CYPRUS-RUSSIA business relations look set to hot up in the coming months with ongoing visits to promote ties in various areas, it was announced yesterday.
Speaking at a news conference, Manthos Mavrommatis, the president of the Cyprus Chambers of Commerce and Industry (KEVE), along with government officials and the Russian ambassador, outlined the planned initiatives, which kick off next week.
“We began [the process] slow and steady in approaching Russian investment cooperation, and now find our efforts to have been very successful,” said Mavrommatis.
He said that between June 16 and 20 some 35 Cypriot companies mainly involved in banking, accounting and legal services “and which have a large international clientele” will be showcasing their services at investment fairs in Moscow and the Black Sea resort town of Sochi.
Throughout 2009, Cypriot delegations will also be travelling to St Petersburg, and smaller cities in the heartland of Russia, to exhibit the opportunities for investment that exist in Cyprus with particular regard to the financial and property sectors.
The conference also spoke about the opportunities for Cypriot companies to contribute to the development of the facilities that will be used for the 2014 Winter Olympics, which will be held in Sochi.
“These opportunities are not only confined to stadia and sports facilities, but also to the construction of the huge Olympic village and all of the service industry that will need to be developed to cater to the needs of the thousands of visitors and athletes that will travel to the area,” said Mavrommatis.
Emphasis was also placed on the need to foster the exchange of cultural ideas, cooperation in areas of medicine, and the exchange of students to and from both countries.
Ambassador of the Russian Federation to Cyprus Vyacheslav Shumskiy referred to the suggested twinning of St Petersburg with Limassol, as well as the aims to increase bilateral travel and tourism.
“While excellent relations exist in political terms, we lack behind in terms of economic cooperation,” he said while admitting that the global crisis had badly affected the Russian economy.
“But with the price of oil now being observed to rise, we can expect the rest of the economy to begin to improve, and this is why it is an opportune time for Cypriot businesses to be looking into Russia,” the ambassador added.
When asked about whether, due to Russia’s current economic situation and the only recent removal of Cyprus from the so-called ‘black list’ of companies, the Russian government might be inclined to offer tenders to Russian companies in the construction of such a large public works project that the Winter Olympics will present, Shumskiy said: “Cypriot companies have always been allowed to compete in Russia, regardless of this so-called black/grey list or whatever you want to call it. This list had nothing to do with whether or not Cypriot companies could operate in Russia, but with matters of taxation.”
