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Energy is biggest prospect for recovery, says Cyprus minister

22 January, 2014

The natural gas reserves in the offshore Cyprus exclusive economic zone and the scheduled new round of drilling next Autumn will create an unprecedented impetus in the country’s waters, Communications and Works Tasos Minister Mitsopoulos said at a conference in Larnaca on blue growth.

The Minister said that there is aneed for Cyprus to plan its maritime strategy with the utmost consideration, adding that the energy sector, which is related to developments in the island’s EEZ, is the decisive factor and the biggest prospect for the restart of the economy.

Mitsopoulos said foreign companies have shown interest in investing in Cyprus, saying that apart from the energy sector, “we can pursue investments in the island’s ports from foreign companies that want to engage in the drilling area.”

In his address, the Minister noted that blue growth can also play a decisive role in the restart of the economy because it can lead to growth and creation of jobs.

Mitsopoulos made a key reference to the “Limassol Declaration” signed in October 2012, under the Cyprus EU Presidency and outlines EU’s Integrated Maritime Policy (IMP).

He noted that the Declaration is a milestone for the future implementation and development of the EU IMP, by providing guidelines for a comprehensive and coherent approach to the maximum sustainable exploitation of the EU’s seas and oceans for achieving economic growth.