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Cyprus and Canada discuss enhancing trade relations

17 March, 2014

Cyprus Minister of Energy, Commerce, Industry and Tourism Yiorgos Lakkotrypis and Canadian Veterans Minister Julian Fantino discussed enhancing trade relations between the two countries during a meeting, in Nicosia, on Monday.

In statements they made to the press after the meeting the two ministers said that they agreed to organise trade missions between the two countries.

Sources say that a Canadian company is also interested in the short term gas supply option before Cyprus can exploit its own hydrocarbons reserves via the transport of compressed natural gas (CNG). The same sources add that the method is considered to be innovative and inexpensive but that its maritime transport has not yet been proven.

In his statements Fantino said that during the meeting with Lakkotrypis they discussed “what more we can do to create “win – win” situations, where Canada can participate in terms of commerce and industry and other areas and at the same time create advantage for Cyprus”.

“All in all we are hoping to continue this relationship with the signing of the EU – Canada agreement of which Cyprus is a very important part”, he noted.

He further expressed the hope that “we can exploit that so as we can then engage in a much more active and progressive way that we can be involved in enterprise and business opportunities and assisting in whatever we can do to exercise the provisions of that very important agreement”.

Replying to a question as to whether there is interest from Canada for investments in the energy sector in Cyprus he said “there is always interest and we are hoping that a delegation of interested entrepreneurs from Cyprus can hopefully come and visit Canada so as to also explore opportunities”.

He further said he has “extended a very warm welcome to the Minister if he could come as well”.

Fantino also referred to the reason of his visit to Cyprus that is to say to commemorate 50 years of involvement by Canadian military personnel and to the fact that he was received earlier on in the day by Cyprus President Nicos Anastasiades.

On his part Lakkotrypis said they discussed trade relations between the two countries and in particular in light of the new EU – Canada trade agreement which is expected to be ratified soon.

We have agreed, he added, trade missions both in Cyprus and in Canada will be organised, hopefully within 2014.

The Cypriot minister thanked the Canadian minister for the help Canada has offered Cyprus throughout the years, expressing the hope that will lead to deeper trade relations between the two countries.