CYPRUS: Businesses ready for a disorderly Brexit

Cypriot businesses are adequately prepared for Brexit, even a no-deal Brexit, according to Director General of the Employers and Industrialists Federation (OEB) Michalis Antoniou.

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In statements to CNA about Brexit, Antoniou said “we are prepared to an adequate degree and we do not expect any particular difficulties,” adding that the first days are always difficult in any transition.

On the repercussions Brexit will have on Cyprus’ economy, Antoniou said this would depend on fluctuations of the Pound, as well as the extent to which the British economy shrinks and for how long.

These are the great challenges neither Cyprus nor the EU can do anything about, Antoniou pointed out.

He said that if there was a rise in unemployment in Britain and a reduction in household income, then Cyprus’ economy would be affected, despite the fact that most of the products exported from Cyprus will have zero tax for a while.

He added that Cypriot businesses and industry are constantly looking for new markets to export their products or services to.

Regarding tourism from Britain, Antoniou said efforts were being made to attract quality tourism from other countries, with emphasis on the German market at the moment.

Antoniou hoped that the Brexit landscape would become clearer soon because prolonging the uncertainty was not good for business.