Preferred Choice Emerging Hub for Trade, Tourism and Business
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CYPRUSKHALEEJ TIMES | DECEMBER 14, 2017 PREFERRED CHOICE Emerging hub for trade, tourism and business CYPRUS CYPRUS SPECIAL REPORT DECEMBER 14, 2017 Editor Vaman Vassudev Kamat Supplements Editor Suchitra Steven Samuel Assistant Editor Ishtiaq Ali Mehkri Reporters Farhana Chowdhury Deepa Narwani Senior Designers Exiting 2017 in flying colours! Mohammad Ejaz Khan 4 M A Aroos Mohamed 6 Resilient economy in Eurozone Imaging Venugopal Prabhu 7 Gateway to global connectivity Aurangzeb Mehar Baksh Murshid Baloch 8 Preferred destination in Europe Musthafa Peruvallithodi Graphic Designer 10 House of cheese Mohammed Yousufuddin 12 Culinary guide to Cypriot cuisine Senior Vice President 1 4 Cyprus is a perfect blend of Ravi Raman flavours, all year round Financial Controller Shishir Kapadia 16 Three decades of education Advertising Director Mukhtar Qureshi excellence Assistant Advertisement Introducing students to effective Manager (Supplements) 18 Cyprus is one of the most learning methods Bilal Saeed preferred destinations for Senior Account Group Manager Debashish Shome not only tourists and 19 Gateway to global commerce Circulation Manager investors, but also for all Constance Louis Moraes those who want to make the 2 0 Maritime centre of excellence Head — Production and IT Operations European country their and quality Mohan Kumar Shetty second home. It is full of Commercial Printing Head CPO natural beauty, and an Imran Shariff Assistant HR Business Partner ultimate transit point for Aditi Sharma navigation through the Manager — Brand and Mediterranean. Its industrial Audience Development profile is encouraging and Tina Malhotra has become a hub for quality education and culinary Dubai Head Office excellence in the region. Its P.O. Box 11243 Tel: +971 4 3383535 economy is poised for robust Fax: +971 4 3383345/46 growth as it consolidates its Website: www.khaleejtimes.com credit rating. At the crossroads of Europe, Asia Abu Dhabi P.O. Box 3082 Tel: +971 2 6337666 and Africa, Cyprus boasts an Fax: +971 2 6351122 E-mail: [email protected] ancient civilisation, which makes it the centre of gravity A Publication of for all those interested in GALADARI PRINTING & PUBLISHING LLC history and cultural diversity. KHALEEJ TIMES | SPECIAL REPORT | DecemBer 14, 2017 3 CYPRUS EXITING 2017 IN FLYING COLOURS! Cyprus is viewing the future with unprecedented optimism ❖ Vasilis Polemitis yprus’s economic performance throughout 2017 has been nothing less than exemplary. The annual rate Cof GDP growth will average close to 4 per cent, and unemployment is rapidly receding with the labour market showing its His Highness Sheikh Hamad bin Mohammed Al Sharqi, Supreme Council Member and Ruler potential to approach conditions of perfect of Fujairah, with Vasilis Polemitis, Ambassador of the Republic of Cyprus. — Wam employment within the short to medium time frame. Capitalising on a series of pru- dent fiscal policies and reform measures that markets and opens up new ones, utilising, to transcended domestic politics, and actively this extent, the existing network of air trans- taking advantage of the favourable macro- port connections through the UAE and the economic environment, Cyprus manages to rest of the Gulf. In addition, newly estab- close the current year in conditions of mod- lished Cypriot airlines are actively pursuing erate to low inflation, and with the public their plans to connect Cyprus and the UAE, budget balance as a percentage of GDP on the and the rest of the Gulf, with several distant positive. In short, the Cyprus turn around, destinations, thus offering the opportunity on which this column was devoted last year, to even greater numbers of travellers to has been completed successfully. visit Cyprus. Currently, Cyprus is viewing the future People-to-people contacts, such as those with unprecedented optimism since a cultivated through tourism, cultural number of major multimillion dollar projects exchanges and international business, were are underway, and the trickle-down effect one of the embassy’s main objectives for on the entire spectrum of economic activity 2017. In 2017 we saw record numbers of is becoming more evident by the day. New participants from Cyprus in the major trade businesses are registered, new operations are fairs in the UAE, which in turn led to a number launched in the key maritime, tourism and of Cypriot products and businesses enhancing financial services fields, and massive their foothold in the UAE market. On the landmark real-estate and infrastructure cultural front, the Embassy was happy to works are under construction with more assist a group of university students from entering the pipeline continuously. Within Paris Sorbonne Abu Dhabi to organise a this promising environment, more people successful field trip to Cyprus. Furthermore, choose to make Cyprus their business base, the pivotal regional role played by the UAE and second home, taking