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Shipping sector a "top priority for the Cyprus Government"

Cyprus’ Transport, Communications and Works Minister, Marios Demetriades, addressed a shipping panel discussion on Tuesday and gave the latest outlook on the island’s shipping industry.
 
“Merchant shipping is a business sector of which we are very proud,” noted Demetriades. “It represents an invaluable asset for our country and consequently it is placed on the top of our priority list.”
 
According to the Minister, the Cyprus Ship Registry ranks among the leading ship registries internationally and has the third largest merchant fleet within the EU. “Cyprus however, is not just a flag; Cyprus is a respected and fully fledged international maritime centre,” added Demetriades.
 
Cyprus has concluded treaties on the avoidance of double taxation with 56 countries and has also signed bilateral agreements of cooperation in merchant shipping with 24 countries.
The Cyprus Tonnage Tax System, which was approved by the European Commission in 2010, was designed to provide a climate of stability for shipping entrepreneurs in Cyprus. 
 
“Another promising development for the shipping industry is the discovery of hydrocarbons in the EEZ of Cyprus,” remarked Demetriades. 
“The sustainable growth of shipping in Cyprus is one of the priorities of the government. The Transport, Communications and Works Ministry will do its utmost to enhance the competitiveness of our flag and of our maritime cluster,” he continued.
 
“Our objective for the future is to consolidate and further develop our role in world shipping and to provide the adequate conditions for the sustainable growth of the shipping sector in Cyprus.”
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