Cyprus News Agency: News in English (AM), 97-10-20

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From: The Cyprus News Agency at <http://www.cyna.org.cy>

CONTENTS

[01] Cyprus to participate in UNESCO general conference

[02] New envoys on Cyprus welcomed, says spokesman

[03] Cyprus Stock Exchange

[04] Cyprus respects right of states to arm themselves

[05] Investment Conference for South Russia

0950:CYPPRESS:01

[01] Cyprus to participate in UNESCO general conference

The delegation consists of officials from the ministries of Foreign Affairs and Education and Culture, headed by Education Ministry Permanent Secretary, Andreas Filaktou.

Cyprus' Permanent and Acting Delegates at UNESCO, Constantinos Leventis and Christos Kasimatis, as well as officials of the University of Cyprus and the Antiquities Department will also participate.

The representatives from the 186 UNESCO member-states will adopt the budget and action plan for 1998-1999.

CNA MA/GP/1997

ENDS, CYPRUS NEWS AGENCY

1510:CYPPRESS:02

[02] New envoys on Cyprus welcomed, says spokesman

Government Spokesman Manolis Christofides told his daily press briefing Monday the government welcomes these initiatives.

"We attach special importance to the fact that Russian President Boris Yeltsin considers it necessary to appoint his personal emissary to deal with the Cyprus problem," the Cypriot official said.

Christofides also hailed the Commonwealth's initiative to appoint a special representative for Cyprus, since it represents a "great family of nations and states."

Commonwealth General Secretary, Chief Emeka Anyaoku, told the BBC World Service Question Time yesterday that the Group would appoint a special representative for Cyprus "to convey the general feeling in the Commonwealth on the Cyprus problem and possibly touch base with the parties to the talks".

In 1983, the Commonwealth set up an Action Group for Cyprus.

Christofides added "all these give us a picture of the increased international interest in Cyprus and we hope their involvement and action will be effective so that a Cyprus solution could be reached."

The United Nations, the European Union, the United States, Britain and other countries have appointed special envoys dealing with the Cyprus problem.

Cyprus has been divided since 1974 when Turkish troops invaded and occupied 37 per cent of its territory.

CNA MM/AP/GP/1997

ENDS, CYPRUS NEWS AGENCY

1530:CYPPRESS:03

[03] Cyprus Stock Exchange

CSE All Share Index                    77.56 (+1.00)

Highest: 82.46 (2/1/97)
Lowest : 73.90 (30/1/97)

Sectural Indices

Banks                                  88.30 (+0.63)
Approved Investment Companies          62.94 (-0.27)
Insurance Companies                    57.24 (-0.42)
Industrial Companies                   77.42 (+4.27)
Tourist Industries                     65.21 (+1.68)
Commercial Companies                   45.23 (+0.07)
Other Companies                        58.77 (+1.24)

Trading Volume                         CYP 588807.060

ENDS, CYPRUS NEWS AGENCY

1535:CYPPRESS:04

[04] Cyprus respects right of states to arm themselves

This was stressed today by Government Spokesman, Manolis Christofides, commenting on Turkish Cypriot and Israeli press reports concerning the purchase by Turkey of Israeli Popeye 2 missiles.

"Just as we demand respect of our inalienable right to purchase weapons the way we consider proper, we recognise this right to other countries", he said.

The Cypriot official added "Israel is considered a friendly country and we would like to believe that this friendship will continue."

Asked whether the government is disturbed by the fact that this purchase will be within the framework of a military agreement between Israel and Turkey, Christofides said:

"Irrespective of whether there is an agreement or not, since we recognise their right to sell and buy arms, it is not important within which framework purchases take place."

Turkey, which has been occupying 37 per cent of Cyprus territory since 1974, has repeatedly reacted to decisions by the internationally-recognised Cyprus Republic to strengthen its defences.

Ankara has reacted strongly to a recent decision by the Cyprus Republic to buy Russian-made S-300 surface-to-air missiles.

The United States also opposed the Cyprus decision.

CNA MM/MCH/GP/1997

ENDS, CYPRUS NEWS AGENCY

1530:CYPPRESS:05

[05] Investment Conference for South Russia

On his part, Cyprus' Finance Minister Christodoulos Christodoulou said the island offers many incentives to investors and reassured accession talks with the European Union (EU) will begin in the first six months of 1998.

Georgi Mouratov and Christodoulou were addressing today a seven-day Investment Conference for South Russia, which started yesterday in Nicosia. More than thirty Russian municipalities are represented.

Mouratov expressed satisfaction with the development of economic ties between Russia and Cyprus.

He noted that bilateral trade in 1996 reached 553 million dollars whereas only in the first six months of this year it reached 350 million dollars.

"In the past few years Cyprus has become of great importance to our country, as it is a channel through which foreign investments are brought in, due to its unique geographical position and highly developed services network," he said.

The Russian ambassador described Cyprus as an important regional economic centre.

According to existing data, 1 to 1,5 billion dollars are invested into Russia through Cyprus, Mouratov said.

He said a favourable legal framework, such as an agreement to avoid double taxation, helps boost investments but added there is space for an increase, especially on the part of Cypriots.

Christodoulou said Cyprus can today rightfully claim "to be a substantial international centre for on-shore and off-shore business, while its partners in the EU have noted its conformity to the Maastricht Criteria", an achievement of very few European countries.

Referring to the long relations between the two countries, Christodoulou said "we never forget the invaluable political and material support we have received from Russia" during the last decades.

"Indeed, Cyprus looks at Russia always as a friend and business partner", he added.

Christodoulou said "Russia's plentiful resources could benefit from our economic planning flexibility, developed over decades of managing a thriving mixed economy".

CNA GG/MA/GP/1997

ENDS, CYPRUS NEWS AGENCY

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