Nicosia: 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.
According to Cyprus News Agency, President Christodoulides highlighted Cyprus’s strategic position as a gateway for investments into both Europe and the wider Middle East, including India. He pointed out that following Prime Minister Modi’s visit to Cyprus, there has been increased interest from Indian companies to use Cyprus as an entry point to Europe.
The President also underlined the importance of strengthening business relations with Greece, which remains Cyprus’s largest trading partner. He emphasized that beyond national issues, there is a significant focus on enhancing relationships across various sectors that benefit citizens from both countries. He noted that the business opportunities between Greece and Cyprus are substantial and should be further exploited.
President Christodoulides welcomed the progress achieved during the Intergovernmental Conferences in boosting bilateral investments and the exchange of expertise. He expressed pleasure at the growing interest from Greek companies to invest in Cyprus and reciprocally from Cypriot companies looking to invest in Greece.
He also commented positively on the state of the Cypriot economy, noting its resilience amid geopolitical challenges. The country boasts one of the highest growth rates in the Eurozone, with reduced public debt and a regained ‘A’ investment grade rating. The unemployment rate has also fallen to levels last seen in 2008, below 5%. Additionally, Cyprus continues to attract high-quality foreign investments from the Middle East, Europe, and the United States.