Cyprus Chamber of Shipping Welcomes New Legislation
By Aiswarya Lakshmi
Sunday, July 2, 2017
The Cyprus Chamber of Shipping has hailed the unanimous decision by MPs to forward for a vote the legislation that will define three new branches of the executive – shipping, tourism and development, reports Financial Mirror.
The report quoted the umbrella organisation for the entire maritime sector of shipowners, managers and services saying that the decision, following the approval by the House Finance Committee on Monday, established an “innovative institutional structure” and will substantially contribute to the further development of Cyprus shipping and the economy, in general.
The three State Secretariats will operate independently of the ten-member Cabinet and will report directly to the President.
The quick approval of the legislation by the House of Representatives will convey a clear policy message to this highly productive sector of the economy, said the Chamber.
It added that such a universal state support will also operate as a convincing leverage to attract more quality shipowners and shipping companies to Cyprus, with positive chain reaction in further lowering the unemployment rate and enhancing other sectors of the economy that provide services to the maritime sector.