Trade between Greece and Cyprus has shown a strong upward trend in the last three years.

This was highlighted at the “Discover Cyprus” event held, recently, at the BSE offices, by EBEA, BSE, Enterprise Greece and BSE, with the support of Eurobank.

As stated in today’s announcement, the event aimed to further strengthen economic relations with Cyprus, as well as to inform Greek export companies about the possibilities of their activity or expansion in this country.

The speakers noted that Cyprus is one of Greece’s most important partners both in the field of trade and investment. In the last five years, it has been consistently ranked among the five main countries of origin of Foreign Direct Investments for Greece. On the other hand, more than 1,500 companies of Greek interests are active on the island, including 100 large ones that have developed a particularly significant presence in the energy, retail and food and beverage sectors, as well as banking, financial and insurance services. and health services.

In 2023 and 2022, Cyprus was the 4th most important destination for exports, with a share of 6-7% of the total, and Greece was the most important supplier to Cyprus, covering more than 20% of its imports. In addition to petroleum products, the largest shares in Greece’s exports to Cyprus are held by the sectors of electrical and electronic devices, pharmaceutical and medical goods, as well as cosmetics and dairy products. Bilateral trade in services has also registered a steady upward trend in recent years. In 2023 as in 2022, Greece was among the six most important suppliers of services to Cyprus.

The areas of business and investment interest in Cyprus include traditionally strong sectors of the Cypriot economy, such as shipping, tourism, construction and retail, especially food and beverages. Of special interest, however, are the green energy and digital technologies sectors, on which the long-term development strategy of Cyprus also focuses. According to “Vision 2035”, the strategic development plan announced by the Cypriot government in July 2022 and which gathers broad political consensus, Cyprus aims to emerge as a “sustainable business and commercial center” of the wider region, having as driving forces to develop the investments with a cutting edge in the sectors of the green economy and high technology and innovation.

In her greeting, the president of EBEA, Sofia Kounenaki Efraimoglou, said: “The business relations between Greece and Cyprus have been strong throughout time. More than 1,500 Greek companies are active in Cyprus. There are opportunities to deepen cooperation in traditional sectors, but new fields are also emerging, such as university education, energy, construction, shipping, health, high technologies. New opportunities are also created by the tendency to regionalize supply chains and to establish production activities in safe, nearby and business-friendly destinations. What is requested is the information of the two business communities and the creation of reliable networking channels. For our part, as EBEA, we continue to actively contribute to the strengthening of business relations between Greece and Cyprus. We are in constant contact and communication with chambers and bodies of Cyprus, with the aim of strengthening cooperation and expanding the Greece-Cyprus Interstate Agreement for research, innovation and scientific cooperation. We support the outgoing efforts of Greek businesses in Cyprus, with effective networking, valid information and guidance”.

Vicky Makrigianni, director of International Relations and Regional Development at SEV, said: “Greece and Cyprus are sister countries! They maintain close economic and commercial ties throughout time. Bilateral trade relations between the two countries are quite strengthened and multi-layered, as they include various sectors of the economy. Cyprus is one of Greece’s most important trading partners in the Mediterranean region. What is missing, however, are synergies between the two business communities in third country projects, with an exchange of best practices and know-how. In fact, the geostrategic developments in our region are so important that these partnerships should already be established. In this context, Cypriot companies can help Greek companies to expand in the Arab countries and Greek Cypriot companies to penetrate the Balkan area”.

In his statement Dr. Marinos Yiannopoulos, CEO of Enterprise Greece, stated that: “The historical ties that unite our two countries are a strong foundation for further development of our economic cooperation. The Cyprus market remains a traditional market for Greek products in terms of consumer preferences. That is why the further strengthening of business relations with Cyprus is a key goal of Enterprise Greece with a series of actions that we have developed in recent years and are part of the new model of services to support and promote Greece’s export potential”.

Finally, Symeon Diamantidis, president of SEVE, referred to the prospects for the development of bilateral trade between Greece and Cyprus, stressing the importance of the Cypriot market for Greek businesses. He pointed out that the commercial transactions of the two countries have increased significantly in recent years, with the volume of trade reaching 3.93 billion euros in 2023. The petroleum sector occupies a dominant position in Greek exports, while the growth in the sector is also notable of machines and devices. At the same time, Cypriot exports to Greece recorded an increase, mainly due to the oil products and the pharmaceutical sector. He highlighted the historical and cultural ties that bind the two countries, as well as their strong economic relationship, which includes trade exchanges in the fields of shipping, tourism and investment. At the same time, he emphasized that the further development of bilateral trade can be achieved through strengthening cooperation and infrastructure, with an emphasis on improving transport links, utilizing digital platforms, organizing business forums and providing information on investment opportunities.

The event was held in three sections. In the first one on the Bilateral Relations of Greece-Cyprus, the speakers were Ioannis Papameletiou, ambassador of Greece in Cyprus and Stavros Augustidis, ambassador of the Republic of Cyprus in Greece. The two ambassadors, after presenting the commercial transactions of the two countries, which have exceeded 3.3 billion euros without including the services sector, urged the invited guests to do business in Cyprus and proposed to carry out a mission of Greek businessmen to Cyprus, with in order to further promote and deepen the relations between the two countries.

In the second section, with an emphasis on the business and investment opportunities presented by the Cyprus market, Lia Riri, Deputy Director of Invest Cyprus, Dimitris Psarris, Economic and Commercial Affairs Attaché, B3 Department of the Ministry of Foreign Affairs and Eleni Albandi from Eurobank participated. . After presenting the important elements of the market and bilateral trade, they focused on the pillars of cooperation between Cypriot and Greek businesses in key sectors of the two markets, such as finance, shipping, energy and renewable energy, real estate and medical care. Finally, in the last section of the event, which was about business in the Cyprus market, Dimitris Steinhauer, founder and shareholder of DS Concepts Limited and Ioannis Politis, Corporate Head of Geographical Expansion and Diversification of VIANEX SA, presented their experience.

Paraskevas Anastasiou, director of the Business Development Department of the Cyprus Federation of Employers and Industrialists (OEB), also participated in the discussion, who presented the role of OEB in achieving strategic synergies between Greek and Cypriot businesses.