The government of Cyprus will support and bolster growth of the country’s maritime sector, Marios Demetriades, minister of transport, communications and works, said, reports In-Cyprus.
“I would like to assure you that the Cyprus government is fully committed to safeguarding the shipping and maritime sector by doing the utmost to guarantee continuous sustainable growth,” Demetriades said.
“Our shipping industry has been one of Cyprus’s most successful export services and constitutes a valuable asset,” he said.
The industry currently contributes 7% to the island's GDP, and with the launch of a new maritime strategy, Anastasiades believes maritime will "contribute significantly", saying that he is devoted to "safeguarding the sector".
Demetriades said a study completed with the cooperation of the public and private sectors in July has highlighted several points where more attention is required, adding that a number of decisions have been made in relation to the recommendations.
These include restructuring the maritime administration, new promotional campaigns and tax incentives, and developing a new corporate identity for the Department of Merchant Shipping.
President Nicos Anastasiades said that shipping-related companies trust Cyprus as a base for their operations despite the economic crisis, and that the sector has played an important role in helping the island’s economy return to growth since the start of the year.
“The shipping industry in Cyprus is a sector that operates on a global scale, and whose size and international importance go far beyond the size of the country. Today, Cyprus is an international shipping power and a renowned maritime centre combining a sovereign flag and a resident shipping industry with high quality services and standards of safety and security,” Anastasaides said.
The industry employs 4,500 people on the island and Cyprus-based shipmanagement companies manage about 20% of the world's third-party fleet.