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Cyprus PIO: News Update in English, 98-01-26

Cyprus Press and Information Office: News Updates in English Directory - Previous Article - Next Article

From: The Republic of Cyprus Press and Information Office Server at <>

News Update

Monday, 26/01/98


  • [01] Air base ready for operation
  • [02] Half a million voters
  • [03] Measures to boost Cyprus Stock Exchange
  • [04] Million dollar investment fund for Russia

[01] Air base ready for operation

Cyprus' first military air base near the western coastal town of Paphos was officially handed over to the Defence Ministry by the construction company on Saturday 24.1.98, though its formal inauguration will not take place until after the presidential elections to be held in February.

President Clerides has said he would propose that the base be named after the late Greek Prime Minister Andreas Papandreou who, with Clerides, was the main instigator of the 1993 Cyprus-Greece defence dogma within which the base will operate.

In statements to the press, President Clerides said that Greek military planes will use the base to protect Cyprus' air space when needed.

Government Spokesman, Manolis Christofides, has stated that Greece, which has guaranteed Cyprus' independence, would be able to use the base in compliance with its obligations under the 1960 treaties of guarantee and alliance.

Defence Minister George Charalambides stressed the defensive nature of the base saying that it was "clearly a defensive work, and will be used only in incidents where Cyprus suffers an attack."

The Turkish Foreign Ministry issued a statement saying that it would complain to the UN Security Council over the base, and that "Turkey will continue to take the necessary measures against any threat to the security of the Turkish Republic of Northern Cyprus as well as its own soil".

Turkish Cypriot leader Rauf Denktash in statements said that if the base were opened, the Turkish side would reciprocate with similar measures, and reiterated a threat to turn the occupied Lefkoniko airfield into a full military base.

[02] Half a million voters

A total of almost half a million Cypriots will vote in the Presidential elections on 8 February, more than half of them women.

According to official figures, 446,731 Cypriots are eligible to vote, of which 219,313 are men and 227,418 women.

Of the total, 16,938 are new voters in the 18-20 age group, allowed to vote after a change in the electoral law dropping the voting age from 21 to 18.

The largest group of voters is in the 30-39 category, making up 92,000 people - almost a fifth of the total.

[03] Measures to boost Cyprus Stock Exchange

President Glafcos Clerides has announced a series of measures to help boost the Cyprus Stock Exchange (CSE) and promote it as a regional financial centre.

Addressing a Cyprus - Greece Stock Exchange Symposium in Nicosia, President Clerides promised that three new bills would soon be tabled in the House of Representatives to deal with the measures aimed at upgrading the Cyprus Stock Exchange.

Through the first bill offshore companies will be able to invest in CSE listed companies' stocks, without loosing their special tax status while their income from these investments will not be taxed.

The second provides for a 50 per cent decrease in taxes paid by companies seeking to list in the CSE in the next five years, from the day their titles are introduced.

The third bill ensures that the cost of acquisition of newly-listed shares will be partly exempt from tax for four years instead of two years.

[04] Million dollar investment fund for Russia

The Cyprus government is to set up a $1 million fund to provide support for Cypriot businessmen wishing to invest in Russia.

Finance Minister Christodoulos Christodoulou announced the new initiative in Moscow, where he signed an agreement for trade and economic co-operation between Cyprus and Russia.

The agreement was the outcome of the first session of the joint inter- governmental committee on trade and economic co-operation between Cyprus and the Russian Federation.

A joint task-force will be set up to monitor implementation of the measures agreed.

From the Republic of Cyprus Press and Information Office (PIO) Server at

Cyprus Press and Information Office: News Updates in English Directory - Previous Article - Next Article
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