Cyprus is carrying out a new shipping strategy as the country aims to further develop its shipping sector, according to Cyprus News Agency.
The Minister of Transport, Communications and Works, Marios Demetriades says that Cyprus’ government is putting in place a new Shipping Strategy to expand the horizons of the island’s industry and create new opportunities in other markets.
Cyprus has established itself as a leading international shipping centre, offering a number of competitive services to the shipping industry as well as other advantages for foreign investors, he said.
Cyprus shipping has solid grounds to build on and to expand further as he revealed the country is planning to launch “a package of favourable incentives” with a future objective to consolidate and further develop the country’s role in world shipping.
“I am confident that the effective and successful implementation of the new Cyprus Shipping Strategy, along with the restructuring of the Maritime Administration, which is also in progress, will widen the horizons of our shipping industry and create new opportunities for expansion into new markets,” he said.
It is estimated that more than 55,000 seafarers of various nationalities are employed on ships managed by Cyprus-based shipping companies
“Equally important is the fact that these companies employ around 4,500 people ashore,” Marios said.