Cyprus News Agency: News in English, 09-07-01

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

CONTENTS

[01] G/C T/C - BUSINESS

[02] EU - MARITIME - CYPRUS

[01] G/C T/C - BUSINESS

According to a press release by the CCCI, the studies will be financed in full by the United Nations Development Programmes Action for Cooperation and Trust (UNDP ACT).

The main aim of the project is to promote economic interdependence between the Greek Cypriot and the Turkish Cypriot communities by offering aid to Greek Cypriot and Turkish Cypriot businesses in order to enhance their economic relations.

According to the CCCI, the Cypriot economy as a whole will benefit from the increase of inter-Cypriot commerce and the cooperation between businesses on both sides.

[02] EU - MARITIME - CYPRUS

After technical input from Cyprus, the largest ship management industry in the world, the European Commission extended the application of tonnage tax - to replace corporate tax - to include apart from ship owners ship management companies as well, which deal both with technical ship management and crew management.

In an interview with CNA, Serghios Serghiou, Director of the Cyprus Department of Merchant Shipping, has said that ``the Commission communication means that both the DMS and the private sector, with which we cooperate, have presented convincing arguments which prove that the specialised activity in ship management constitutes an advantage, not only for Cyprus but also for the EU since it enhances the competitiveness of the EU fleet.``

Given the fact that the majority of ship management companies are based in Cyprus, he adds, the EU communication is a guarantee to further consolidate the ship management industry in Cyprus.

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