Limassol: The Government fully recognizes the new, ever-evolving environment in shipping, and stands ready to meet the challenges ahead, President of the Republic of Cyprus Nikos Christodoulides stressed on Friday evening at the Annual Dinner of the Cyprus Shipping Chamber that took place in Limassol.
According to Cyprus News Agency, the President emphasized the government’s commitment to supporting the shipping industry and its sustainable growth. He highlighted Cyprus’s active contribution to the International Maritime Organization and collaboration with EU member states to maintain the competitiveness of European shipping.
The President noted the impressive growth of Cyprus shipping over the past two years, with the Cyprus ship registry expanding by 18% in gross tonnage over the last 16 months, reaching its highest level since March 2018. Additionally, companies registered under the Cyprus Tonnage Tax System have increased by 15% during the same period. This growth aligns with the positive trajectory of the Cyprus economy, as evidenced by upgrades from major rating agencies, attributed to the government’s prudent fiscal policy.
President Christodoulides also expressed the government’s commitment to enhancing the competitiveness of Cyprus shipping. Efforts include strengthening the services framework provided by the Shipping Deputy Ministry and advancing Cyprus’s role in global maritime affairs. A significant part of this commitment involves the digitalization of services, with plans to launch the first digital services by May 2025.
The President announced a new initiative under the Shipping Deputy Ministry’s flagship projects aimed at expanding and attracting services related to Cyprus shipping, particularly in technology, research and innovation, and pleasure yachts. He praised the Cyprus Shipping Chamber for its substantial contribution to Cyprus’s global reputation in shipping, emphasizing the importance of a strong partnership between the public and private sectors to promote sustainable economic growth.
Looking ahead, President Christodoulides assured that government support for the shipping industry would not only continue but also be strengthened through ongoing dialogue with the sector. He expressed confidence in the continued success of the partnership between the Government and the Cyprus Shipping Chamber, predicting a prosperous future with further achievements.