Efforts to further upgrade Cyprus maritime cluster are bearing fruit, Dep. Minister for shipping says

The Deputy Ministry’s for Shipping efforts to further upgrade the Cyprus Maritime Cluster and the island’s maritime sector have shown the first positive results, Deputy Minister Natassa Pelidou has said.

Speaking to the Parliamentary Committee of Finance, which discussed the Ministry’s budget for 2019, Pelidou said since the operation of the Deputy Ministry the companies registered under the tonnage tax system increased from 168 to 191, marking a large percentage rise.

She also cited the Central Bank of Cyprus’ biannual ship management survey which showed that the shipmanagement sector has recorded its largest increase since 2013, adding that there is a great increase in jobs from the companies operating in Cyprus.

A document submitted to the Committee shows that shipmanagement contribution to the economy amounted to Euros 506 million or 5,1% of GDP which is the highest since 2013.

Pelidou added that a total of 1,100 ocean-going ships operate under the Cypriot flag and around 700 smaller vessels with total tonnage of 24 million.

The Deputy Ministry undertook to streamline some procedures and modernise certain legislation so that Cyprus as registry and maritime cluster could become more competitive, she added, noting that the Ministry is striving to promote Cyprus’ maritime cluster abroad.

The Ministry’s budget for 2019 amounts to 9.87 million euro compared with Euros 8.11 million in 2018, increased by Euros 1.7 million, mainly due to development expenditure earmarked for promotion activities and development for the Cyprus commercial shipping. The Ministry’s revenue for 2018 amount to Euros 13 million.

Source: Cyprus News Agency