articles | 12 March 2023

Cyprus-Saudi Arabia cooperation moves into new era says Invest Cyprus

According to preliminary data from the Cyprus Statistical Service (Cystat), the trade deficit in Cyprus increased significantly in January 2023, as imports increased more than three times the increase in exports.

The framework cooperation programme (FCP) signed between Cyprus and Saudi Arabia to promote economic ties and investments is proof of the strong relationship between the two countries, president of Invest Cyprus Evgenios Evgeniou said. The agreement was signed by Finance Minister Makis Keravnos and Saudi Arabia’s Minister of Investment Khalid Al-Falih, on an official visit to Cyprus. “We are determined to continue working together to expand the economic cooperation between Saudi Arabia and Cyprus and to strengthen the investment side,” Invest Cyprus said.

Deputy director of the organisation Marios Tanousis said the signing of the programme demonstrates the commitment of both countries to deepen economic relations and underlines the potential for increased investment and trade between Cyprus and Saudi Arabia. “At Invest Cyprus we are excited about this new era of cooperation. Invest Cyprus and the Saudi Ministry of Investments have long been working together for the successful completion of this agreement which marks a new beginning between the two sides,” he added.

The round table discussion between entrepreneurs from Saudi Arabia and Cyprus, which followed the signing of the programme, was equally important, Invest Cyprus said.

Source: Cyprus Mail

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