Invest Cyprus: United States and the Republic of Cyprus set to expand bilateral trade and investment, US Ambassador tells conference

NICOSIA, Cyprus, Feb. 4, 2021 /PRNewswire/ -- The United States is ready to expand bilateral trade and investment with the Republic of Cyprus, according to the US Ambassador to Cyprus, who said that security co-operation between the two countries "has never been stronger".

Speaking during a video conference organized by Invest Cyprus, alongside the Cyprus Minister of Foreign Affairs Nikos Christodoulides and Finance Minister Constantinos Petrides and, the US Ambassador Judith Garber called on US investors to explore business opportunities in Cyprus, saying the US was working with the Republic on an 'action plan' to enhance bilateral trade.

"While the US and Republic of Cyprus continue to expand our security partnership, our partnership cannot fully blossom without a parallel increase in public and private sector economic ties," Ambassador Garber said.

Pointing to several high-level Washington visitors to Cyprus over the past year, the ambassador added: "The United States and Republic of Cyprus, to an unprecedented degree, are working toward together for peace and stability in the eastern Mediterranean region and our security cooperation in particular has never been stronger. These engagements are truly a tangible sign of the enduring US interest in the East Mediterranean in general and the Republic of Cyprus in particular."

Through the conference, Cyprus is one of the first EU countries to move towards strengthening links with the US since Joe Biden clinched the US presidency. Minister of Foreign Affairs Nikos Christodoulides welcomed a recent MoU with the United States for cooperation in science and technology. "It is clear that Cyprus and the United States are two like-minded countries which aim to advance their partnership and act on common values for greater security, prosperity and stability in the Eastern Mediterranean," he said, "All these developments create many opportunities for further co-operation. There is considerable presence of US investors on the island in key sectors such as energy, financial services, shipping and higher education, which is solid proof of confidence in the Cyprus economy. At the same, there is a lot of untapped potential and further prospects which should be further explored. We are ready for this."

As part of a package of incentives to promote the island's economic recovery, investors can take advantage of attractive tax rates and a set of newly approved Cabinet incentives targeting the international high-tech industry. George Campanellas, Chief Executive of Invest Cyprus added: "Cyprus is well placed to capture a business community looking for a business-friendly jurisdiction in the EU, and this extends to the finance industry, while also catering to the needs of tech companies."

Invest Cyprus has introduced an one-stop shop for investment funds, private equity and family offices to support the landing of high value investments into projects that align with key government strategies for sectors such as healthcare, tourism and hospitality, education, technology and infrastructure projects.

Other speakers at the conference, Cyprus's Proposition as an EU Financial Services Center for US Companies, included representatives from EY Cyprus, PwC Cyprus, KPMG Cyprus, Deloitte, Kinanis LLC, Chrysostomides LLC and Alter Domus.

About Invest Cyprus

Invest Cyprus (Cyprus Investment Promotion Agency) is the investment authority of the Government of Cyprus dedicated to attracting and facilitating foreign direct investment into the country. Its mandate is to raise awareness of Cyprus as a destination for FDI across the globe, providing certainty around all aspects of operating a business in Cyprus and supporting potential investors in developing their business case for investment into the country.

Investcyprus.org.cy

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SOURCE Invest Cyprus