In his speech, Georgiades said that for the government of Cyprus the relations with Russia were and remain of strategic importance, while referring to the Cypriot economy, he pointed out that stability conditions have been established and confidence in the economy has been restored, thus bringing the country to a path of growth.

According to an official press release, referring to the banking sector, the Minister said that it has been fully reformed and restructured.

Later on, the Minister and the Cypriot delegation participated in the 9th Summit of the Cyprus-Russian Intergovernmental Committee on Economic Cooperation. Head of the Russian delegation was Deputy Minister of Economic Development of the Russian Federation, Nikolay R. Podguzov.

The Summit examined in detail the bilateral economic relations and concluded that the momentum created by the visit of the President of the Republic of Cyprus to Moscow in 2015 was fully exploited by the respective government services, but also by the business world, and that it is already bearing fruit.

A special reference was made to the increase of tourism and the liberalization of air transport between the two states. They also identified prospects for investment initiatives in the areas of agricultural economy and telecommunications.

The meeting was attended by representatives of the Cyprus Chamber of Commerce and Industry and the Cyprus-Russia Business Association.

In addition, the two countries signed a protocol of cooperation which aims to further enhance bilateral ties in various fields.

Source: Famagusta Gazette