Cyprus Business Now: weekly wrap-up

• Here’s a summary of the top business news stories from the week starting April 10:

Cyprus’ trade deficit soared by €1 billion in the first two months of 2023, reaching €1.87 billion compared to €868.2 million in the same period last year.

Cyprus’ Deputy Minister pledges support for Larnaca’s tourism development, announcing that the government will launch a series of measures to help revitalise the city.

Cyprus is seeking to boost business ties with Cambodia, as officials from both countries discussed potential investment opportunities and cooperation in various sectors.

Invest Cyprus, the government’s investment promotion agency, has appointed a new Chief Executive, who is expected to help attract foreign investment and support the country’s economic growth.

Cypriot tourism enjoyed an Easter boom, with hotels absorbing higher costs and reporting strong occupancy rates despite the ongoing pandemic.

A Cypriot firm has partnered with the Finance Ministry to develop a real estate analytics tool that aims to help policymakers and developers make informed decisions about property investments.

Cyprus’ real estate agents have called on the government to provide support for the industry, as they struggle to compete with unlicensed and unregulated intermediaries.

Cyprus’ tourism sector should focus on sustainable development to meet the challenges posed by the pandemic and the changing needs of tourists, according to a report by the Cyprus Sustainable Tourism Initiative.

Cyprus’ Energy Minister explores options for expediting gas extraction, including a potential deal with a foreign company to carry out drilling in the island’s offshore reserves.

The International Monetary Fund predicts that Cyprus’ economy will grow by 2.5 per cent this year, thanks to the country’s recovery from the pandemic and ongoing reforms.

A Cypriot company has received a major investment to develop microRNA therapeutics, which could help treat a range of diseases including cancer.

The UK imposed sanctions on Cypriot financial fixers accused of helping oligarchs hide assets, as part of a broader effort to crack down on illicit financial activities.

The US welcomed cooperation with Cyprus on sanctioned individuals, as officials from both countries discuss efforts to combat money laundering and other financial crimes.