Cyprus: The Bridge to a new Europe

Aired September 2005

Cyprus, the island of Aphrodite, conjures up images of a Mediterranean paradise…

Officially known as the Republic of Cyprus; it is the third largest island of the Mediterranean Sea. Its climate is warm with about 340 sunny days a year. The population is estimated at 800,000 and the capital is Nicosia. Marrying a unique geographic location in Europe, excellent infrastructure and an attractive business climate. It is now a fully-fledged member of the European Union and a bridge to the modern Europe.

Today, Cyprus has a democratic system of government that safeguards principles like human rights, political pluralism and private property. Cyprus is a member of the United Nations as well as the Council of Europe and Commonwealth. A highly educated workforce, where the official language is Greek but English is widely spoken.

INTERNATIONAL SERVICES & FINANCE

Vibrant, growing, and constantly changing, today’s Cyprus business environment reflects both the past and the future. The Cyprus economy is exhibiting dynamism and flexibility. These characteristics coupled with new advantages offered by EU membership, rightly justify the World Bank in characterizing Cyprus as the region’s “Miracle”.

As a full member state of the EU, Cyprus is entering a new economic era leading into a vast number of Economic advantages. The strategy is to capitalize on this evolution.

Cyprus is a stable and credible base for structuring international investments. It has an open, free-market, service-based economy and its GDP per capita is one of the highest in the Mediterranean region.

As part of its accession to the European Union Cyprus has harmonized its taxation system.

Attracting foreign capital has always been among the primary objectives of the country's development policy. As of October 1, 2004, the Government of Cyprus lifted restrictions on foreign direct investment from non-EU countries in order to attract even more foreign direct investment and promote Cyprus as an international business center.

The new economic challenges of European harmonization and the introduction of the euro offer greater opportunities for the Cypriot economy. However, they also present a number of challenges.

TRADE & INDUSTRY

Trade has always been one of the most significant activities in the Cypriot economy. Present day trade is moving to meet the demands of a new market space.

In terms of foreign trade, the United States remains one of the leading exporters to Cyprus. Imports from the United States for home consumption in Cyprus have held their own remarkably well over the years. The business relationship between the two nations has considerable long-standing relationships:

The possible existence of natural gas and petroleum reserves off the southern and eastern coast of Cyprus opens up new prospects for development. Moreover, Cyprus offers great opportunity for alternative energy sources and this is attracting an increasing amount of attention.

HEALTH & THE ENVIRONMENT

The Government of Cyprus has taken a keen interest in the quality agenda of the health and environment sectors. Cypriot researchers are involved in the majority of Europe’s principal research programmes. This combination has lead to significant developments and is putting Cyprus on the cutting edge of the knowledge society. Founded in 1996, the Research Promotion Foundation (RPF) was established at the initiative of the Government of the Republic of Cyprus, to promote the development of scientific and technological research. This accounts for the fundamental importance of research in contemporary societies.

These and such like developments have already manifested themselves in the shape of increased international partnerships. The Harvard School of Public Health (HSPH) and the Government of Cyprus have established an international research, education, and technology initiative for the environment and public health to address key environmental issues. The Institute will enhance the skills and overall capacity of researchers to address present and future societal needs of Cyprus and the region. The scope of development in the health sector of Cyprus is unlimited and is putting it on the cutting edge of mainstream and alternative forms of medicinal practice.

INFRASTRUCTURE

Situated at the crossroads of three continents Cyprus’s significant geographic location has been a major factor in shaping its history.

Cyprus recognizes the importance of telecommunications and has invested heavily in developing this sector. It has revised its national priorities rigorously in order to incorporate the specific measures adopted as part of the eEurope 2002 action plan.

BUSINESS & LEISURE

Cyprus, the island where Aphrodite, the ancient Greek goddess of beauty and love, was born… is an idyllic tourist destination… The people of Cyprus owe their individuality and warmth to the fact that they are the progeny of an incredibly colorful history. This sun-drenched island has been at the crossroads of global events for centuries. The traditional hospitality of the inhabitants and a high level of services all make it attractive to the visitor.

This eastern Mediterranean island is rich in natural beauty complimented by a healthy climate… From the Beautiful beaches to the unexpected panorama of thick cedar and pine forests in the Troodos mountains. Cyprus has a wide variety of rare endemic species both in flora and fauna married with remarkable ancient sites. It is a land whose history and culture goes back 10,000 years so there is something for everyone - Neolithic settlements, ancient burial chambers, Greco-Roman temples and amphitheatres, Roman villas with mosaic floors, old Christian basilicas, Byzantine churches and monasteries with beautiful wall-paintings, mediaeval castles and picturesque mountain villages to name but a few. The body responsible for promoting tourism is the Cyprus Tourism Organization. Its aims include the promotion of various other forms of tourism such as conference and incentives and special interest tourism.

Cyprus has the potential to develop alternative forms of tourism from adventure to sport AND eco-tourism. This strategy aims to bring out the unique character of the island combining the best of the old and the new…. Modern infrastructure such as an array of superior hotels and ample tourist attractions dot the historic vistas.

Cyprus, a fascinating land of contrasts; untouched historic appeal, modern cities and a dynamic business climate. Cyprus is set for the challenges of the new era from the the age old island of Aphrodite.