business Association (CCCI), the international law firm Withers LLP (based in Zurich) and Cypriot law firm Chryssafinis & Poliviou LLC.
The conference is expected to be attended by Russian businessmen from Cyprus and Russia, as well as accounting, and law firms in Cyprus. Speakers from Cyprus, Switzerland, Malta, Luxembourg and Russia, will analyze the prospects of continued economic cooperation between Cyprus and Russia.
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