ECONOMY: Shipping companies showing more interest in Cyprus after Brexit

Shipping Deputy Minister Natasa Pilides said there is increased interest by shipping companies to establish a base in Cyprus after Brexit, in order to maintain their EU status for easier trading ties with Europe.

Speaking at the 9th Nicosia Economic Congress, Pilides said that Cyprus could provide these companies with stability and security and expressed optimism that the country would hopefully increase the ships registered under the Cyprus flag.

She said her deputy ministry aims to strengthen international relations, enhance maritime safety and environmental protection and develop a blue growth strategy by offering opportunity for blue careers. Cyprus is also aspiring to upgrade services provided in the industry with digitalization and automatization and to embrace innovation and research.

To safeguard competitiveness, she referred to a strategy for a smooth and successful prolongation of the Cyprus tonnage tax system, rationalization of merchant shipping fees and taxes, revising government policy on registration of ships under the Cyprus flag, reduction of bureaucracy and the creation of one-stop services.

Source: The Financial Mirror