«Discover Cyprus»: Enterprise Greece, SEV, ACCI and SEVE event on business opportunities in Cyprus

Athens, 14 October 2024 | An event entitled “Discover Cyprus” was held by Enterprise Greece, the SEV Association of Enterprises and Industries, the Athens Chamber of Commerce and Industry (ACCI), and the Exporters’ Association (SEVE), with the support of Eurobank, on Tuesday, October 8, at the offices of SEV. The event aimed to further strengthen economic relations with Cyprus, as well as to inform Greek exporting companies about their potential to operate or expand in this country.

Bilateral trade in goods – which has been at high levels over time – has shown a strong upward trend over the last three years, thanks mainly to the impressive increase in exports to Cyprus. In 2023 as in 2022, Cyprus was the 4th most important destination for exports, with a share of 6-7% of their total, and Greece was the most important supplier of Cyprus, covering more than 20% of its imports. Apart from petroleum products, the largest shares in Greece’s exports to Cyprus are held by the sectors of electrical and electronic appliances, pharmaceuticals, and medical products, as well as cosmetics and dairy products. Bilateral trade in services has also recorded a steady upward trend in recent years. In 2023 as in 2022, Greece was among the six most important suppliers in services for Cyprus.

Cyprus is one of Greece’s most important partners in the field of trade and investment. Over the past five years, it has consistently ranked among the top five countries of origin of Foreign Direct Investment for Greece. On the other hand, more than 1,500 companies of Greek interests operate on the island, including 100 large companies that have developed a particularly significant presence in the sectors of energy, retail, and food and beverages, as well as banking, finance, insurance, and health services.

Areas of business and investment interest in Cyprus traditionally include strong sectors of the Cypriot economy, such as shipping, tourism, construction, and retail, especially food and beverages. Of particular interest, however, are the areas of green energy and digital technologies, which are also the focus of Cyprus’ long-term development strategy. According to “Vision 2035”, the strategic development plan announced by the Cypriot government in July 2022, and which gathers a broad political consensus, Cyprus aims to emerge as a “sustainable business and commercial center” of the wider region, having as elements of growth investments with a focus on the sectors of green economy and high technology and innovation.

Mrs. Vicky Makrigianni, Director of International Relations and Regional Development at SEV, stated “Greece and Cyprus are sister countries! They have maintained close economic and commercial ties over time. Bilateral trade relations between the two countries are quite enhanced and multi-level, as they include various sectors of the economy. Cyprus is one of Greece’s most important trading partners in the Mediterranean region. What is missing, however, are synergies between the two business communities in third-country projects, with the exchange of best practices and know-how. Indeed, geostrategic developments in our region are so important that these partnerships should already be established. In this context, Cypriot companies can help Greek companies to expand in Arab countries and Greek companies to penetrate the Balkan area.”
The President of ACCI, Ms. Sofia Kounenaki Efraimoglou, stated: “Business relations between Greece and Cyprus have been strong over time. More than 1,500 Greek companies are operating in Cyprus. There are opportunities to deepen cooperation in traditional sectors, but new fields are also emerging such as university education, energy, construction, shipping, health, and high technologies. New opportunities are also created by the trend toward regionalization of supply chains and the establishment of production activities in safe, nearby, and business-friendly destinations. The aim is to inform the two business communities and create reliable networking channels. For our part, as ACCI, we continue to actively contribute to the strengthening of business relations between Greece and Cyprus. We are in constant contact and communication with Chambers and bodies of Cyprus, intending to strengthen cooperation and expand the Intergovernmental Agreement between Greece and Cyprus on Research, Innovation, and Scientific Cooperation. We support the extrovert efforts of Greek businesses in Cyprus, with effective networking, valid information, and guidance.”

Concluding his greetings, Mr. Simeon Diamantides, President of SEVE, referred to the prospects for the development of bilateral trade between Greece and Cyprus, stressing the importance of the Cypriot market for Greek businesses. He pointed out that trade between the two countries has increased significantly in recent years, with trade volumes reaching €3.93 billion. in 2023. The petroleum products sector holds a dominant position in Greek exports, while the growth in the field of machinery and appliances is also noteworthy. At the same time, Cypriot exports to Greece recorded an increase, mainly due to petroleum products and the pharmaceutical sector. He underlined the historical and cultural ties that bind the two countries, as well as their strong economic relationship, which includes trade exchanges in the fields of shipping, tourism, and investment. At the same time, he stressed that the further development of bilateral trade can be achieved through strengthening cooperation and infrastructure, with emphasis on improving transport connections, utilizing digital platforms, organizing business forums, and providing information on investment opportunities.

Finally, in a statement, Dr. Marinos Giannopoulos, CEO of Enterprise Greece, stated that: “The historical ties that unite our two countries are a strong foundation for further development of our economic cooperation. The Cyprus market remains a traditional market for Greek products in terms of consumer preferences. That is why the further strengthening of business relations with Cyprus is a key objective of Enterprise Greece with a series of actions that we have shaped in recent years and are part of the new model of services to support and promote Greece’s export potential”.

The event was held in three sections: the first on the Bilateral Relations between Greece and Cyprus was addressed by Mr. Ioannis Papameletiou, Ambassador of Greece to Cyprus, and Mr. Stavros Avgoustides, Ambassador of the Republic of Cyprus to Greece. The two Ambassadors, after presenting the trade transactions of the two countries, which have exceeded € 3.3 billion without including the Services sector, urged the guests to operate in Cyprus and suggested that Greek companies be sent to Cyprus, to further promote and deepen relations between the two countries. It was also noted that the positive image presented by bilateral economic relations between the two countries should not lead to complacency, as the Cyprus market is highly competitive and its institutional framework differs, in several cases, from that of Greece. The Ambassador of Greece to Cyprus also urged the business world of Greece not to hesitate to make the most of all the tools provided by the Greek state, such as the Office of Economic and Commercial Affairs of the Embassy of Greece in Cyprus, which can provide targeted information on the business data of Cyprus. assisting in any business endeavor.

The second session, focusing on the business and investment opportunities presented by the Cyprus market, was attended by Ms. Lia Riri, Deputy Director of Invest Cyprus, Mr. Dimitris Psarris, Economic and Commercial Affairs Attaché, B3 Directorate of the Ministry of Foreign Affairs and Ms. Eleni Albadi from Eurobank. After presenting the important data of the market and bilateral trade, they focused on the pillars of cooperation between Cypriot and Greek companies in key sectors of the two markets, such as finance, shipping, energy and RES, real estate, and healthcare. Finally, in the last section of the event on entrepreneurship in the Cyprus market, their experience was submitted by Mr. Demetris Steinhauer, Founder and shareholder of DS Concepts Limited, and Mr. Ioannis Politis, Corporate Head of Geographical Expansion and Diversification of VIANEX S.A. In the discussion, which was moderated by the Executive Vice President of SEVE, Mr. Panagiotis Chasapis, Mr. Paraskevas Anastasiou, Director of the Business Development Department of the Cyprus Employers & Industrialists Federation (OEB), also participated, who presented the role of OEB in achieving strategic synergies between Greek and Cypriot enterprises.
The event received a great response, with the participation of more than 100 entrepreneurs from two countries.