Trade missions abroad organised by the Cyprus Chamber of Commerce and Industry (KEVE) are aimed at promoting Cyprus as a business centre and also to attract foreign direct investments into the country, as well as foreign deposits and the formation of companies, said KEVE President Manthos Mavromatis.
In an exclusive interview with the Financial Mirror, Mavromatis said KEVE has signed more than 25 bilateral association agreements with foreign counterparts and while it places particular emphasis on the development of trade and business ties with Russia, it also wants to promote Cyprus in new emerging markets.
“Russia is by far our main target for attracting foreign direct investments (FDIs), bank deposits and company formations which are then used to channel investments into Russia,” said Mavromatis who insists that it is of paramount importance for the two sides to settle tax differences that saw Cyprus placed on Russia’s taxation black-list.
“The British market is very important for our tourism and retirement home (construction) industries, but Russia has the potential to become equally important,” said Mavromatis, adding that Russia’s neighbours Ukraine, Belarus, Kazakhstan and Moldavia are also very promising markets, offering great potential for growth.
“This is why we have organised and plan more missions to these countries to promote Cyprus.”
Middle East
KEVE’s dynamic president believes that Cyprus should not “place all its eggs in one or two baskets” and it should simultaneously attempt to attract business from traditional markets such as the EU as well as new markets in the Middle East.
“The Middle East has long been neglected, which is why we should play our role to become the bridge between the EU and the ME nations, with whom we are so close geographically, but also share so many customs.”
In addition to catering to the needs of Persian Gulf Arab states as well as Iran, which is a newly discovered market, Mavromatis wants Cyprus to play a great role in EU-Mediterranean cooperation, which under the initiative of French President Nicholas Sarkozy will be developed among non-governmental organisations (NGOs) and businesses.
“KEVE will play its role in helping Cyprus NGOs and businesses forge closer relations between the EU and especially east Mediterranean countries (Egypt, Lebanon, Syria) where we enjoy particularly close relations.”
Specialised events
The aim is to promote Cyprus as a whole, which is why the KEVE also organises and takes part in specialised events promoting Cyprus medical and educational establishments.
“In February we are taking part in a medical services event in London while we are heavily promoting our universities and colleges to attract foreign students,” said Mavromatis, who sees private clinics and hospitals in addition to health/spa and other treatment facilities offering great potential to attract foreigners as well as contribute to quality tourism.
Real estate is also an area where KEVE is particularly active, as part of its efforts to attract foreign investors to buy holiday homes in Cyprus.
Visas
The lack of simplified procedures to grant visas to foreigners wishing to invest or buy holiday homes in Cyprus is the key stumbling block preventing an influx of potential new investors, particularly from non-EU countries such as Russia, Iran and the Middle East.
“We are trying to convince the government to have clear-cut entry and stay visa procedures in place for all non-EU nationals so that we can help in efforts by our tourism and real estate companies wishing to bring people meeting the criteria to come to Cyprus,” said Mavromatis.
He added that the simplified visa procedures and the roaming consular offices that Cyprus operates and offers to Russian nationals from 2009 are a step in the right direction and should be expanded to cover other countries.
Largest business group
KEVE is by far the largest business organisation in Cyprus, with five local chapters, 140 professional associations covering all aspects of economic activity and 10,000 members.
KEVE functions as a lobbying group protecting the interests of the business community and also acts to help foreign companies reach their Cypriot counterparts and where possible, help Cypriot companies expanding abroad.
