articles | 15 December 2014

Cyprus looking to attract shipping tycoons

Cyprus will continue to improve and update the incentives offered to shipping entrepreneurs and explore new incentives, ensuring that its attractiveness and competitiveness as a ship-management and shipping centre are safeguarded, said Minister of Communications Marios Demetriades.

Speaking at the signing ceremony of the Memorandum of Understanding (MoU) between the Maritime Institute of Eastern Mediterranean (Mar.In.E.M) and the Arab Academy for Science, Technology and Maritime Transport (AASTMT), the Minister pointed out that Cyprus’ ambition is to be a step ahead of competition at any time, both as an international registry and as a base for international shipping operations.

“Our aim is not just to maintain Cyprus’ leading role in world shipping, but to further develop and upgrade Cyprus shipping”, he said. He further stated that Cyprus is today a fully-fledged maritime centre, combining both a sovereign flag and a resident shipping industry, which is renowned for its high quality services and standards of safety.

“Cyprus is considered as one of the leading third-party ship management centres in the world. Shipping is an invaluable asset for Cyprus with significant political and economic advantages. At the same time, Cyprus has established itself as a quality registry”, he said. He added that the government’s shipping policy is established on three pillars: quality, competitiveness and reliability, pointing out that the maintenance of a high quality fleet and the effective implementation of the internationally applicable safety, security and environmental protection standards, is the foundation on which Cyprus builds its reputation as a serious maritime flag and as a reliable base for international operations.

Referring to the MoU, Demetriades said that Cyprus and Egypt are two countries in the Eastern Mediterranean that both invest in the maritime industry and the maritime professions, as they recognize the political, economic and social importance of shipping. As he said, the Ministry fully supports such cooperation and strongly believes that the signing of this MoU today will have a positive and innovative outcome in the fields of maritime research, education and training.

Source: InCyprus

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