Cyprus News Agency: News in English (AM), 99-06-08

Cyprus News Agency: News in English Directory - Previous Article - Next Article

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

CONTENTS

[01] President Clerides - Chinese Prime Minister

[02] Cyprus - China - Trade

[03] Cyprus Stock Exchange

1110:CYPPRESS:01

[01] President Clerides - Chinese Prime Minister

Beijing, Jun 8 (CNA) -- The Cyprus government is satisfied with the results of President Glafcos Clerides' state visit to China, regarding Beijing's position on the Cyprus problem and the prospects for bilateral trade relations.

President Clerides, accompanied by the Foreign, Finance and Commerce, Industry and Tourism Ministers, met today with Chinese Prime Minister, Zhu Rong Ji.

Speaking through an interpreter, the Chinese Premier reaffirmed his country's steady support for a peaceful solution to the Cyprus problem, according to UN resolutions which provide for a bizonal, bicommunal federation.

Welcoming the Cypriot President, the Chinese Premier said the two countries have had "a balanced relationship" for 28 years and expressed the conviction that Clerides' visit "will further promote this relationship".

He referred to previous visits to China by other Cypriot Presidents as a proof of close relations between the two countries.

During the talks, the two sides supported the need for reform and enlargement of the UN Security Council in order to be more effective and representative.

The crisis in Yugoslavia was also discussed. The Chinese Premier thanked the Cyprus government for its position on the bombing of the Chinese Embassy in Belgrade by NATO aircraft.

President Clerides, his wife Lila-Irene and the Cypriot delegation visited earlier today the Imperial Palaces, built by the Ming and Quing dynasties between 1406 - 1420, also known as the "Forbidden City".

CNA MA/MCH/GP/1999

ENDS, CYPRUS NEWS AGENCY

1330:CYPPRESS:02

[02] Cyprus - China - Trade

Beijing, Jun 8 (CNA) -- President Glafcos Clerides and the Chairman of the Chinese Council for the Promotion of International Trade (CCPIT), Yu Xia Song, today underlined the importance of further developing trade and economic relations between Cyprus and China.

Clerides met with the CCPIT Chairman, before delivering a speech at the China-Cyprus Economic and Trade Seminar, organised by the Council and the Cyprus Ministry of Commerce Industry and Tourism, the Cyprus Chamber of Commerce and Industry and the Cyprus Central Bank.

Welcoming the Cypriot President, Yu Xia said Clerides' six-day visit to China and his presence at the Council "shows you attach great importance to the promotion of bilateral economic and trade exchanges".

President Clerides extended his thanks "for the friendship exhibited and the positions taken by the Chinese government for developing friendly relations which exist between Cyprus and China, not merely in the international field but also in commerce and industry".

"It is a privilege and honour to have the friendship of such a great nation," he added.

After the exchange of gifts and the signing of the visitors' books, the Cypriot President addressed the seminar assuring Chinese businesspeople interested in doing business with Cyprus of the government's "interest and support".

At the opening of the seminar Yu Xia said economic relations between the two countries "run smoothly" despite the distance between them.

"At the threshold of the new century, China will be further opening up and actively taking part in the working of the international economy," he said, expressing the conviction that China's economy will develop rapidly and will provide opportunities for businesspeople from both sides for further cooperation.

The CCPIT Chairman said the Council signed an agreement of cooperation with the Cyprus Chamber of Commerce and Industry in 1983, adding that there is now a proposal for signing of a new agreement.

He assured that the CCPIT will try its best to promote bilateral economic and trade exchanges and to provide more opportunities for businesspeople from both sides.

In his speech President Clerides outlined the advantages Cyprus has to offer, such as its geographical location and its relations with the EU as well as the island's tax and other incentives companies can benefit from.

He described Cyprus as an "ideal centre" for Chinese companies' business activity in the area as it has prerequisites such as a high educational level, modern infrastructure and telecommunications and conditions of macroeconomic stability.

"The companies that use Cyprus for their activities can further benefit from the Customs Union Agreement between Cyprus and the EU which provides for the abolition of all barriers to trade," he said.

President Clerides said Chinese companies "can benefit from the numerous tax and other incentives and use Cyprus as a base for direct investments either for supplying expanding markets in the region and the EU countries".

He pointed out that Cypriot entrepreneurs have the contacts, experience and knowledge of market in the region.

He said "considerable potential for cooperation exists also in the fields of joint ventures especially in the area of high technology where China has made great progress".

Director of Trade at the Ministry of Commerce, Industry and Tourism, Andreas Petrondas said "there is considerable room for improvement" in bilateral trade, noting however, that "although China is one of the most significant exporters to Cyprus, exports of Cyprus to China are almost negligible".

In 1998 imports from China reached 41 million Cyprus pounds (some 82 million US dollars).

Petrondas said "the EU is Cyprus' most important trading partner". He also referred to the industrial free zone located near Larnaca which "offers possibilities for setting up manufacturing and or assembling units for the production of goods for export to Europe and the nearby markets".

Referring to the use of Cyprus as a base for direct investment, Petrondas said the basic criteria in this field have been reviewed "thus allowing foreign investors greater percentage participation in investment projects".

He also described Cyprus as "a well established commercial, financial and services centre in the region".

Head of International Business and Investments at the Central Bank Sophoclis Michaelides said Chinese businesspeople "should pay close attention to Cyprus and its potential" and invited them to visit the island to explore the available opportunities.

He also referred to the existence of the "international business company" status whereby foreigners can establish companies that derive income from outside Cyprus with tax exemptions, which make the island a "tax haven".

Michaelides said the low tax paid by the companies is combined with the island's other advantages such as the number of treaties it has signed with other countries for the avoidance of double taxation.

Cypriot Audit Company Manager Kikis Tripides dealt with the subject "Investing in Cyprus".

Lawyer Melina Pyrgou spoke on "The legal aspects of establishing a business in Cyprus".

CNA MA/MCH/GP/1999

ENDS, CYPRUS NEWS AGENCY

1430:CYPPRESS:03

[03] Cyprus Stock Exchange

      CSE General Index                         145.07 (-3.60)

      Traded Value            CYP 11,161,335

      Sectural Indices

      Banks                   CYP 5,303,101     194.98 (-4.53)
      Approved Investment
      Companies               CYP   224,515      74.50 (-1.66)
      Insurance Companies     CYP   334,700      76.78 (-2.18)
      Manufacturing Companies CYP   731,097      86.03 (-0.64)
      Tourism Companies       CYP   909,246     105.34 (-0.13)
      Trading Companies       CYP   590,539      56.60 (-2.97)
      Other Companies         CYP   701,935      93.99 ( 1.22)

CNA MM/1999

ENDS, CYPRUS NEWS AGENCY

Cyprus News Agency: News in English Directory - Previous Article - Next Article