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2.5 mln tourists expected in Cyprus this year

22 January, 2014

Lakkotrypis promotes oil&gas, shipping investments in Holland

A near-record 2.5 mln tourists are expected to visit Cyprus this year, with the island boasting that it has some of the cleanest beaches in Europe, multi-portfolio minister Yiorgos Lakkotrypis told a group of investors at the Big Improvement Day in Amsterdam.
Lakkotrypis described the current economic environment in Cyprus and investment opportunities in the areas of professional services, shipping, oil and gas, renewable energy and tourism.
The Minister said that Cyprus continues to benefit from a low corporate tax rate, favorable double-taxation treaties, a well-educated labour force, common law system, strong institutions and relatively low structural barriers to growth. These are expected to support the service sectors - in particular legal, accounting and consulting services, as well as tourism - which will drive medium-term growth. He noted that in Cyprus there are important renewable energy opportunities, with over twenty licensed projects in progress.
Lakkotrypis also said that the competitive maritime legislation enacted in April 2010 is the only EU-approved tonnage tax regime with benefits for ship-owning, ship-management and crew members.
The Cypriot minister was introduced to the audience by BID member, cultural activist and entrepreneur, and founder of “Walk of Truth” Tasoula Hadjitofi who invited the Dutch entrepreneurs to take advantage of the investment opportunities in Cyprus which would also help the country deal with its economic situation.
Lakkotrypis also met by his Dutch counterpart Henk Kamp with whom they discussed issues of mutual concern, as well as other government officials.