Cyprus places great importance on deepening and expanding its trade ties with the countries of the wider Middle East, President of the Republic, Nikos Christodoulides, emphasized during his address at the 3rd Greece-Cyprus Business Forum, on Wednesday, in Athens.
As he noted, forging stronger business relations between Cyprus and countries of the wider Middle East is an issue that will receive particular attention during Cyprus’s upcoming Presidency of the Council of the European Union.
‘Cyprus is the gateway for investments not only into Europe but also into the wider Middle East region,’ President Christodoulides said, clarifying that this also includes India.
‘A country from which – especially in recent times, following Prime Minister Modi’s visit to Cyprus – we have seen increased interest from Indian companies to approach our country as an entry point to Europe,’ he added.
At the same time, the President highlighted the importance the government attaches to deepening business relations with Greece, which remains Cyprus’s largest trading partner.
‘Beyond issues of national importance, we place emphasis on strengthening our relationship across many other sectors that have added value for our citizens. Within this framework, the business opportunities between Greece and Cyprus are enormous. There are prospects that we can and must take much greater advantage of,’ President Christodoulides stressed.
In this regard, he welcomed the progress achieved during the Intergovernmental Conferences in enhancing bilateral investments and the exchange of know-how.
‘I am pleased to see growing interest from Greek companies to invest in Cyprus. We are also seeing the same from Cypriot companies seeking to invest in Greece,’ he noted.
He also expressed satisfaction with the state of the Cypriot economy.
‘In a period of intense geopolitical challenges, the country has one of the highest growth rates in the Eurozone. We have succeeded in reducing public debt below 60%, regained an ‘A’ investment grade rating for the first time since 2011, and our unemployment rate has dropped to 2008 levels, below 5%. At the same time, we continue to see a steady inflow of high-quality foreign investments into our country – from the wider Middle East, Europe, and the United States alike,’ he said.