articles | 08 December 2023

Cyprus and Austria strengthen economic ties through Vienna event

The Cyprus Chamber of Commerce and Industry (Keve), in collaboration with the Ministry of Energy, Commerce, and Industry, and the Cyprus-Austria Business Association, organised a business mission, forum, and networking reception in Vienna on December 6.

According to a statement, this initiative aspired to further bolster economic, commercial, and business ties between Cyprus and Austria. The chamber noted that the forum was addressed by Keve Vice President Othonas Theodoulou, who highlighted “Cyprus’ attractiveness as an investment destination, particularly emphasising service provision and tourism”.

During the forum, opportunities presented by Cyprus as an investment destination in funds, real estate, green energy, and ICT were discussed. Special attention was drawn to the country’s geostrategic position, which can serve as a regional and international business hub. Moreover, in-depth discussions took place regarding the existing double taxation treaty between Cyprus and Austria. Additionally, matters of mutual interest and the strategic advantages of both countries were thoroughly analysed, followed by presentations from participating Cypriot companies. 

The announcement continued by quoting the President of the Cyprus-Austria Business Association, Nikos Kyriakides, who praised “Cyprus’ advantages as an investment destination and emphasised the opportunities offered through our legal and taxation systems for Foreign Direct Investments (FDI)”. He further expressed “the readiness of Cypriot businesses to further strengthen the economic, commercial, and business relations between Cyprus and Austria”.

Following the conclusion of the business forum, a networking reception provided Cypriot entrepreneurs with the opportunity to meet their Austrian counterparts. “This business mission is part of the broader effort undertaken by KEVE in cooperation with the Ministry of Energy, Commerce, and Industry, along with the country’s embassies and trade centres, aiming to promote Cyprus and its competitive advantages in key foreign markets,” concluded the announcement.

Source: Cyprus Mail

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