“We expect great returns from the port very soon, which will have an impact not just on Limassol, but the Cypriot economy more broadly”, said Michaelides.

He went on to add that “the port was assigned to very experienced and recognised managers, who are also managing other ports.”

Larnaca port next

Michaelides said that no developments on the matter of the Larnaca port are expected in 2016, though the Ministry will convene with experts to make key decisions.

One of the matters to be decided is whether the development of the Larnaca port will be grouped with the development of the Larnaca marina, or whether they will be treated as separate developments.

Iran invests in Cyprus marine sector

After the lifting of sanctions against Iran, Michaelides said prospects for the future of the shipping industry in Cyprus are looking positive.

“In mid-February we visited Iranian ship-owning companies which said they plan to bring their ships to Cyprus, with some companies having already done so”, said the Ministry’s General Manager.

According to Michaelides, “Cyprus, being at the crossroads of three continents will continue to have a strategic position, especially for Iran, which considers the island as the first stop for activities before moving on to the rest of Western Europe.”

Source: InCyprus