Cyprus Launches New Shipping Strategy

Image Courtesy: Cyprus Ports Authority

Cyprus is carrying out a new shipping strategy as the country aims to further develop its shipping sector, the Minister of Transport, Communications and Works, Marios Demetriades, noted at the 5th Mare Forum Cyprus 2016.

Namely, Demetriades said that Cyprus shipping has solid grounds to build on and to expand further as he revealed the country is planning to launch “a package of favourable incentives” with a future objective to consolidate and further develop the country’s role in world shipping.

As part of the efforts to enhance Cyprus’ competitiveness, the authorities have procured a study for the shipping industry in cooperation with the private sector. The study proposes measures that would strengthen the Cyprus merchant fleet and shipping cluster.

The outcome and recommendations of the study have been taken into consideration and the implementation of those measures has already begun, according to Demetriades.

Additional measures that are already taking place include the recent engagement of a private firm for the promotion of shipping, the strengthening of regional offices and incentives for business development.

“I am confident that the effective and successful implementation of the new Cyprus Shipping Strategy, along with the restructuring of the Maritime Administration, which is also in progress, will widen the horizons of our shipping industry and create new opportunities for expansion into new markets,” he said.

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