Dr. Erato Kozakou-Marcoullis, Minister of Foreign Affairs

The Ministry of Foreign Affairs is making the world more aware of Cyprus’s business and tourism appeal. Dr. Erato Kozakou-Marcoullis says, “Cyprus offers excellent infrastructure and human resources as well as the lowest taxes in the EU. Additionally, the taxation agreements we have signed with almost 40 countries to avoid double taxation strengthen Cyprus’s attractions for business. Cyprus is strategically located on the EU’s eastern border and serves as a bridge between Europe, Africa and the East. Over 250,000 registered companies are now benefiting from all the advantages Cyprus offers.”

In recent years, Cyprus has established a strong reputation as a hub for global business and services and is one of the world’s most important maritime centres, ranked tenth internationally in the number of vessels owned and third in the EU. “We have made Cyprus the most important ship management and ship chartering centre in the world,” Minister Kozakou-Marcoullis points out.

EU Presidency later this year

On the international scene, Cyprus is well known as a strategically located safe haven during regional conflicts. Later this year, during Cyprus’s EU presidency, the Ministry of Foreign Affairs aims to promote increased cooperation between the EU and the Arab world, building on Cyprus’s long standing role as a global crossroads.

Cyprus continues to diversify its economy and is currently developing its supplies of offshore natural gas. Dr. Erato Kozakou-Marcoullis says, “Preliminary data suggests that we have three to nine trillion cubic ft of natural gas in one block, and gas is already being produced in surrounding blocks. We have announced the second licensing round for exploration and production for the remaining blocks and have attracted great interest from international investors.”

Helping to draw tourism visitors is another priority for the Ministry of Foreign Affairs. The minister says, “Cyprus attracts over two million tourists every year and over seven million travellers pass through our two brand new airports, which were built through public private partnerships. We would like to see a direct flight between Cyprus and the US to bring in more American travellers.”

Cyprus has recovered from the global crisis with its strategic development plans on track. The minister explains, “We have adopted three packages of measures to streamline our budget and our expenses while still boosting our development projects and maintaining our social benefits. Cyprus has one of the highest growth rates in the euro zone and we expect our GDP to rise by 2% to 3% by 2014. Cyprus is an excellent base for business.”