A glimpse of the dynamic trade landscape

Revitalising economic ties and fostering collaborations, Cyprus paves the way for robust investment opportunities with the UAE

By Muzaffar Rizvi

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Georgios Partasides, Commercial Counsellor, Cyprus Trade Centre, Dubai.
Georgios Partasides, Commercial Counsellor, Cyprus Trade Centre, Dubai.

Published: Wed 27 Dec 2023, 12:53 PM

In a recent interview with Georgios Partasides, the Commercial Counsellor at the Cyprus Trade Centre in Dubai, discussions revolved around the significant strides taken in the UAE-Cyprus bilateral trade and investment landscape. Currently, formulating the revised bilateral investment agreements, Cyprus aims to create an investment-friendly environment aligned with the European Union's policies. Extensive engagements between the two nations, particularly in areas like energy, education, and digital health, have resulted in promising collaborations, with a memorandum of understanding recently signed to enhance electrical interconnection.

Partasides envisions encouraging trade and investment prospects over the next five years, capitalising on Cyprus's stability and the UAE's dynamic economy. Dubai, as a thriving business hub, holds paramount importance for Cypriot companies, offering strategic opportunities in trade, finance, and tourism. Emphasising sectors like renewable energy and healthcare, Partasides sees immense potential for growth and societal impact.

To further facilitate Cypriot investors in the UAE, Partasides is spearheading the launch of a Cyprus Business Council in Dubai. This initiative aims to unite Cypriot companies, fostering collaboration and providing a platform for networking and export enhancement to the UAE.

Excerpts from the interview:

What is the latest progress on UAE-Cyprus bilateral trade and investment? Please share some details.

The Republic of Cyprus is currently formulating a revised model of bilateral investment agreements with the UAE. The objective is to shape Cyprus's economic environment into a hospitable investment framework that aligns with the European Union's Investment Policy, providing a sense of protection to investors while safeguarding the interests of the Republic of Cyprus.

Extensive engagements have taken place between the UAE and Cyprus, involving both the President of the Republic and technical working groups, addressing various topics – thematic areas- such as Energy, Education, and Digital Health. Numerous contacts have been established for collaboration, particularly in the Energy sector, with state entities such as ANDOC, ADQ, and TAQA.

The Minister of Energy of Cyprus has actively participated in various events, engaging with counterparts, and recently signed a memorandum of understanding with TAQA's Investment Fund. This collaboration aims to contribute to the efforts for the electrical interconnection between Cyprus and Crete.

How do you see the trade and investment outlook for the next 5 years between the two nations?

The trade and investment prospects between Cyprus and the UAE over the next five years appear to be encouraging. The two countries have already developed strong economic ties and cooperation in many areas, and this trend seems set to continue.

Cyprus, as a European country and an active member of the European Union, provides UAE companies with access to a stable and reliable business environment.

On the other hand, the UAE is one of the most dynamic economies in the Gulf with rich innovation resources.

Overall, deepening trade and investment relations between Cyprus and the UAE seems likely to lead to mutual benefits and growth in the areas of trade, services, and innovation.

What is the importance of Dubai for Cypriots companies and the community?

Dubai, positioned as a major business hub in the Middle East, presents compelling trade and investment opportunities for Cypriot companies. The city's strategic location, well-established infrastructure, and business-friendly environment make it an attractive destination for Cypriot businesses seeking to expand operations, explore new markets, and establish strategic partnerships.

The logistics and connectivity advantages of Dubai further enhance its appeal for Cypriot companies as it facilitates smoother trade operations and positions Dubai as a gateway to broader regional markets.

Dubai's status as a major financial center opens avenues for Cypriot companies to engage with the thriving financial services sector. Simultaneously, the global tourist magnet that Dubai has become offers prospects for Cypriot companies in the tourism and hospitality sector.

Is there any specific sector that you feel presents further potential to develop?

With increasing global emphasis on sustainability, sectors related to renewable energy, green technology, and sustainable practices present opportunities for growth. This aligns with global and regional efforts to address environmental challenges.

The healthcare and biotechnology sectors are critical, and advancements in medical research, pharmaceuticals, and biotech can offer both societal benefits and economic growth opportunities.

What new initiatives you have taken to facilitate Cypriots investors in the UAE?

Our vision is to play a pivotal role in launching a Cyprus Business Council in Dubai, uniting Cypriot companies under a common platform. This initiative is designed to provide a multitude of benefits, particularly in boosting exports to the UAE and it will serve as a platform for networking and collaboration.

— muzaffarrizvi@khaleejtimes.com


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