Cypriot President Anastasiades' Financial Confidence

As reported by Parikiaki, the President stated yesterday during his official visit to Germany, "Today, a year on since the Troika Agreement, I am pleased to tell you that, the Cyprus Economy is well underway on a path to full recovery".

Over the last year, Cyprus' shipping and tourism sectors have greatly assisted the nation's overall GDP. Anastasiades described, "In making these quite positive achievements in such a short period of time, the Shipping Industry in Cyprus played an important and invaluable part...the shipping operational and taxation infrastructure in Cyprus and the Cyprus flag, remain intact, fully operational and very competitive".

Currently the shipping subdivision makes up 7% of GDP. The President discussed the sector's significance, "...the Cyprus Government acknowledges now, more than ever, the important role that the Shipping sector plays in the Cyprus economy...For these precise reasons, our Government is determined to introduce those mechanisms necessary to protect this important sector, as well as to develop and enhance it much further".

Cyprus' President addressed the 1987 embargo held on Cypriot flagged ships in Turkey. He stated, "As you are aware, Cyprus constitutes a fully EU approved "Open Registry", 85% of which, belongs to Northern European beneficial interests. This trade restriction therefore, adversely affects European interests themselves...our strong commitment is to seek a solution in line with the relevant EU laws and regulations, by exerting maximum pressure on Turkey in this direction, which in turn will lead to growth prospects for EU Shipping in general."

Anastasiades referred to the new ongoing discussions between the two territories regarding the Cyprus issue. The President commented that, "...whilst the efforts towards the lifting of this illegal ban will continue and be further intensified at EU level, similar parallel efforts will also continue, separately as a tangible "Confidence Building Measure" during the on-going political negotiations".