The Ministry of Communications and Works and the Department of Merchant Shipping, with the active involvement and support of the Shipping Chamber, CIPA and other related bodies, commissioned a "Strategy Study on Cyprus Shipping”, the President stated at the official dinner of the Cyprus Shipping Chamber, held in Nicosia

“I understand from Minister Demetriades that the study is nearing completion and I am, therefore, eager to learn about its findings and see a well-structured `Shipping Strategy` being designed, in order to take Cyprus Shipping into the future” he added.

Nicos said he was grateful to the shipping industry, which had managed to help support the economy through the crisis. The sector had managed to escape the brunt “through fully utilizing the comparative advantages Cyprus offers to the shipping industry”.

The measures include competitive ship registration costs and annual tonnage taxes, a favorable tax regime for ship management and other international business enterprises, and generally low operational and construction costs, coupled with Cyprus’ strategic location, and highly qualified and professional workforce.

Meanwhile, the president of the Cyprus Union of Shipowners George Mouskas said that shipping, along with tourism, are the two sectors where one can currently see growth potential in Cyprus after the severe blow to the island’s financial sector.