Following the approval of Cyprus' tonnage tax system, Cyprus is confident that it can gain a ''bigger piece of the shipping pie'', Minister of Communications and Works Erato Kozakou Markoullis has said.
Addressing the ''Marfin Laiki Shipping Conference 2010'' Markoullis said that according to the latest figures of the Central Bank of Cyprus, the contribution of the shipping sector to the Cyprus economy has reached 4% of the Gross Domestic Product.
''Thus, it is fundamental for our economy to safeguard and further promote our shipping industry. Our aim is to maintain Cyprus' leading role in the world shipping scene through continuous development and growth of Cyprus shipping. The new tonnage tax system for Cyprus merchant shipping represents a great tool to use towards that direction,'' Markoullis said in a speech delivered by Director of the Department of Merchant Shipping Sergios Sergiou.
Markoullis also recalled the European Commission's approval to the new tonnage tax system for Cyprus shipping, ''which is the most advanced and far reaching of all taxation systems approved so far in Europe.''
''The new system is applicable as from the 1st January 2010 and it is expected to improve the already strong position of the country in the shipping world,'' Markoullis said, adding that the system safeguards long term fiscal stability for both Cyprus ships and shipping companies operating in Cyprus.''
The system, she added, ''provides Cyprus with a competitive advantage and it introduces incentives for new shipping activities, extending the implementation of the EU maritime transport policy beyond the European boundaries.''
As she noted, ''during the present period, which is characterised by a serious economic crisis, when foreign investments are essential to boost our economy, we aim to fully exploit the advantages offered by the new tonnage tax system, in order to attract more shipping companies to establish offices in our island.''
''The competition in the shipping industry is very keen, but we are confident that we can gain a bigger piece of the shipping pie,'' she concluded.
