Research Center
Cyprus Economy

BUSINESS: Cyprus and Georgia lay foundation for economic cooperation

18 April, 2019

Cypriot President Nicos Anastasiades, highlighted on Thursday the prospects for advancing economic cooperation between Cyprus and Georgia during his landmark visit.

Addressing a Georgia-Cyprus Business Forum held in Tbilisi, the President said that the Forum, also addressed by Georgian President Salome Zourabichvili, provides a unique opportunity for all participants to hold productive discussions and identify the business opportunities that each country has to offer.

The President said that the relationship between Cyprus and Georgia is greatly valued by Nicosia and the people of Cyprus and is one that he actively aims to upgrade. 

"I consider my official visit to Georgia, a historic visit I might say since it constitutes the first official visit by a Cypriot President, as an important milestone for reaffirming our reciprocal political engagement to the same fundamental causes," Anastasiades said. 

He said the causes are "to qualitatively enhance our bilateral institutional framework of cooperation, as evident by the signing of a number of Agreements and Memoranda of Understanding in the fields of Agriculture, Health and Classified Information" and "to strengthen our economic relations, intensify trade and commercial flows, increase tourist exchanges and enhance investment ventures between our countries."

Even though an Agreement on the Avoidance of Double Taxation is in force, a Cyprus-Georgia Business Association has been established, and there is a vibrant Georgian community present in Cyprus "our economic relations have fallen behind our political and friendly people-to-people relations," said Anastasiades.

"Today’s business forum, the first to ever take place between Cyprus and Georgia, provides an important opportunity to significantly advance our economic cooperation in terms of revealing new possibilities and new markets for our business people.”

Anastasiades said his milestone visit and the newly established Cyprus – Georgia Business Club serve as an “ideal foundation for broadening and promoting trade and economic activities between our entrepreneurs".

The President also spoke about Cyprus’ comparative advantages which have established the country as a major centre for International Businesses leading to new and substantial investments in the fields of banking, energy, shipping, telecommunications, real estate and tourism; with new sea ports, marinas and the largest integrated casino resort in Europe under construction. 

"The possibilities for engagement between our business communities are also positively reinforced due to the progressive advancement of the EU – Georgian relations, which we fully support." 

Anastasiades said his government stands ready to offer any assistance deemed necessary in order to facilitate business plans and investment initiatives that would enhance competitiveness, development and sustainable growth in Cyprus and Georgia.