Czech-Cyprus trade reaches € 47 mln

We buy cars and beers, sell chemicals

Trade between Cyprus and the Czech Republic is expected to increase substantially due to the establishment of a joint business association and the promotion of new services such as legal and education.
Czech ambassador Jan Bondy said that his country’s main exports to Cyprus are the well known Skoda cars and beers, while Cyprus exports chemicals.
“There are about 1,000 Cypriots who have graduated from Czech universities over the past four decades, while about 400 Cypriot students are at present studying in Czech universities, mainly schools of medicine and the arts,” he said.
There are also ten Czech students enrolled in Cyprus universities, a number that could grow much higher.
Ambassador Bondy said that bilateral trade currently stands at 47 mln euros, with tourism being the most flourishing sector sending around 27,000 Cypriot holidaymakers to the Czech Republic using the ten weekly flights operated by CSA Czech Airlines, as well as private operators with charter and scheduled flights. An equal number of Czech visitors also come to Cyprus each year.
“We hope to develop more trade with Cyprus, which is why the Cyprus Czech Business Association was established last Autumn. There is business interest and this should grow further with many opportunities for lawyers and international business contacts,” Bondy added.
According to the ambassador, many Cypriot companies are making enquiries at the embassy in Nicosia. “There is interest the construction and the real estate sectors, not just in Prague and Karlovy Vary, but also in the Silesia and Moravia regions.”
Bondy added that an exchange also started at an official level last year in the area of waste management, with two experts from the Czech Ministry of Environment visiting Cyprus for consultation and advice.
And what makes the Czech Reopublic such an attractive destination, apart from its resorts and medieval sites? If you’re a beer lover. there are 115 small breweries in addition to the two internationally famous giants – the Pilsner Urquell and the Budejovicky Budvar brand, known from its international claim over the Budweiser label.
As regards the economy, Ambassador Bondy said that “we still maintain a GDP above 0% which is better than most other EU partners.”
“Czech banks, similar to Cyprus banks, didn’t venture much into toxic investments. Our banking system has not been affected, unlike the tragic situation with Hungary.
“Five of the biggest Czech banks are controlled by foreign entities and there has been no particular state support to the banking system yet. Instead, some support has been given to traditional industries such as the Bohemian glass, and the car industry,” Bondy concluded.