Cyprus News Agency: News in English, 11-04-11

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

From: The Cyprus News Agency at <http://www.cyna.org.cy>

CONTENTS

[01] HOUSE PRESIDENT - GLOBAL RUSSIA BUSINESS MEETING

[02] FORMER MINISTER PASSES AWAY

[01] HOUSE PRESIDENT - GLOBAL RUSSIA BUSINESS MEETING

He was speaking during the Global Russia Business Meeting in the southern coastal city of Limassol, where he underlined that the cooperation between Russia and Cyprus in the political field is primary in bilateral relations and they depict a successful and fruitful 50 year course because they were founded on common principles and values.

Cooperation at both bilateral level and at international for a, has proved to be equally beneficial, Garoyian said, adding that while Russia maintains its longstanding position of principles, it has proved Cyprus supporter during difficult times, something that we are deeply grateful for.

Garoyian said that Russia is one of the most important economic partners of Cyprus and Cyprus has become, in the last years, one of the biggest investors in Russia, noting there are optimistic prospects to further enhance them.

Cyprus accession to the EU and the Eurozone are a guarantee for stability while bilateral agreements, especially the one to avoid double taxation, seal the commitment that enhancing bilateral economic relations is a priority, he added.

Garoyian said that there has been a capital flow of 50 billion euro from Cyprus to Russia while a capital of 16 billion dollars is flowing from Russia to Cyprus. At the same time, Russian deposits are a big part of foreign currency deposits on the island. Referring to the current economic situation, Garoyian said at present, it does not allow ample optimism in the short term despite the continued recovery of the economy in both countries.. However he said he believed in the possibilities of the Russian and Cypriot economies, noting the dynamism of Russian businesses will allow them to successfully compete at the international environment.

[02] FORMER MINISTER PASSES AWAY

Cleanthous, who was a Democratic Party (DIKO) candidate at the forthcoming parliamentary elections, was born in 1964 at Argaka, Pafos district.

Having served as an officer of the National Guard, he studied at the Baruch College, New York and was awarded a degree in Marketing Management. He then pursued his studies at St. Johns University, Íew York and ïbtained the post-graduate degree MEA at Quantitative Analysis.

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