Cyprus Business Now

The Cyprus Chamber of Commerce and Industry (Keve) this week announced that a tripartite business mission to Almaty, Kazakhstan is set to take place on 16-19 May 2023.

The mission, which will be led by the Minister of Energy, Trade and Industry, George Papanastasiou, as part of his visit to attend the “EU-Central Asia Economic Forum” event, is being organised by the Cyprus Chamber of Commerce and Industry, in collaboration with the Ministry of Commerce and the Cyprus-Kazakhstan Business Association.

Keve stated that the business forum will provide participating companies with the opportunity to enter the large economic market of Kazakhstan, as the Double Taxation Avoidance Agreement was signed between the Republic of Cyprus and Kazakhstan in 2019.

The mission will primarily focus on the services, technology (ICT), investment funds, and oil and gas sectors, with efforts being made to attract relevant entrepreneurs for all participating companies.

According to the Chamber of Commerce, there will be a limited number of places with a maximum number of 20 companies.

This presents an excellent opportunity for companies looking to expand their business in Kazakhstan and build new connections in the region.

The Industrial Producer Price Index in Cyprus experienced an annual increase of 16.5 per cent in March, demonstrating a continuation of the rise in prices across various industries, according to a report released on Friday by the Cyprus Statistical Service (Cystat).

The index reached 143.1 points (base 2015=100) in March 2023, indicating a 2.1 per cent increase compared to February 2023.

This marks consecutive double-digit rate increases since July 2021, and for the period of January-March 2023, the index showed an 18.7 per cent increase compared to the same period in 2022.

Moreover, according to the Statistical Service, the index records the evolution of prices in the industries that make up the index.

The sectors of electricity supply and mines and quarries have recorded the most significant increases, with 39.4 per cent and 18.2 per cent, respectively.

The manufacturing sector also saw an increase of 10.1 per cent, while the sector of water supply and material recovery showed a decrease of 4.2 per cent.

In terms of economic activities, all manufacturing sectors saw an increase in March 2023 compared to the corresponding month of the previous year.

Other non-metallic mineral products had the most significant increase at 21.3 per cent, followed by the food and beverage industry with 12.0 per cent, the manufacture of paper and paper products and printing with 10.6 per cent, the manufacture of rubber and plastic products at 8.4 per cent, and the manufacture of furniture, other manufacturing activities, and repair and installation of machinery and equipment with 8.4 per cent.

Lastly, the manufacture of machinery and equipment, motor vehicles, and other transport equipment saw an increase of 7.6 per cent.

The Cyprus Stock Exchange (CSE) ended Friday, April 28 with losses.

The general Cyprus Stock Market Index was at 106.44 points at 13:25 during the day, reflecting a decrease of 0.49 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 64.35 points, representing a drop of 0.51 per cent.

The total value of transactions came up to €36,296.

In terms of the sub-indexes, the alternative index fell by 0.24 per cent, while the main index dropped by 0.75 per cent.

The hotel and investment firm indexes also dropped, falling by 0.26 per cent and 0.94 per cent respectively.

The biggest investment interest was attracted by the Bank of Cyprus (+2.08 per cent), Hellenic Bank (-3.09 per cent), Atlantic Insurance (-4.4 per cent), Lordos Hotels (no change), and Petrolina Holdings (-0.87 per cent).