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Cyprus News Agency: News in English, 10-06-28

Cyprus News Agency: News in English Directory - Previous Article - Next Article

From: The Cyprus News Agency at <>




    Cyprus provides an ideal environment for UK companies to grow and expand their business activities, Minister of Commerce, Industry and Tourism Antonis Paschalides has said. Addressing in London a seminar on ``The role of Cyprus as an international financial and business centre``, Paschalides noted the strong and long-lasting links between Cypriot and UK companies, as well as the Cypriot governments commitment to support the strengthening of business relations between Cyprus and the UK. Cyprus offers international investors the core competitive advantages they seek before opting for an operational or business base, he stressed.

    The Cypriot Minister pointed out that such advantages include the strategic geographical location of the island, the well-developed socio-economic infrastructure and the wide range and quality of professional services offered, the high educational level of its manpower, the low corporate tax at 10%, which is the lowest in the whole of EU and the wide knowledge of the English language. Referring to the world economic crisis, he said that even under these circumstances, Cyprus economy has maintained relative stability compared to most EU member states. Cyprus was not affected directly by the financial crisis. The financial sector of Cyprus has remained sound throughout the crisis, with a strong liquidity position and a comfortable capital adequacy, as well as sufficient profitability, he went on to say. Paschalides said that Cyprus in 2008 enjoyed an economic growth rate of about 3.6% and as such was amongst the first three high performers in Eurozone, adding that the average growth during the past five years was over 3%.

    In addition, he said that indirect effects of the crisis came through with a lag, especially affecting real estate and tourism. Growth in 2009 is estimated at -1,7% while we expect growth to pick up slightly to 0.5% in 2010, and 1.5% in 2011 and gradually reach 3% by 2013, he said. The Cypriot Minister said that despite the financial crisis, per capita income in 2009 reached 21.400 euros which, according to the World Bank, classifies Cyprus among the high-income countries. The stability of the Cyprus economy is reflected in the long-standing low inflation rates, he concluded.


    The seminar on ``Promoting sustainable water management will take place in Limassol, on the south coast of Cyprus, on 29 June in the context of the 4th meeting of the Commission for the Environment, Climate Change and Energy (ENVE) of the Committee of the Regions. Speaking at a press conference held here Monday on the occasion of todays opening of the 4th Meeting of ENVE in Limassol, the Swedish Chairman of the ENVE Commission Ilmar Reepalu said that tomorrows seminar would stress the need for managing water resources in a more integrated and more sustainable way.

    Referring to the Committee of the Regions, Ripalou said that the Committee comprises 344 members, representatives of regional and local authorities of the EU. Their mission is to contribute to the participation of regional and local authorities that represent in the decision-making process of the EU and inform these authorities regarding EU policies. ``In tomorrow`s seminar, we will be stressing the need for managing water resources in a more integrated and more sustainable way, both from a quantitative and quality point of view, said the Commission Chairman.

    He stressed that the seminar will also discuss ways of managing phenomena of drought and floods caused by climate change. On his part, President of Cyprus delegation to the Committee of the Regions, Kato Polemidia Mayor George Georgiou said that the water shortage is perhaps the biggest problem in the world, adding that as Cyprus, ``we want to contribute to enriching the dialogue concerning water resources management and sustainable development.``

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