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The prospects of business and trade cooperation between Cambodia and the Larnaca Chamber of Commerce and Industry were discussed at a meeting between the two on Thursday.

“The meeting took place on Wednesday 13 April, at the initiative of ESCAP (National Committee on Economic & Social Commission for Asia and the Pacific), between the President of the Larnaca Chamber of Commerce Stavros Stavrou and a delegation of the Chamber, with official envoys from Cambodia,” the chamber said in a statement.

larnaca cambodia

“The mission consisted of the Advisor to the Prime Minister of Cambodia and senior officials of the Ministry of Foreign Affairs,” the statement added.

Furthermore, the chamber explained that during the meeting, they were informed about the effects of the pandemic and the degree of impact on the economies of the two countries and the upcoming prospects.

Each country’s key sectors of economic activities, primary exports, as well as any emerging sectors for investments were also discussed.

The Cambodian representatives also briefed the Cypriot delegation on the new investment law and the relevant policies and facilities they have implemented in their country to attract foreign investors.

“The meeting was the first step taken in order to explore the possibilities and prospects of business and trade cooperation between the two countries,” Stavrou said.

“The Larnaca Chamber of Commerce is open for collaborations so that the companies of the city and the district can strengthen their extroversion and competitiveness,” he added.

 

Finance Minister Constantinos Petrides on Thursday signed the funding agreement for the assignment of the management of the Cyprus Equity Fund by the European Investment Fund (EIF).

An announcement from the Ministry of Finance stated that the signing marks the successful conclusion of many months of negotiations between the Ministry of Finance and the EIB, as well as the start of the selection process for the fund manager from the market, which is expected to be completed by the end of the year.

The EIF is a leading investor in the European venture capital market and focuses on creating and supporting a sustainable business participation ecosystem that supports innovation and entrepreneurship across Europe.

To achieve this goal, the EIF plans, coordinates and implements various actions and financial tools.

In this context, it has undertaken the management of respective investment funds in many European countries and is able to showcase significant know-how in emerging markets, including Cyprus.

The Cyprus Equity Fund will invest mainly in start-ups and innovative Cypriot companies, thus addressing the financial gaps identified in the Cypriot high-risk financing market.

The financing agreement provides for a state contribution to the fund of €30 million, an amount that will be supplemented by private funds.

“The assignment of the management of the selection process of the fund manager and the monitoring of the operation of the fund by the EIB, ensures the successful development and operation of the fund towards the objectives set in the government’s investment strategy,” the ministry said.

The project is primarily funded by the Cyprus Recovery and Resilience Plan, with additional funding from the EU’s Jeremie Initiative (Joint European Resources for Micro to Medium Enterprises).

 

Real estate market stakeholders on Thursday expressed optimism about the sector, as well as its contribution to the Cypriot economy, during a property conference held in Nicosia.

The conference included speakers from the Department of Town Planning and Housing, the Central Bank of Cyprus, property associations, as well as representatives from property development companies.

property conference

Moreover, the conference was addressed by Interior Minister Nicos Nouris, Cyprus Chamber of Commerce and Industry (Keve) president Christodoulos Angastiniotis, Hellenic Property Federation (Pomida) president Stratos Paradias, as well as FMW managing director Iosif Iosif.

Natasa Kaspari, a senior planning officer at the Department of Urban Planning and Housing, delivered the greeting of the Interior Minister.

In his greeting, Nouris stressed the great contribution of the real estate sector to the country’s GDP and labour market, while also emphasising the sector’s sensitivity to socio-economic changes.

“There is a need for models that are resilient and adaptable to ever-changing economic, social and political conditions, at both national and international level,” Nouris said.

“An important priority of the government is the creation of an environment of stability and security for economic activity, as well as the promotion of balanced growth, job preservation and, most importantly, the assurance of people’s quality of life,” he added.

 

The Cyprus Stock Exchange (CSE) ended Thursday, April 14 with profits.

The main Cyprus Stock Market Index was at 68.63 points at 12:48 during the day, reflecting a rise of 0.82 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 41.31 points, which represents an increase of 0.85 per cent.

The total value of transactions came up to €128,849.

In terms of the sub-indexes, the main and alternative indexes rose by 0.64 per cent and 0.8 per cent respectively.

The hotel index fell by 0.16 per cent, while the investment firm index remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (+2.13 per cent), Atlantic Insurance (+1.57 per cent), the Cyprus Cement Company (-0.76 per cent), Logicom (+0.51 per cent) and Salamis Tours (+2.65 per cent).

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