Domestic Economy

Cypriot Minister Takes Stock of Future Trade Ties

Cypriot Minister Takes Stock  of Future Trade TiesCypriot Minister Takes Stock  of Future Trade Ties

Iran is ready to export technical and engineering services to Cyprus, Minister of Industry, Mine and Trade, Mohammad-Reza Nematzadeh, said in a meeting with Cypriot Energy, Commerce, Industry and Tourism Minister, Giorgos Lakkotryp on Thursday.

Lakkotryp, who was accompanied by a business delegation from the Cyprus Chamber of Commerce and Industry and the Cyprus Tourism Organization, paid a two-day visit to explore new avenues to boost bilateral trade.

 “Iran has good potential in oil, energy and gas sections which can be a good area of cooperation between the two sides,” IRNA quoted the Iranian minister as saying, noting that Iran is home to numerous mineral resources that can supply Cypriot industries with the necessary raw materials.

Iran is among the world’s major mineral producers, and is ranked among top 15 mineral-rich countries, with 68 types of minerals, 37 billion metric tons of proven reserves and more than 57 billion metric tons of potential reserves, worth $770 billion (as of 2014). However, mineral production accounts for only 0.6 per cent of the GDP.

The Cypriot minister, for his part, called for a direct flight route between the two countries. He also called for the export of Iranian-made medicines to his country.

Lakkotryp expressed readiness to hold tourism courses for Iranian students and companies.

The Republic of Cyprus is an island country in the Eastern Mediterranean Sea. It is the third largest and third most populous island in the Mediterranean, and a member state of the European Union. It is located south of Turkey, west of Syria and Lebanon, northwest of the occupied Palestine, north of Egypt and east of Greece.

The Cypriot economy has diversified and become prosperous in recent years.  According to the latest International Monetary Fund estimates, the country’s per capita GDP (adjusted for purchasing power) at $28,381 is just above the average of the European Union. Cyprus has been sought as a base for several offshore businesses for its low tax rates.

Tourism, financial services and shipping constitute significant parts of the economy. The Cypriot government adopted the euro as the national currency on 1 January, 2008.

The geographic position of Cyprus in the Mediterranean Sea as well as its diplomatic and trade ties with Middle-Eastern countries and the EU major economies provide Iranian businessman with good opportunities in terms of access to major markets in the region and beyond.

A number of high ranking Iranian officials have visited the tiny island over the past few previous months in search of business opportunities there.

“Cyprus’s strategic position in the EU and the access it provides to African states is a good chance for Iranians traders,” head of Iran’s chamber of commerce, industries, mines and agriculture, Gholam Hossein Shafei said in a meeting with Cypriot parliament speaker Yiannakis Omirou and head of Cypriot chamber of commerce Phidias Pilides back in September.