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CYPRUS |
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Business opportunities & territorial marketing |
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Short term buoyant sectors |
In order to exploit Cyprus’s competitive offerings, numerous multinational companies have established their presence in Cyprus. Currently, approximately 30 foreign banks and over 1200 International Business Corporations (IBCs) maintain fully-fledged offices in Cyprus.
Reputable International Shipping Centre
Cyprus is a highly reputable international shipping centre, ranking among the 10 leading maritime nations in the world; with a merchant fleet exceeding 21 million gross tonnage and nearly 2000 vessels. Notably, the Cyprus merchant fleet represents approximately 16 per cent of the merchant fleet under EU flags, being the third largest fleet in the EU. It is estimated that the 5% of the world fleet in terms of tonnage is managed from Cyprus and combined with Cyprus’s active participation in international maritime organizations (ILO, IMO); its contribution in the decision-making process is quite significant.
Moreover, Cyprus plays a prominent role as a leading shipmanagement centre in the world with a total of around 50 shipmanagement companies and approximately 100 marine related enterprises conducting their international activities.
Furthermore, Cyprus has long developed into a transhipment centre for Asia Pacific trade with Europe as well as with shipping markets situated along the coasts of the Levant and Black Sea, or the North Adriatic.
Legal services
Cyprus inherited a legal system based on British Law. The legal profession is long established and consists of many independent law practices. Highly qualified and well trained professionals can provide expert and reliable advice on all aspects of business and commercial law, both local and international.
Accounting services
The accounting profession is very well represented, with many international companies operating on the island, as well as a number of private individuals providing accounting, auditing and consulting services. Most accountants are British trained and members of either the Institute of Chartered Accountants or the Chartered Association of Certified Accountants.
Consultancy
Every modern business requires all round expertise and Cyprus offers a wealth of qualified professionals who can provide advice and implement recommendations. Many business and financial consultants gained experience working in multinational enterprises before setting up in Cyprus. They offer advice on the entire spectrum of modern business and investment.
Acknowledging that information and knowledge will be the drivers of sustainable growth in the global economy of the future, Cyprus has undertaken a major role in facilitating the exchange of ideas, services and support among professionals worldwide. In fact, almost 70% of the country’s economy is based on the provision of professional services.
Transformation of the island into an R&D Centre
The Government of Cyprus has placed special emphasis in the recent years in transforming Cyprus into a Regional Hub for Research and Development. The Harvard School of Public Health (HSPH) and the Government of Cyprus have established an international research, education, and technology initiative for the environment and public health.
A national framework programme is in place for financing Research and Development and Innovation (R&D&I) projects. While other initiatives include the technology-incubating programme, the creation of the Cyprus Research and Educational Foundation (Cyprus Institute), the operation of the School of Engineering of the University of Cyprus as well as the Cyprus University of Technology. Based on a Eurostat study (1/2006) Cyprus, demonstrates the highest increase of employment in the high-tech knowledge intensive services during the last 5 years, among all EU member states.
Energy sector
As far as the energy sector is concerned, the establishment of an Energy Centre that will comprise a Liquefied Natural Gas (LNG) receiving / storing / re-gasification terminal and a terminal for the storage and handling of oil products, including LPG and bitumen is under way.
New investment opportunities exist in the fields of Energy Conservation and Renewable Energy Sources. The Cyprus Action Plan calls for doubling of R.E.S. contribution to the country’s Energy Balance from the present 4,5% to 9% by 2010 and increasing the contribution of electricity consumption from R.E.S. from 0% to 6% by 2010.
Special Interest Tourism Projects
The island of Cyprus is among the world’s best loved holiday and retirement destinations. The island hosts more than 2,4 million tourists per year generating revenue of more than 1,7 billion euros and making a contribution to the GDP of about 15 - 20%.
The Government is currently implementing a New Tourism Strategy aimed at developing special interest tourism and creating a high quality tourist experience. This presents numerous investment opportunities such as in sports tourism, nautical tourism, conferences and incentives tourism, wellbeing & pampering, medical Tourism, rural tourism, theme parks, and managed attractions.
Medical & Wellness Tourism in Cyprus
The eastern Mediterranean island of Cyprus is among the world's best-loved holiday and retirement destinations. Easily capable of meeting the demands of today's tourist, Cyprus is leading the drive to open up medical tourism to a wider audience.
Cyprus offers a unique blend of qualities in medical tourism sector:
- High quality personal care to suit the individual patient needs is assured, both during treatment and recuperation process.
- Medical system that is well equipped and technologically sophisticated to ensure high patient safety and the most up-to-date treatment.
- Highly qualified specialist doctors, nurses, and technical medical staff.
- Many local doctors have been trained in the US or the UK.
- Enjoyable climate with sunshine practically all year round; the island's long summer or mild winter season facilitate and accelerate the recuperation process.
- Well developed tourist sector with high quality hotels and resorts, excellent accommodations facilities, and catering establishments.
- Cost effective destination for medical travel and medical care. - Hassle-free medical care can be enjoyed without long waiting lists, guaranteeing immediate access to consultants, fast test results, and prompt individual treatment.
- Ease of communication because of the English language being widely spoken.
- Warm hospitality of the locals that make everyone feel at home.
- Unique geographical location, at the crossroads between Europe, Asia, Africa and the Middle East, make Cyprus easily accessible from anywhere in the world.
- Excellent telecommunications infrastructure and modern road network.
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