Cyprus news: Finance Minister says Russian business “instrumental in the development of Cypriot economy”


Cyprus is and will remain an excellent destination for international business and the government is ready and willing to take action in this direction in order to rectify the shortcomings and determine improvements in what Cyprus has to offers in terms of strictures, policies, incentives, laws and regulations” said Finance Minister Harris Georgiades.

Addressing a conference in Nicosia on Thursday, titled “The future of Cyprus for Russian Business”, the Minister said that “being an international business center and maintaining the competitive edge requires an economy to be in permanent mode of reform and innovative change.”

“The Minister noted that Russian business has been instrumental in the development of the Cypriot economy, adding that the Cyprus service sector was beneficial for Russian business as well.”

“I am sure that our business, financial and commercial relations can be maintained and enhanced and this will provide the best boost to the already excellent political relations between Russia and Cyprus”, he concluded.

Russian Ambassador to Cyprus Stanislav Osadchiy also addressed the seminar and “expressed his conviction that Russian capitals will remain on the island, following the Eurogroup decision last March and the haircut in the deposits. He said that he has been exchanging views with business circles in Moscow and they too feel that they must remain in Cyprus and provide assistance to the Cypriot economy.”

In other Cyprus news,

Building permits down 25% : “The number of building permits issued was down by 25.3% in June, on an annual basis, data published by the Cyprus Statistical Service, on Tuesday, shows. The total value of permits was down by €70.97 million compared to the value of permits issued in June last year.”

Louis Vuitton shuts shop in Cyprus “Prestigious French luxury brand Louis Vuitton is closing its only boutique in Cyprus by the end of the year as a result of the recession, the company’s press office confirmed yesterday. “A decision has been taken from the headquarters in Paris to close the shop in Cyprus by the end of the year because of the economic crisis and we have no further information to say,” the press office said.”


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