Shipping in Cyprus is Saving the Day

Despite the ongoing economic crisis and the financial difficulties that our island faces nowadays, the maritime sector plays a stabilizing role. Even though a number of shipping companies on the island were affected by the Euro group’s decision for Cyprus, nevertheless the resident shipping industry did not leave, demonstrating its confidence in the shipping industry and economy. Undoubtedly, shipping remains one of the main economic pillars of Cyprus with annual revenue of over one billion Euros and a contribution of approximately 7% to our gross domestic product. The fiscal and economic advantages in the shipping industry have all contributed to this growth.

As the President emphasized in his speech, around 150 very well-known ship owning and ship management companies and 2200 Cyprus registered vessels employ 55,000 staff on board and 4500 people on shore, thus creating new employment opportunities for young graduates in newly established maritime specialties. During this opening address Mr. Anastasiades pledged his government’s continuing support to the shipping community. He said that in recognition of the huge importance of the shipping industry for the Cyprus economy and the society at large his government considers providing political support to the shipping industry as one of its top priorities. As proof of his commitment he said that with the creation of a number of positions of under-secretaries to the president, shipping would be one of the most important under-secretary positions to be created.

It is obvious that Cyprus shipping industry was not only positively assessed by Troika, but also actively encouraged to further expand abroad. He stated that this validates the fact that shipping remains “a very productive and healthy segment of the Cyprus economy, with solid potential for further expansion.” The discovery of hydrocarbons in the waters of the Republic, the President mentioned, will undoubtedly enhance the prospects of Cyprus shipping.

Undoubtedly, the leading shipping role that Cyprus plays on an international level and together with the government’s commitment to support the shipping industry in Cyprus leaves an optimistic message that despite the current economic climate shipping in Cyprus will save the day. To add, the presence of leading personalities of the international shipping industry, demonstrate that maritime in Cyprus has been firmly established as an internationally renowned conference. As the president of the Republic mentioned in his speech “it is an apt manifestation of the international reputation and position Cyprus enjoys as an international shipping center.” The respect Cyprus has from the international and European community is extremely important if one takes into account the current economic situation of our own country and the government’s effort to attract foreign investments, tackle unemployment, modernize Cyprus economy and lead the country back to growth and prosperity.

For more information and/or advice, please contact us via email at [email protected]