Cyprus PIO: News Update in English, 97-04-02

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From: The Republic of Cyprus Press and Information Office Server at <http://www.pio.gov.cy/>

News Update

Wednesday, 02/04/97

CONTENTS

• [01] Greece-Cyprus Business Symposium in Athens

[01] Greece-Cyprus Business Symposium in Athens

The Symposium - under the auspices of Greece's Ministry of National Economy and sponsored by the Bank of Cyprus in Greece - was organised by the Cyprus Chamber of Industry and Commerce, the Athens Chamber, the Union of Greek Chambers of Commerce, the Cyprus Embassy in Athens and Greek commercial organisations.

Speaking at the Symposium, Cyprus Minister of Finance Christodoulos Christodoulou stressed that closer co-operation between Greek and Cypriot businessmen will open roads that will be mutually beneficial and noted that Greek businessmen can profit from the Cypriot access and familiarity with the Arab markets, while Cypriot businessmen could benefit from the Greek experience in the European Union, the Balkans and Central and Eastern Europe.

The Cypriot Minister also cited a recent decision by the government to ease restrictions regarding foreign participation in Cypriot business, as an example of efforts to encourage co-operation.

In a speech by the Cypriot Minister of Commerce, Industry and Tourism Kyriakos Christophi, read out at the same Symposium, the importance of Cyprus as an offshore trading centre was illustrated by figures: 200,000 containers were moved through Cyprus, the income from goods re-exported to Arab countries, Central and Eastern Europe, including Russia rose to 850 million dollars in 1996, compared to 325 million earned from exports of Cypriots products.

Offshore trading by over 25,000 registered offshore companies on the island and some 29 offshore Banks earned the economy 380 million dollars which cooresponds to 4.4% of Cyprus's gross national product.

From the Republic of Cyprus Press and Information Office (PIO) Server at http://www.pio.gov.cy/

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