Transport Minister Marios Demetriades invited guests attending the 2nd International Investors Summit to consider participating in projects and public works, some of which are in the pipeline, including the commercialisation of Larnaca port.
Speaking at the three-day event, hosted by the state-run Cyprus Investment Promotion Agency (CIPA), Demetriades said that “through a series of key reforms, (Cyprus) is developing into a world-class investment destination.”
“In the areas of transport, communication and works, a number of initiatives have been introduced to encourage investment and enhance the infrastructure available in Cyprus. The commercialisation of the Limassol port in 2016 is one such example, through which our biggest deep-sea port is being developed into one of the most modern and efficient ports in the region.
“Developments in the energy sector are expected to add to this positive momentum, while the Cyprus maritime cluster, one of the biggest in the world, is also expected to benefit from this development,” he added.
“Over the last few years we have seen an increasing number of shipping companies establishing a base in the region or expanding their existing operations. It is for this reason that a dedicated Deputy Ministry of Shipping will be introduced as of March 2018.
“A tender process is in progress for our second largest port, located in Larnaca, whose commercialisation is expected to give a further boost to our tourism industry, an already booming sector of the economy.
“At the same time, a number of public works are in the pipeline which, in combination with many private initiatives, will ensure the continuous modernisation of our infrastructure, our economy and, of course, our investment offering.”
On the second day of the conference, two key business executives took the podium to advocate Cyprus as an ideal investment and business centre.
Captain Eberhard Koch, a former captain and now CEO and partner of Osterreichischer Lloyd Shipping (OL), said that the government and the people of Cyprus succeeded to recover from the deep financial crisis of 2013 “which means there is a dynamic for a new era” marked by sustainable growth.
Recalling that 7% of GDP is generated by the shipping sector, Koch said Cyprus “has a capacity of being a very strong European as well as international shipping hub.”
Koch said the advantages included the flexibility of an EU open registry provided to a non-Cypriot citizen with the availability to register a ship under the Cyprus flag, the classification of Cyprus’ flag in the white list of Paris and Tokyo MoU revalidating the quality of the Cyprus flag.
“Those of us in the maritime industry are also well aware that Cyprus is the biggest ship management hub in the EU and amongst the top five in the world… the Cyprus registry is robust and positioned among the world leading shipping powers,” he said.
Pointing out Cyprus’ relatively low operation costs, Koch highlighted Cyprus’s simplified tax system, noting “on this aspect Cyprus scores highly.”
“I call Cyprus the shipping star of the Mediterranean and I firmly believe it”, he said.
Kiril Zimarin, CEO and recently majority shareholder of RCB Bank said there were o a series of diverse business and investment examples that highlight the success of the “Cyprus product.”
Describing Cyprus as an attractive destination for business, Zimarin referred to projects such as the Limassol Marina, the American Medical Centre, tech start-up Engino, as well as his bank, operating in Cyprus since 1995.
Despite the [2013] crisis, he said, “Cypriot banks are still alive, are still attractive and still powerful.”
Since 1995, his bank has become the second largest bank on the island in terms of assets, with branches across Cyprus and Luxembourg, as well as representative offices in Moscow and London.
Enjoying the highest ratings from all Cypriot banks, he added, RCB has been declared as the safest bank in Cyprus by Global Finance magazine.
