Cyprus Shipping to Evolve Side by Side with Energy Industry

The existence of natural gas reserves in the Exclusive Economic Zone of Cyprus and the prospect for Cyprus to evolve into an important energy center in the Mediterranean, which will include a Liquefied Natural Gas (LNG) plant, creates even greater prospects for Cyprus shipping, the President of the Republic, Mr Nicos Anastasiades, said on Monday.

Speaking at an event organized on the occasion of the completion of 50 years of the Cyprus Shipping Register, the President said: “Today, Cyprus is an international shipping power and a modern, high quality, and comprehensive shipping network in every respect. Attracting investments is a high priority of the Government. Foreign investments are the catalyst for economic growth, the business environment, employment, and by extension the prosperity of our country.”

President Anastasiades pointed out that “I have personally assumed the initiative to carry out a campaign for attracting foreign investments through a series of missions to countries of strategic importance with regard to investments. I have already visited Kuwait and Egypt. There will follow visits to Qatar and the United Kingdom, while visits to China, Russia, Israel and countries of the Gulf are being scheduled.

“We have also announced measures aiming to facilitate foreign investments, such as reducing the time needed for issuing permits, the licensing and encouragement of the prompt completion of projects, the granting of licenses for joint ventures, the granting of residence permits and of citizenship to foreign investors and many more.”

“The reelection of Cyprus to the Council of the International Maritime Organization last November, by a large number of votes under conditions of tough and increasing competition, is yet another great success for Cyprus shipping and for our homeland.”

He added that “the existence of natural gas reserves in the Exclusive Economic Zone of Cyprus and the prospect for Cyprus to evolve into an important energy center in the Mediterranean, which will include an LNG plant, creates even greater prospects for Cyprus shipping and of course for the whole country. The shipping industry will be closely linked with activities concerning the exploitation of natural gas and will be cooperating with the energy industry for the universal interest not only of the Cyprus economy but also of the entire neighbouring area.”

CyprusGov, December 18, 2013