Cyprus ‘ideal’ for shipping firms

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Shipping Minister Marina Hadjimanolis said Cyprus is “an ideal place for companies to develop and excel” during a speech at an event in London on the sidelines of International Shipping Week.

Addressing a packed Cyprus High Commission headquarters, she said Cyprus sits at a strategically located crossroad between three continents.

“It has a simple and effective regulatory structure in place, as well as an attractive tax system; it provides cost-effective yet quality business support services and low operating costs.”

She said Cyprus covers the four key factors that companies look out for taxation and package of incentives, fleet safety record and requirements, quality and speed of services provided by the maritime administration, and responsiveness to challenges and crises.

“Cyprus plays an important leading role in the international shipping scene, with the 11th largest shipping fleet worldwide, the 3rd in the EU and the largest third-party shipping management centre of the EU,” said Hadjimanolis.

“Cyprus’ shipping has solid grounds not only to build on and expand further, but also lead the way towards a new era.”

The outgoing International Maritime Organisation’s Secretary-General Kitack Lim and his recently elected successor (as of 1 January 2024), Arsenio Dominguez, were present at the event and hailed Cypriot shipping’s importance.

The South Korean IMO leader for the last eight years told CNA that Cyprus has been “one of the most important IMO members, contributing to the IMO area on policy and technical issues.”

“At the same time, Cyprus has been growing gradually in its maritime activities worldwide; it is one of the biggest success stories.

“That’s why I am very proud to work with the Cypriot government and also very confident that Cypriot shipping will grow continuously to contribute nationally and globally,” Lim noted.

Dominguez of Panama told CNA: “Cyprus is a truly maritime nation, and actually that was very tangible from the great speech the Deputy Minister delivered, highlighting not only the great contribution of Cyprus to the work of the IMO but also the high standards the Deputy Ministry of Shipping has about the Cyprus fleet.”

“This is recognised, as she mentioned, on the status of Cyprus in the various MoUs such as Paris and Tokyo.”