CYPRUS: Number of companies operating in shipping sector rises 21%

Cyprus has witnessed a significant 21% increase in the number of companies operating in the shipping sector since the establishment of a Shipping Ministry a year ago, Deputy Minister Natasa Pilides said.

Pilides was optimistic over the future of shipping in Cyprus, during a reception for ship owners and representatives of shipping companies hosted by her Deputy Ministry for Shipping, in Limassol.

She said her ministry is working with a targeted plan based on a strategy that has been formed by an international firm but also with the contribution of the private sector and the experience of the public sector.

We believe that we have moved on pretty well with the goals we have set, both regarding the promotion and upgrading of the image of Cyprus as a shipping centre and regarding the increase of companies that operate in Cyprus.

She said that since the Deputy Ministry was created there has been a sharp rise in the number of companies, from 168 last year to over 203 in 2019, which come under Cyprus’ tax system, while there are many more that do not.

According to Pilides, 3% of Cyprus’ workforce or 9,000 people are employed in the shipping industry. The shipping sector also contributed around 7% to the island’s GDP.

The Deputy Minister assured ship owners that her Ministry is making every effort to upgrade Cyprus as shipping destination.

Source: The Financial Mirror