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Cyprus should strive to become an international development and business center

Cyprus should strive to become an international development and business center


The Large Projects Association (SMA) said on Friday that Cyprus should strive to become an international development and business center, noting that large projects are the cornerstone of the economy.

“Some of the benefits Cyprus saw directly or indirectly as a result of major development projects were tens of thousands of jobs, foreign and domestic investment, the promotion and creation of new professions and the modernization of the service sector,” the association said in a statement.

“The creation of the Association of Large Developments in 2013 was aimed at creating an organized ensemble that would strengthen the existing dynamics of the construction industry in Cyprus, as well as promote issues related to the economic, business, social and environmental development of the country,” it added.

In addition, the association noted that its 15 members are responsible for development projects worth about 8 billion euros.

These include high-end properties such as golf courses, marinas, medical and diagnostic centers, health and wellness businesses, theme parks, research centers, schools and universities, and residential and commercial real estate.

“The association aims to attract foreign investment through contacts abroad, including with countries such as the UK, the USA, Lebanon, Egypt, Jordan, Israel, India and China,” the association explained.

“At the same time, thanks to the intensive efforts and communication channels that the association maintains with the competent government departments and bodies, it also seeks to create a favorable business climate not only for international investors, but also for local residents,” he added.

In conclusion, the association stated that it strongly believes that the design and implementation of major development projects will give a great impetus to the Cypriot economy.

The Deputy Ministry of Shipping on Friday, in connection with the International Maritime Organization (IMO) Day of the Seafarer, which is held on June 25 of each year, praised the contribution of seafarers to the global maritime industry.

The ministry said in a statement that Cyprus honors and recognizes the role of seafarers through concrete actions and initiatives, demonstrating its appreciation for seafarers, who are the most important aspect of the global shipping industry.

“Our appreciation for seafarers is not limited to verbal remarks, but is confirmed by actions, even in times of crisis and difficulties that we have had to face,” said Deputy Minister of Shipping Vassilios Demetriades.

He noted that these actions focus on how Cyprus facilitated the crew change and repatriation of more than 60,000 seafarers following the outbreak of the Covid-19 pandemic, as well as the vaccination of 40,000 seafarers through the implementation of a national program.

Regarding the war in Ukraine and the thousands of sailors who do not have access to their salaries, the minister said he listened to the demands of the shipping industry.

In cooperation with Cypriot banks, the ministry has introduced a mechanism to facilitate the opening of current accounts for seafarers, who can now earn a salary and support their families.

“In the near future, we will launch initiatives to draw attention at the European and international levels to another major issue that concerns seafarers,” said Demetriades.

“This is about the criminalization of the seafaring profession, as there are many cases where seafarers are involved in court cases and bring unnecessary criminal charges,” he added.

The Cyprus Stock Exchange (CSE) ended Friday, June 24, with losses.

The overall Cypriot stock market index stood at 69.28 points at 12:41 pm during the day, reflecting a 0.17% drop from the previous trading day.

The FTSE/CySE 20 Index stood at 41.47, down 0.19%.

The total transaction value was 13,341 euros.

As for the sub-indices, the main, investment and alternative indexes fell by 0.27%, 2.41% and 0.01%, respectively. The hotel index remained stable.

Cyprus Cement Company (+1.56%), Bank of Cyprus (-0.48%), Logicom (+2.19%), Demetra Holdings (-2.58%) and Pandora (-7, 08%) . p percent).

Source and photo:, Editor

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