Sectors offering Business Opportunities in Cyprus

Over the last few years Cyprus has developed into a reputable international business centre especially in the services area. The services’ sector has grown rapidly and now contributes over 75% of Cyprus total GDP. Researches indicate that in high-tech, knowledge-intensive industries the employment force has shown the greatest increase within the members of the European Union.

A Sector that has always provided with investing opportunities in Cyprus is the shipping area. Cyprus has for a long time beings a highly reputable international shipping centre, ranking among the leading maritime countries in the world. Particularly, the Cyprus merchant fleet represents approximately 16% of the merchant fleet under EU flags, being the third largest fleet in the EU. It is estimated that the 5% of the world fleet in terms of tonnage is managed from Cyprus.

In addition Cyprus’ participation in international maritime organizations is impressive; its contribution in the decision-making process is quite important.

Moreover, Cyprus plays a significant role as a leading ship-management centre in the world with a total of around 50 ship-management companies and approximately 100 marine related enterprises conducting their international activities from here.

Through the years Cyprus has grown into a transshipment centre for Asia Pacific trade with Europe as well as with shipping markets situated along the coasts of the Levant and Black Sea, or the North Adriatic.

The banking sector is also a great part of the Cypriot economy. The Banking and Financial institutions currently present on the island offer a wide range of local and international services, to corporate and individual clients. These services include insurance, mutual fund management, investment, and consulting and asset management. The Central Bank of Cyprus is responsible for the proper supervision and operation of the banking system. To this supervision lies the fact that the Cyprus’ economy was affected in a lesser degree by the global recession in comparison to all other European economies.

Furthermore different sectors in Cyprus are expected to take off. For example the energy sector is about to develop. From licenses for oil exploration off the coast of Cyprus to the construction of a Liquefied Natural Gas Energy Center, and ultimately developing a Natural Gas distribution network for industrial and consumer use; there are significant and varied opportunities for investing in Cyprus’ energy sector.

The Government of Cyprus has reviewed and organized the process of energy development, transferring most responsibilities related to the sector from the Ministry of Commerce to independent semi-public organizations like the Cyprus Energy Regulatory Authority, the Cyprus Public Natural Gas Company, and the Electricity Authority of Cyprus.

Moreover multiple projects regarding Renewable Energy Sources Systems are expected to be materialized in the near future, since Cyprus must comply with the EU targets. Pending projects include electricity generation through solar photovoltaic systems and through wind turbines, as well as biomass for the production of electricity from organic waste.

Opportunities for business in Cyprus do in fact exist. These, combined with the fact that the island offers a superb infrastructure, a free market economy, an EU and Eurozone membership and excellent relations with Central and Eastern Europe and the Middle East, offer an ideal package for investment in Cyprus.