advantage of the Vasilis Polemitis is the Ambassador of the in commerce, politics and culture, and the stable conditions, good and transparent Republic of Cyprus to the UAE. equivalent role that Cyprus increasingly governance, and first-rate social, health and plays in the East Mediterranean, through a education services. series of trilateral frameworks with all of Cyprus attracted more than 3.5 million this is in no way a small feat, Cyprus fully its neighbours willing to adhere to the visitors in 2017, thus breaking the previous understands that Blue Flag beaches in and same principles of peaceful cooperation, record year of 2016. This performance comes by themselves are not enough. As a result, provides an additional avenue of positive as no surprise since Cyprus hosts the most Cyprus continues to invest in value-added activity between our friendly countries for Blue Flags per capita in the world. Although projects and facilities, works with current the future. 4 KHALEEJ TIMES | SPECIAL REPORT | DecemBer 14, 2017 CYPRUS Resilient economy in Eurozone Investment, tourism and merchant shipping are buoying growth for the island-nation state ❖ Ishtiaq Ali Mehkri and last year it successfully completed the of its cultural diversity. Tourism, of late, has yprus has a high-income economy, and ESM-IMF Economic Adjustment Programme, become one of the major foreign exchange despite somersaults after the recent a year ahead of schedule. sources for the economy. Crecessionary trends is counted among The country’s financial discipline, far- Cyprus is gradually emerging as the hub for the most promising growth modules in the sighted strategy and resilience have made it investments, especially in the Eurozone, owing region. It is also the emerging destination for hub for investment and businesses. While to its liberal policies and investor-friendly leg- businesses and investment at the crossroads unemployment is around 10 per cent, and islation. Foreign investment — and ownership of Asia, Europe and Africa. With a per capita the country’s external debt is accumulating, stakes — is permissible up to 100 per cent in income of around $23,400 and a GDP of $19 the positive side of the story is that it is over- many sectors, as the government acts as cus- billion, it is a success story in itself. The present coming stagnation. Institutional reforms, on todian in mediatory affairs. So is its tax regime, growth rate is projected at 2.8 per cent, and which Cyprus has embarked, are sine qua non considered as one of the lowest in the EU. Cy- the International Monetary Fund has included for success, and to keep the international prus has treaties on double taxation with doz- Cyprus in the list of advanced economies. community engaged in its progress. ens of countries, and, as a member of the Eu- The country’s industrial format and inno- Real estate and tourism are two of the tan- rozone, has no exchange restrictions, and vations in the fields of science and technol- gible sectors of its economy, which has at- investors are free to move their profit proceeds ogy act as a magnet for big-ticket projects. tracted worldwide attention. Cyprus quest out of the country at ease. Despite differences Its market economy is dominated by the ser- to grant citizenship to promising investors with Turkey, both the neighbours have a har- vices sector, which accounts for more than has led to massive inflow of capital, and monious trade relationship with Ankara sup- four-fifths of GDP. Tourism, financial ser- people from all walks of life are eager to make plying 55 per cent of imports and absorbing vices, shipping, and real estate are some of Cyprus their second home, and grab the ben- 48 per cent of exports. the most important sectors, and in the last efits of living in the European Union. Also The success story of Cyprus will be incom- two decades have done a roaring business. popularly known as ‘cash for passports’ plete without mentioning the merchant ship- Cyprus-based entrepreneurs’ and industri- scheme, it has led to boost in construction ping. It is one of the largest flagship careers, alists are quite popular in the European Union and real estate. Moreover, the competitive and berths vessels from all over the world. and beyond, and products made in the island- education sector has acted as a catalyst in Maritime business in the region is routed state have a competitive mark of their own. seeking students for higher education, by through Cyprus waters and ports, and its time Cyprus has a broad market for all kinds of pro- granting them degrees and diplomas that are zone and geographical proximity are high in duce from food and beverages to cement, iron recognised worldwide. demand. ore, light and heavy-duty industry products. The island is considered as the perfect The European Commission, which also acts Its chemical, electrical and non-organic sector holiday destination for a diversity of tastes as a watchdog for Cyprus after pumping in is rated as some of the most sophisticated in and interests.