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Case Studies: International Companies in Cyprus

Case Studies: International Companies in Cyprus

For the second panel of the Cyprus International Investors Summit today 29th June at the Parklane Resort and Spa in Limassol, Natasa Pilides, the Deputy Minister of Shipping of Cyprus in conversation with Mark O’Neil, President, Columbia Shipmanagement, Savvas Perdios, the Deputy Minister of Tourism and Andy Choy, President, ICR Cyprus Group/ Property President.

Altira Macau and Mocha Clubs discussed about the shipping industry, tourism in Cyprus, and investors shared their feedback on this investing experience in Cyprus.

Pilides explained that shipping is historically one of Cyprus’ most successful industries, being 11th largest fleet worldwide and 3rd in the EU, within the top 3 ship management centres in the world. Additionally, shipping revenues are reaching 7% of GDP, with 9,000 people employed onshore (3% of gainfully employed population) and 55,000 seafarers aboard Cyprus-flag ships. Pilides also said “there has been a continuous growth in the last three decades, with 20% of the world third party management fleet is managed from Cyprus”.

O’Neil of Columbia Shipmanagement, expressed his pleasant experience ever since he moved to Cyprus and commented on the hospitality, the weather and how the number of women employees is very high compared to other countries. “Women in Cyprus actually want to go back to work after they become mothers. In Cyprus grandparents are extremely helpful to the parents, and thus women can go back to work.” O’Neil also commented that the majority of Cypriots is highly educated, and thus recruitment here is easy due to talent.

Perdios mentioned that Cyprus should not only be attracting tourists during the summer months, and that the goal is to attract visitors all year round. He also stated that the government is currently having talks about direct flights to and from Cyprus within the EU, and they should be put into action very soon.

While answering questions in the audience, Choy interestingly mentioned that most of the staff hired for the casinos in Cyprus is locals that were given the appropriate training for different positions, instead of brining already trained staff from Macau.

 

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