The Embassy in Cairo has as a commercial department. Its main objective is to promote and enhance commercial links between Cyprus and Egypt and in this respect to facilitate businessmen and
companies in Cyprus and Egypt.
The main activities of the Cyprus Trade Center in the Arab Republic of Egypt are to:
- Establish and maintain contacts with the Chambers of Commerce, the State Institutions and the International Organizations in the above-mentioned countries.
- Promote and present the Cyprus products through contacts and various activities.
- Establish contacts between Cyprus exporters and importers from Egypt.
- Inform about Cyprus as a centre for foreign investments and as an industrial location.
- Maintain good contacts with the local press and organize trips for interested journalists to visit Cyprus.
- Observe and report to the Ministry of Commerce, Industry and Tourism of the Republic of Cyprus the economic and commercial developments in the countries in the area of its authority.
International Business and Shipping
Cyprus has developed into an international banking and business center with 26 foreign banks, two administered banking units, and over 1,000 fully fledged overseas companies operating on the island. It has also become an important shipping center and currently ranks sixth in the world as a maritime nation.
The important geographical location of the island, its British–modeled legal and administrative system, the availability of wide ranging professional services, the excellent infrastructure, the advanced telecommunications network and the widespread knowledge of English, are some of the factors that have helped create an ideal business environment for foreign firms.
High Technology Industry
The Government is currently promoting the establishment of high technology industry through the creation of business incubators and a research and technological development center.
The tertiary or services sector is the fastest growing area and today accounts for about 75.7% of GDP and 70.7% of the gainfully employed population. The sector includes tourism, transport and communications, trade, banking, insurance, accounting, real estate, catering, public administration and business and legal services.
Tourism (hotels and restaurants) in particular plays an important role in the economy. In 2002 it contributed about 9.4% to GDP and 10.5% of the workforce is engaged in the industry.
In 2002 over 2.4 million tourists visited Cyprus, mainly from the UK (51.1%), the Scandinavian countries (10.1%), former Soviet Union countries (9.9%), Germany (7.9%), Greece (3.3%) and Switzerland (2.8%).
Cyprus' role as a regional services center is being enhanced, and plans are currently underway to promote the island as an international information center.
Manufacturing accounts for 10% of GDP and provides employment to 12% of the workforce. The main industries are food processing, beverages, tobacco, textiles, clothing, footwear, leather goods, metal products, chemicals and plastics.
Chief imports include raw materials, consumer and capital goods, transport equipment and fuels. In 2002, 52% of total imports came from the EU, mainly Greece (8.9%), the UK (8.8%), Italy (8.8%), Germany (6.8%) and France (5%). The USA accounted for 10% of imports and Japan 6%.
Major exports are clothing, footwear, pharmaceutical products, cement, cigarettes, furniture, paper goods, wines, potatoes and citrus fruit. In 2002 51% of domestic exports went to EU countries, mainly to the UK (16.4%), Greece (10.7%) and Germany (6%). Also 22.5% of exports went to Arab and 7.8% to Eastern European countries.
On account of its geographical location Cyprus has developed into an important transhipment center with a large volume of re-exports going to the emerging markets of the Middle East and Central Europe.
Agriculture contributed about 4.6% to GDP in 2002 and gave employment to 7.4% of the working population.
Principal crops are potatoes, other vegetables, cereals, citrus, grapes and olives. Livestock farming is mainly in cattle, sheep, goats, pigs and poultry. Fish production is derived from inshore and trawl fishing and marine aquaculture.
The website of the Trade Services of the Ministry of Commerce, Industry and Tourism offers information about the mission, main activities and services of the department.
Invest in Cyprus
“Invest in Cyprus” website offers potential investors, as well as other interested parties, a platform for accessing and exploring useful information regarding Cyprus, such as its business environment, its investment climate, and the competitive advantages the country offers to foreign investors which establish presence and expand their business activities in Cyprus.
Doing business in Cyprus
The portal of the Ministry of Commerce, Industry and Tourism provides all the relevant information regarding the wide range of opportunities Cyprus offers for doing business.