* Bilateral trade reaches $300 mln; investments total $17.5 bln *
A double-taxation avoidance agreement with Ukraine is currently being drafted and is expected to be signed by October of this year, President Viktor Yanukovich said in Kiev on Monday, welcoming his Cypriot counterpart, Demetris Christofias.
The visit included a large trade delegation that took part in the Cyprus-Ukraine Business Forum, while Christofias also inaugurated the new Cyprus embassy and the office of the Cyprus Tourism Organisation and signed four bilateral cooperation agreements that aim to boost trade and tourism between the two countries. Cyprus has honorary consulates in Kiev and Mariupol and has accredited another one in Odessa, the biggest trade port on the Black Sea.
Bilateral trade totals 300 mln dollars, while Cypriot investments in Ukraine have so far reached 11 bln dollars. Ukrainian FDIs in Cyprus are estimated at 6.5 bln dollars.
In all, 40 businessmen accompanied Christofias and took part in the business forum entitled “Cyprus: An International Business and Financial Centre”, organised by the Cyprus Chamber of Commerce and Industry (KEVE) in cooperation with the Ministry of Trade and the Cyprus-Ukraine Business Association. The event was sponsored by Marfin Laiki Bank.
Miltos Michaelas, International Business Director at Marfin Laiki, addressed the forum and talked about the advantages and stability of the Cyprus banking system, referring to the bank’s recent capital increase, its presence in ten countries, including Ukraine with a subsidiary (Marfin Bank), the expansion to China with a Representation Office and the issue of bonds currently underway.
Commerce and Industry Minister Antonis Paschalides encouraged investments in both countries and elaborated on the advantaged of establishing international business companies, primarily by setting up a group’s mother company in Cyprus.
Finally, Bank of Cyprus officials promoted banking services in Cyprus and focused on the Group’s presence in Ukraine, both with a representation office and a subsidiary bank in Kiev.
