OVER THE past 20 months, about 1,500 companies Greek companies have moved their headquarters to Cyprus as a direct outcome of the economic crisis in Greece, the Greek embassy said yesterday
Areas where there is a greater concentration of Greek investments are the financial sector, consultancy services, trade and construction.
According to the Central Bank of Cyprus, Greek investments in Cyprus in 2009 totalled around €710.2 million. Over 400 Greek companies, or 10 per cent of the total companies registered in Cyprus, are now Greek.
In 2009, 59 Greek companies were registered. Last year this rose to 248, and so far this year 107 Greek firms have registered in Cyprus. Almost 100 are engaged in government projects, mainly in IT and consultancy. There are five Greek banks operating on the island including Alpha Bank and Piraeus Bank.
Besides attracting Greek companies, Cyprus has in recent years attracted thousands of Greek jobseekers.
Although there are no accurate statistics, the Greek embassy estimates that there are around 10,000 Greeks registered with the Social Insurance Fund and 1,739 registered as unemployed on the island as of this year. Almost half of those are married in Cyprus and the vas majority in the 30-39 age group.
According to the embassy, Greeks have traditionally worked in the Cypriot hospitality sector and food industry but “more and more Greeks have begun submitting applications for jobs in the public sector”, the embassy said. Around 20 per cent of teacher candidates are now Greeks. The health sector has also become an attractive area for Greeks.
In the other direction, traditionally the largest share of direct investment in Greece came from the Cypriot banking sectors with 48 per cent, construction 35 per cent, and transport and communications 13 per cent,” the embassy said. In the last five years, total investment in Greece by Cypriot companies exceeded €1.5 billion.
Imports to Greece from Cyprus totalled €249.9 million last year compared to €220 million in 2009.
The main Greek products exported to Cyprus in 2010 were fuel worth €248 million, electrical and mechanical equipment worth €80 million, engine-boiler equipment worth €70.5 million, textiles worth €53 million and various pre-prepared foods €33.8 million.
Available, statistics for 2011 for the first four months showed that Greece exports to Cyprus totalled €428.5 million, compared to €365.5 million in the same period in 2010.
At the same time Cypriot exported to Greece amounted to €116.5 million, compared to €74.9 million in the first quarter of 2010, an increase of 35.7 per cent.
