Commerce Minister: Cypriot economy is dynamic

Commerce, Industry and Tourism Minister Antonis Pashalides has said on Thursday that despite the economic crisis, the Cyprus economy has exhibited dynamism and flexibility, with high development indicators.

In a speech at the Business Forum of Paphos – Ukraine, taking place in Paphos, Pashalides said “Cyprus is a credible and worthy credit centre in the region as the economy offers investors security and confidence”.

Despite the crisis, he added, the “Cypriot economy has exhibited dynamism and flexibility, with high development indicators…and a development rate expected to be around 0.5% in 2010 and range around 1.5% in 2011”.

Pashalides said “Cyprus maintains a favourable climate for businesses, a modern and transparent legal framework, a liberal policy that allows 100% participation in most sectors of the economy and a low corporate tax rate of 10%”.

“We offer business services of high quality which include, tourism, bank and credit facilities, accounting and auditing, legal, educational, medical, property and maritime facilities”, he added.

Referring to Cyprus relations with the Ukraine, he said that apart from bilateral relations and contacts promoted by the two governments, contacts and initiatives by the business people are even more important.

He also said that priority investment sectors include research and development, medical and education services and energy.

Due to its strategic position at the crossroads of three continents, Cyprus acts as a starting point for European products, services and investments in EU, Central Europe, Russia, Middle East, Asia and Africa markets.

He expressed certainty that Ukrainian businesses can expand more effectively to markets in the Middle East and the Arab world through cooperation with Cypriot businesses.

This cooperation, he added, can and should be two-way by making use of the Ukraine as a medium for Cypriot businesses to expand to Central Europe and CIS countries.
CNA/EC/MM/2010