Cyprus and the United Arab Emirates have established a Comprehensive Strategic Partnership to elevate their current bilateral relations in defence, shipping, trade, and energy.
With a joint declaration on Thursday, Nicosia and the UAE government said they would further advance their cooperation in fields of mutual and strategic interest and build on the Agreements and Memoranda of Understanding signed between the two countries.
The declaration comes after President Nicos Anastasiades accompanied cabinet ministers to the UAE for Dubai Expo 2022.
President Anastasiades said the strategic partnership sets the economy back on track following the coronavirus pandemic, as the UAE “is an important political and economic partner for Cyprus”.
“As we have showcased with our participation in the esteemed Dubai Expo, Cyprus has to offer numerous profitable investment opportunities in a variety of sectors.”
During the visit, the ministers of energy, transport, defence, agriculture, finance and the deputy ministers of tourism, innovation and shipping held bilateral meetings with their UAE counterparts.
According to the declaration, the Comprehensive Strategic Partnership will focus on: (1) Political Cooperation, (2) Defence and Military Cooperation, (3) Energy, (4) Trade and Investments (5) Tourism and Culture (6) Education, Science and Technology, (7) Shipping and Maritime Transport.
Defence and military cooperation covers training, education, exchange of experiences.
On energy, Cyprus and the UAE agreed to coordinate on electricity networks, electricity markets, the integration of renewable energy sources, saving and efficiency.
Furthermore, the two countries will consider investment opportunities in the hydrocarbons sector and renewable energy.
The understanding provides for the mutual creation of favourable investment conditions, the encouragement of contacts between the business communities through the exchange of visits by the respective Chambers of Commerce, investment missions, and workshops on areas of common interest.
The competent investment authorities of the two countries will explore potential opportunities for cooperation, including large-scale investment projects in strategic economic sectors such as tourism and hospitality, energy (including renewables) and other large infrastructure projects.
Cyprus and the UAE will enhance their cooperation in tourism, recognising the exchange of tourists contributes to a better understanding of the two nations’ history, customs, and traditions.
The two countries have agreed to increase air connectivity to accommodate the increasing demand from tourists.
Both sides will encourage investments in the tourism sectors of the two countries.
They decided to improve bilateral cooperation in Shipping and Maritime Transport through cooperation and exchange of experiences and joint training in maritime administrative matters (flag state, port state, and maritime accident investigation) and investment in maritime connectivity between the ports of the two countries.