Cyprus-China bilateral trade more than doubles in 2022

Bilateral trade between China and Cyprus in the first nine months of 2022 was worth €651 million and has more than doubled compared with last year with a hike of 54.9 per cent.

There are also ongoing investment projects in the area of energy, Chinese embassy officials said at a news conference on Friday.

Deputy Chief of Mission and Political Counsellor, Wang Sheng, said that China upholds the concept of building a “community of shared future” in its relations with Cyprus.

“China and Cyprus have a lot in common. Adherence to the ‘One China’ and ‘One Cyprus’ policy is a clear consensus of our governments and societies. Development is our common goal. Defending multilateralism and the international system with the UN at its core is our common pursuit” he said.

Commercial Counsellor Li Yaohui said that China encourages companies to invest in Cyprus. He also noted that works for an LNG terminal at Vassiliko, involving a Chinese company, were progressing smoothly.

He referred to another company in the electricity sector investing in a power plant in Cyprus, also in the area of Vassilikos, while the project, expected to start next year, is estimated at around €78m.

More discussions are ongoing for solar and wind power generation in two projects in Nicosia and Limassol, Li said.