Cyprus explores UAE trade, investment and tourism

The UAE-Cyprus Business Forum was held recently in Sharjah to explore strategies aimed at enhancing bilateral trade, investment and tourism between the two countries.
The event was organised by the Sharjah Chamber of Commerce and Industry (SCCI) in coordination with the Cyprus Chamber of Commerce and Industry (KEVE), the Cyprus Ministry of Trade, Industry and Tourism, and the Cyprus Trade Center in Dubai.
Delegates discussed the business and investment opportunities opened up by Cyprus' liberal business and trade environments that include allowing foreign investors to acquire an equity share of up to 100% in any domestic enterprise, no requirement for a minimum level of capital investment, and tax incentives that support maximum profit. The Forum also examined ways to further take advantage of Cyrpus' strategic geographic location, which is close to vital shipping and air routes linking Europe with Middle and Far East countries.
"Cyprus serves as an important link between Europe and the Middle East. Its position at the crossroads of three continents in effect makes it Europe's south-easternmost trading post,” said SCCI chairman Ahmad Mohammad Al Midfaa. “The significant gains the country has made in domestic economic and regulatory infrastructure, banking, and international finance in particular make it an essential part of the UAE's foreign trade agenda," he said.
Delegates at the forum were told that Cyprus’ increasing role as a major regional and international commercial and business partner and the emergence of local economic growth areas such as telecoms and tourism mirror the UAE's own development as a business and travel hub of the Middle East.
"Our countries have been able to overcome the challenges posed by today's difficult economic conditions due to our diversification into lucrative industries, our wise management of our resources, and our good relations with our trade partnerse," said Charalambos Orphanides from the Ministry of Commerce Industry and Tourism.
Total trade between the UAE and Cyprus reached around AED 11.7 mln (EUR 2.4 mln) in 2007, as the SCCI and KEVE committed to further expanding bilateral commerce by improving communication and collaboration ion business and investment opportunities.
"We look forward to more collaboration between our organisations and the SCCI, which will lead to enhanced trade, investments and economic activities between our two countries. Sharjah offers numerous prospects that we are very eager to take advantage of, especially now that our countries are assuming greater roles in regional and global commerce and trade," concluded Christis M. Christoforou, KEVE board member and president of the Cyprus-GCC Business Association.
The Cyprus delegation will also visit Abu Dhabi and Dubai.