THE GREAT RECOVERY

Cyprus is about to exit its economic adjustment programme on 31 March 2016, and is standing again on its own two feet, having regained its credibility as a country and as an economy.

Excluded from the international markets since May 2011, Cyprus was given a €10 billion bailout in March 2013, with an adjustment period of three years. The Cyprus Government imposed a series of corrective measures in exchange for the bailout by the European Commission, the European Central Bank and the International Monetary Fund to prevent a banking collapse.

Since then, the trust in the banking financial system has been restored with the Cyprus Economy recording positive growth rates and promising perspectives for raising investments in conditions of full certainty and credibility. Cyprus has also returned in the international markets a year ahead of what was expected and is once again, in a position to fund its needs. Through the implementation of credible policies, reliable supervision and regulation, the re-building of the foundations of a solid economy has begun with the introduction of new tax incentives and a system for balanced public finances, which allow the State to do well in the various competitiveness indexes.

Cyprus, with the formal confirmation on 6 March by the EU, is about to exit its economic adjustment programme and is standing again on its own two feet, having regained its credibility as a country and as an economy. However, there is no room for complacency as Cyprus’ “story of economic recovery, of optimism and prospect” must be maintained and managed correctly in order to safeguard and promote Cyprus as a resilient and competitive economy, an attractive destination for new business and new investment.

Indeed, this “Great Recovery” from the brink of collapse is not an understatement but more of a challenge for Cyprus to exploit this achievement in the period that will ensue.

The above notwithstanding though, it is once again pointed out that, throughout this difficult period for the Cyprus Economy, the operational and taxation legislative framework for Cyprus Shipping remained intact and thus, managed to provide a secure and internationally competitive venue to conduct shipping activities from Cyprus. We therefore, look forward to even better days ahead!


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< 2017 >
October
  • 08

    All day
    08-10-2017-11-10-2017

    The “Maritime Cyprus” Conference is an established biennial event in Cyprus organised by the Ministry of Transport, Communications and Works and the Department of Merchant Shipping in cooperation with the Cyprus Shipping Chamber and the Cyprus Union of Shipowners. The success of the Conference is attributed, to a large extent, to the high calibre of the speakers and the large number of shipping executives attending the Conference from around the globe and hence “Maritime Cyprus” has grown into one of the world’s most significant shipping conferences. The Conference is attended by many shipping executives of the industry, including, owners, managers, and delegates from other shipping organisations.

    “Maritime Cyprus 2017” Conference, is the 15th, since it was first established in 1989, and has a main theme Shipping: “Yesterday’s World, Tomorrow’s Today”. As the theme suggests, Shipping is still the most cost effective and environment friendly method for the transportation of goods on a global basis. Is Shipping for tomorrow still in today’s world, due to the fear of change both in terms of shipping technology and policy? The issues that will be discussed include policy and regulatory matters and the forthcoming changes in the international shipping scenery, economic matters, environmental matters and their interaction with technology, geopolitical and energy developments and forecasting for the recovery of the economy and for the freight markets.

    The Conference will be officially opened by H.E. the President of the Republic of Cyprus Mr. Nicos Anastasiades. Distinguished guests such as, the Secretary-General of the International Maritime Organization, the Commissioner in charge of Transport of the European Commission and other personalities of the International Shipping scene will address the conference.

    The aim of the Conference is to operate as a forum where important and current issues relating to international shipping are presented by distinguished speakers and subsequently discussed by the international shipping community, thereby helping to formulate sound and well balanced decisions and policies on crucial shipping issues.

    “Maritime Cyprus 2017” Conference provides the opportunity to the participants to become familiar with the strong maritime tradition of Cyprus and its people. Cyprus’s complete shipping infrastructure constitutes an invaluable asset, both for the expanded Europe and for the international shipping community in general.