Cyprus considers economic expansion of GCC – News



Cyprus is looking to expand its bilateral economic relationship with the UAE, followed by diversified opportunities in various fields including energy and education.

Located at the crossroads of three continents and occupying a key strategic position at the gateway to Europe, Asia and Africa, Cyprus, an EU member state, is an ideal platform for regional cooperation. In this regard, Cyprus has sought to deepen its relations with the GCC countries.

We have established mechanisms for collaboration with our neighbors in the Eastern Mediterranean and we are now extending this cooperation to the Gulf countries and, in particular, to the United Arab Emirates. Having established strong relationships with key players in the region, Cyprus is a reliable partner who has built, over the years, a secure investment environment.

Cyprus now has structured cooperation with the United Arab Emirates, witnessing a significant expansion of bilateral economic relations between the two countries with an increase of more than 26% in non-oil trade compared to the previous year.
The inaugural virtual meeting of the Cyprus-UAE Joint Committee was convened on 11 November, chaired by HE Nikos Christodoulides, Minister of Foreign Affairs of the Republic of Cyprus and HE Ahmed Ali Al Sayegh, Minister of State of UAE. We therefore look forward to the various opportunities for collaboration that will emerge as a result of this first session of the Joint Committee in various key areas, including trade, investment, energy, education, culture and tourism.

At the same time, the strong political cooperation between Cyprus and the United Arab Emirates is evidenced by the last visit of His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, to Cyprus on October 1, during which the two sides underlined the strong and privileged relations between the two countries, reviewed the prospects for advancing cooperation and exchanged views on a number of issues of common interest.

Business and investment potential for the UAE
Cyprus is experiencing real momentum in developing its economic cooperation with the GCC countries, and the United Arab Emirates in particular, having established strong relationships with key players in the region, which it is determined to actively pursue.

It is an opportunity for growth and investment, for connecting with important markets and for creating synergies. The momentum gained in terms of business and investment opportunities with the United Arab Emirates is demonstrated by the Joint Cooperation Committee as well as the Economic and Technical Cooperation Agreement.
These two important tools establish the framework for the further development of Cyprus’s bilateral relations in the economic field as well as in the political field.
Indeed, the many areas of cooperation include renewable energy, tourism, investment, infrastructure, health, education, merchant marine, trade, oil and gas exploration and others, as we are committed to strengthen ties between Cyprus and the United Arab Emirates.

The UAE is a second home for many Cypriots and there are currently over 75 Cypriot companies operating in the UAE, in addition to the country’s participation in major trade and trade exhibitions, which helps to strengthen its bilateral trade relations.

New sectors and the “new normal”
Cyprus has established a comprehensive economic diplomacy with key priorities, clear objectives and relevant action plans, promoting Cyprus as a preferred destination for business and investment. The strong presence of foreign investment in Cyprus, which the country welcomes and supports, is a vote of confidence in the island and its economy.

The government has made efforts to maintain conditions of stability and confidence, to consolidate and modernize the Cypriot banking system and to preserve fiscal security and a conducive business environment for the private sector. Despite the pandemic, the Cypriot economy is one of the fastest growing economies in the European Union, with a positive outlook.

New infrastructure and housing developments are also underway across the country with strong support from foreign investors. International companies are setting up their headquarters in Cyprus, which is becoming an increasingly attractive gateway to growing markets.

The sectors which have seen the most growth and which Cyprus is seeking to develop are maritime transport, retail, tourism, banking, pharmaceuticals and, of course, energy. Cyprus’s growth performance is now attracting foreign direct investment from different parts of the world and in particular from the Middle East and Asia.

Tourist attraction
The island has become a popular destination not only for UAE citizens but also for expatriates living in the UAE, and over the past two years the number of visitors to UAE has increased.
Cyprus is only three and a half hours from the United Arab Emirates, making it the closest European country to the GCC countries. It is an island endowed with exquisite natural beauty where people, family and friends connect in a peaceful, safe and pleasant environment.

Thanks to its captivating history and culture, diverse flora and fauna, seaside towns, all-season outdoor activities, excellent business and conference facilities, health and wellness centers, Mediterranean specialties, sports and music, Cyprus has become one of Europe’s favorite destinations.

With warm sun, sparkling sea, welcoming people and stunning landscapes, the country is one of the most beautiful islands in the Mediterranean, offering visitors a superb vacation destination filled with unforgettable experiences, extraordinary sites, a fascinating history and culture and exquisite Mediterranean cuisine.

In Cyprus, each season brings visitors something new and wonderful to discover, from the island’s endless expanses of golden sands and secluded bays to its lush green countryside, mountains and fragrant pine forests.
In addition, Cyprus’s rich 10,000-year history attests to the many civilizations that left their mark on the island including the Achaean Greeks, Phoenicians, Assyrians, Egyptians and Persians, and later the Byzantines, the Franks, Venetians and Ottomans.

These influences throughout the island’s long and rich history have made Cyprus a multicultural, multi-religious and
tolerant society.

Cyprus at Expo 2020
“Cyprus’s participation in Expo 2020 will allow us to present to visitors, through an exploratory journey, all that Cyprus has to offer in terms of culture, natural beauty, hospitality and business opportunities. Despite the circumstances created by the pandemic, there is no doubt that Expo 2020 will be a phenomenal event and a global platform, which will give us a unique opportunity to promote Cyprus as an international hub for investments, the trade and services, but also as a major tourist destination. visit our lodge and our beautiful island. “

Yannis Michaelides
Ambassador of the Republic of Cyprus to the United Arab Emirates



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