Speaking at last week’s conference in Limassol titled ‘The future of Russian business in Cyprus’, he noted that the two nations share cultural and religious traditions, as well as mutual trust and support.

During his keynote speech, the Russian ambassador said: “We are happy to see that after the financial crisis in Cyprus, the economy is bouncing back with projected growth rates, accelerating year by year.

Stanislav Osadchiy also noted that such developments would not have been possible without the effective work of government leaders, whose anti-recession policy was gradually restoring Cyprus’ activities in the international investment arena.

He also pointed out that the Russian Federation is contributing to the economic recovery of the island and said that the Russian government has recently decided to restructure the previously granted loan to Cyprus.

In regards to tourism, he noted that the Russian market is traditionally ranked second in Cyprus, a fact that significantly contributes to the economy of the island. Furthermore, Osadchiy highlighted that more and more Russian companies are opening representative offices and expanding their operations in Cyprus.

Referring to the upcoming visit of Cyprus’ Foreign Minister Nicos Christodoulides to Moscow, Osadchiy said that he would be holding “very concrete negotiations on many subjects” with his Russian counterpart Sergei Lavrov.