Russia-Cyprus Ties Boost Economies

According to Russian Ambassador Vyacheslav Shumskiy, Russia and Cyprus have managed to restore pre-crisis trade and economic cooperation levels. Last year, the countries’ economic ties reached $1.3 billion.

Over the past 20 years, “the gross investment volume between our countries reached one hundred billion dollars and this is a very impressive figure,” the ambassador said at the Russia-Cyprus and Investment Forum, adding that “trade and economic volume cooperation for the last year reached about $1.3 bilion.”

“In trade and economic cooperation, we have reached the pre-crisis level… We have managed within a short period of time to overcome economic and financial difficulties and we have good potentials.”

Kikis Kazamias, finance minister, said “Russia is one of the most important economic partners of Cyprus, in areas such as foreign investment, finance, trade and tourism.” He also encouraged international investors to “invest in sectors with particularly positive prospects, such as the energy sector, telecommunications and public infrastructure projects.”

President Demetris Christofias added that Cyprus is a “safe and reliable partner” for Russian businesses. “Its geographical location, tax benefits and strong service-provider infrastructure, transform Cyprus into the gateway for Europe,” he said, adding that it provides “an excellent platform for conducting and managing business activities from Russia to Europe and vice-versa.”

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