Minister of Commerce, Industry and Tourism Antonis Paschalides has expressed the readiness of the government to give its full support and encouragement to any serious cooperation between Cypriot and Libyan companies, noting that ''our policy is to create a stimulating environment and the necessary conditions for such cooperation to develop into successful business ventures.''
Addressing the business forum ''Cyprus – An International Business and Professional Centre'', in Tripoli, Libya, Paschalides said ''relations between Libya and Cyprus have been traditionally very close and friendly,'' adding that ''under the present financial crisis, the environment tends to be less investor-friendly.''
''Investors today seek confidence, safety and security, credentials that Cyprus certainly has. Despite the crisis, Cyprus’ economy is relatively healthy, with higher than the EU average growth rate in the last years. Average per capita income, in terms of purchasing power, corresponds to almost 95% of the EU average. Growth in 2010 is estimated at 0.5%, but we expect it to pick to 1.5% in 2011 and gradually reach 3% by 2012-2013,'' he said.
He noted that ''this demonstrates the strengths of the vibrant Cypriot economy which undoubtedly make Cyprus a place where business can be conducted without red tape, high taxes and unhelpful attitudes.''
Paschalides also said that ''Cyprus has a favourable environment for businesses, a modern and transparent legal framework, a liberal investment policy that allows up to 100% foreign participation in most sectors of the economy and a low corporate tax of 10%.''
''Cyprus, positioned at the crossroads of three continents, has developed into an essential business bridge between the European Union and the Middle East, Asia and North Africa,'' he said, adding that ''in recent years trade relations between Libya and Cyprus have grown and are at a satisfactory level.''
He pointed out that ''our bilateral trade has been showing a steady growth, reaching in 2009 almost 20 million EUR,'' adding that, ''despite the upward trend, there is much more to be done in this front.''
Regarding energy, he said that Cyprus' target, as set by the EU, is to increase the share of renewable energy sources to the total final consumption of 2020 to 13%. ''To achieve this target, cooperation can again be established between Cypriot and Libyan companies,'' he noted.
