(MENAFN- The Peninsula) QNA
Nicosia, Cyprus: H H the Amir sheikh Tamim bin Hamad Al Thani's visit to the Republic of Cyprus streamlines both countries' endeavors to beef up economic relations and explore further investment and trade cooperation, said President of the Cyprus Chamber of Commerce and industry (CCCI), Stavros Stavrou (pictured).
In remarks to Qatar News Agency (QNA), Stavrou said:“HH the Amirs visit to Cyprus will foster even stronger diplomatic ties, which are foundational for enhancing economic cooperation through a conducive environment for trade agreements and economic partnerships.
“His visit gives the opportunity to Cypriots to hear and understand what Qataris expect from this relationship. Understanding of this factor is critical in building confidence between the two sides. The Amirs presence is confirming the confidence level that Cyprus will safeguard Qatari investments and ensure satisfactory returns must be underscored”.
Commenting on the Qatar-Cyprus trade cooperation, Stavrou said it had been growing over the past three years.
Yet, he elaborated the growth was“still relatively modest”, highlighting both nations' endeavors to“enhance economic ties and explore new opportunities for investment and collaboration” and their“various discussions and initiatives to strengthen their economic relations”.
“Within the last three years we have seen an increase in imports from Qatar to Cyprus. These are Ethylene Polymers, Large Construction Vehicles, and Iron Structures. While, the main products exported from Cyprus to Qatar are Packaged Medicaments, Rolled Tobacco, and Dairy Machinery,” he added.
He added that Cyprus' imports from Qatar surged to 41.77 million in 2023 from 787,037 in 2022, and 691,010 in 2021, an increase that reflects the elevated bilateral economic cooperation.
This comes at a time when exports to Qatar in 2023 increased to 7,431,727 million up from about 7,365,030 million in 2022 and about 5,789,464 million in 2021.
Speaking about the bilateral cooperation between the Chambers of Commerce and Industry of both countries, Stavrou highlighted the cooperative agreements and initiatives aimed at fostering trade and investment opportunities between the two nations.
“Over the years, various business forums and meetings have been organized to enhance bilateral trade relations."
"The most recent trade mission to Qatar was in 2022 and Qatari to Cyprus was in 2023, enabling Cypriot businesses to showcase their products and services, and to better understand the two business markets”.
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