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Cyprus Business Summit India 2022

Cyprus’ trade deficit increased by 22.79 per cent year-on-year in the period January-April 2022, according to preliminary data published on Thursday by the Cyprus Statistical Service (Cystat).

The deficit amounted to €2.24 billion, compared to €1.82 billion during the corresponding period of 2021.

The total imports of goods (from EU Member States and from third countries) for the period January-April 2022 stood at €3.31 billion compared to €2.62 billion during the previous year, recording an increase of 26.3 per cent.

Total exports of goods (to EU Member States and third countries) for the period January-April 2022 stood at €1.07 billion, compared to €801.1 million in 2021, an increase of 34.4 per cent.

According to preliminary data, the total imports of goods in April stood at €838 million compared to € 694.8 million in April 2021, recording an increase of 20.6 per cent.

The total exports in the same month reached €283.9 million compared to €242.1 million in April 2021, recording an increase of 17.3 per cent.

Imports from other EU Member States in April 2022 stood at €527.9 million and from third countries €310 million, compared to €495.5 million and €199.3 million respectively during the previous year.

 

George Pamboridis, founder and senior partner at the eponymous law firm, earlier this week said that Cyprus is an attractive base of operations for Indian business people who wish to establish their presence in the European Union.

One of the core arguments that Pamboridis made revolved around the fact that Cyprus and India have similar legal and judicial systems in place.

“The fact that Cyprus is a member of the European Union makes the country a safe and stable location for business people and investors, who want access to the large EU market,” Pamboridis said.

Pamboridis’ comments came during the Cyprus Business Summit India 2022 which took place in Mumbai on Tuesday.

Among other things, the summit highlighted how Cyprus is fast becoming one of the top emerging information technology and investment fund centres in Europe, boosted by its capacity to offer access to other high-growth markets.

 

The Cyprus Stock Exchange (CSE) ended Thursday, June 9 with losses.

The main Cyprus Stock Market Index was at 71.69 points at 12:47 during the day, reflecting a drop of 0.29 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 43.01 points, which represents a decrease of 0.32 per cent.

The total value of transactions came up to €17,084.

In terms of the sub-indexes, the main, alternative, investment firm and hotel indexes fell by 0.55 per cent, 0.06 per cent, 1.91 per cent and 0.76 per cent respectively.

The biggest investment interest was attracted by the Bank of Cyprus (+0.44 per cent), Logicom (-1.09 per cent), Louis Plc (-3.8 per cent), Demetra (-2.06 per cent) and Leptos Calypso Hotel (-9.57 per cent).

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