Cyprus entrepreneurs strengthen new bridge to Middle East
As the summer season of 2009 in Cyprus closes out, few business leaders on the Island of Cyprus witnessed any significant growth as the global economic trickle down effects on Cyprus have put pressure on many balance sheets on the island.
Cyprus is now a member of EU and has diversified its balanced economic activities through its highly educated work force and low corporate tax.
The sectors that seem to have been tested over the past 18 months are construction, tourism and real estate.
This gradual drop in commercial activity does not make Cyprus unique in the world, as the global credit market has affected these sectors in almost every nation.
The government policies have shifted in a positive way to fuel the economy with promises of incentives for Foreign Direct Investment in Cyprus to encourage international business to set up shop on the Island.
However, the most notable new frontier, announced by the President of the Republic, is to strengthen ties with the Middle East.
Cyprus enjoys an enviable position on the world map when viewed by any investor in the Middle East.
It lies just at the edge of the eastern side of the Mediterranean Sea, allowing investors from Dubai to reach Cyprus within a 3-hour flight.
Beirut, Lebanon is all but a 25-minute journey from Larnaca Airport.
Recently, a project introducing the Bridge from Cyprus to the Middle East, the Cyprus Investment Festival, was featured in a series of promotions and seminars in downtown Beirut in an effort to educate investors on the advantages of investing in Cyprus.
“ Cyprus can no longer ignore the vast opportunity to position itself as a safe have to the region” says Michael J. Tolan, CEO of World Class Group. The Middle East cannot ignore the opportunity that Cyprus provides to Investors.” "Cyprus offers stability, security and friendly corporate environment, an ideal trading neighbor for the Middle East." he said.
“As the world becomes a smaller place through air links and Internet connectivity, Cyprus will emerge throughout the region as go to destination for business and investment,”
World Class Group is no stranger to Cyprus or the Middle East, the PR and Communications Company have had offices in Beirut for the past 16 years.
World Class Group are the pioneers and founders of the Cyprus Investment Festival and have plans to tour the region later on the year in Dubai, Saudi, Kuwait and Qatar, joined by Cyprus business entrepreneurs to promote the advantages of Cyprus to investors.
“Cyprus will prosper from new relationships in commerce and trade that it establishes now in the Middle East. The time for action is now,” he said.
