Prospects for business and trade cooperation between Cambodia and the Larnaca Chamber of Commerce and Industry were discussed at a meeting between them on Thursday.
“The meeting took place on Wednesday, April 13, at the initiative of ESCAP (National Committee for Economic and Social Commission for Asia and the Pacific) between the President of the Larnaca Chamber of Commerce, Stavros Stavrou, and a delegation of the Chamber, with official envoys from Cambodia,” the chamber said in a statement.
“The mission included an adviser to the Prime Minister of Cambodia and high-ranking officials from the Ministry of Foreign Affairs,” the report said.
In addition, the chamber explained that during the meeting they were informed about the consequences of the pandemic and the degree of impact on the economies of the two countries and the upcoming prospects. The key sectors of each country’s economic activity, commodity exports, as well as any new sectors for investment were also discussed.
The representatives of Cambodia also informed the Cypriot delegation about the new investment law and the related policies and mechanisms that they have introduced in their country to attract foreign investors.
“The meeting was the first step to explore the possibilities and prospects for business and trade cooperation between the two countries,” Stavrou said. “The Larnaca Chamber of Commerce is open for cooperation so that companies from the city and the region can increase their openness and competitiveness,” he added.
Finance Minister Konstantinos Petrides on Thursday signed an agreement to finance the transfer of management of the Cyprus Equity Fund to the European Investment Fund (EIF).The Ministry of Finance said in a statement that the signing marks the successful completion of months-long negotiations between the Ministry of Finance and the EIB, as well as the start of a process to select a fund manager from the market, which is expected to be completed before the end of the year.
The EIF is a leading investor in the European venture capital market and is committed to building and maintaining a sustainable ecosystem of business participation that supports innovation and entrepreneurship across Europe.
To achieve this goal, the EIF plans, coordinates and implements various activities and financial instruments. In this context, he has taken over the management of relevant investment funds in many European countries and can demonstrate significant know-how in emerging markets, including Cyprus.
The Cyprus Equity Fund will invest primarily in start-ups and innovative Cypriot companies, thereby addressing the financial gaps identified in the high-risk Cypriot financing market.
The financing agreement provides for a state contribution to the fund in the amount of 30 million euros, an amount to be supplemented by private funds.
“Assignment of management of the selection process of the fund manager and monitoring of the activities of the fund by the EIB ensures the successful development and operation of the fund in the direction of the goals set in the investment strategy of the government,” the ministry said in a statement.
The project is primarily funded by the Cyprus Recovery and Resilience Plan with additional funding from the EU Jeremy Initiative (Shared European Resources for Micro and Medium Enterprises).Real estate market participants on Thursday expressed their optimism about the sector, as well as its contribution to the Cypriot economy, during a real estate conference held in Nicosia.
The conference was attended by speakers from the Department of Urban Development and Housing, the Central Bank of Cyprus, property associations, as well as representatives of development companies.
In addition, Minister of the Interior Nikos Nouris, President of the Cyprus Chamber of Commerce and Industry (Keve) Christodoulos Angastiniotis, President of the Hellenic Property Federation (Pomida) Stratos Paradias, and FMW Managing Director Joseph Joseph also spoke at the conference.
Natasa Kaspari, Senior Planning Specialist of the Department of Urban Development and Housing, conveyed the greetings of the Minister of the Interior.
In his greeting, Nouris emphasized the great contribution of the real estate sector to the country’s GDP and the labor market, and stressed the sensitivity of the sector to socio-economic changes.
“Models are needed that are sustainable and adaptable to constantly changing economic, social and political conditions both nationally and internationally,” Nouris said. “An important priority for the government is to create conditions of stability and security for economic activity, as well as promoting balanced growth, maintaining jobs and, most importantly, ensuring the quality of life for people,” he added.
The Cyprus Stock Exchange (CSE) ended Thursday, April 14, with a profit.
The main Cypriot stock market index stood at 68.63 points at 12:48 pm during the day, reflecting an increase of 0.82% from the previous trading day.
The FTSE/CySE 20 Index stood at 41.31 points, up 0.85%.
The total transaction value was 128,849 euros.
As for the sub-indices, the main and alternative indices rose by 0.64% and 0.8%, respectively.
The hotel index fell 0.16%, while the investment company index remained stable.
Bank of Cyprus (+2.13%), Atlantic Insurance (+1.57%), Cyprus Cement Company (-0.76%), Logicom (+0.51%) and Salamis Tours (+2 .65%).