Red tape costs Cyprus €1bn a year, it emerged recently and members of parliament expect it to be reduced through electronic governance.

Cyprus’ Integrated Maritime Policy (IMP) aims at full utilization and sustainable development of its seas and recognises 'Blue Growth' as a basic pillar of revitalizing the Cyprus economy, says Communications and Works Minister.

As of the beginning of the year, Cyprus entered into five new Double Tax Treaties (DTT’s) with Estonia, Finland, Portugal, Spain and Ukraine expanding its already rich list of DTTs.

The Industrial Output Prices Index for January 2014 recorded a decrease in Cyprus, as well as in the Eurozone and the EU, according to Eurostat.

Minister ofFinance Harris Georgiades says that the approval by the House plenary of a privatisations bill opens the way to modernisation and reform.

Cyprus maintains that the particular characteristics of island states should be taken into consideration by the EU in the context of policies on climate change and energy costs.

The Troika of international lenders has radically altered the memorandum so that the 130,000 title deeds backlog will no longer be required to be cleared by Q4 this year, as had originally been planned.

A Commission report shows an increase in innovation performance in Cyprus in sectors of scientific co-publications and innovative SMEs collaboration.

Fitch Ratings has maintained the Bank of Cyprus’ covered bonds ‘B’ rating on negative watch, adding that the covered bonds' rating remains vulnerable to a deterioration.

Cyprus is undertaking an initiative to promote regional cooperation for the protection of the Mediterranean Sea, with Nicosia close to reaching a relevant agreement with Israel.