President highlights shipping industry’s vital role in Cypriot economy

President Nikos Christodoulides highlighted the significant role of the shipping industry in Cyprus’ economy during his address on Monday at the opening of the international Maritime Cyprus 2023 conference held in Limassol.

In addition, president Christodoulides underlined the fact that Cyprus is the largest ship management centre in Europe.

The president emphasised that “my presence here underscores the importance the government places on shipping as one of the country’s key economic sectors,” expressing great pride in its substantial development.

Moreover, according to a statement from the presidency, president Christodoulides added that the Cypriot registry ranks 11th globally and 3rd in Europe, with Cyprus serving as the largest ship management centre in Europe.

Furthermore, President Christodoulides highlighted the recent upgrade of Cyprus’ economy to investment-grade status by Moody’s after 12 years, translating into prospects, opportunities, quality investments, and new job opportunities.

He also noted that the government’s efforts extend beyond the development of the registry, focusing on strengthening Cyprus’ role in the international shipping scene.

For this purpose, he explained, Cyprus actively participates in shaping international and European strategies and policies in the maritime industry.

Additionally, President Christodoulides extensively discussed the competitive advantages of Cyprus’ shipping industry and the government’s actions to strengthen the sector through the efforts of the Ministry of Shipping.

He mentioned sending a letter to the UN Secretary-General in August, emphasising the importance of Cyprus, as one of the largest registries, participating in providing services for the transportation of goods to the Black Sea in the event of an international initiative for the Bosporus Straits.

“It is unacceptable for Cyprus to be obstructed by Turkey from participating in the initiative,” he said.

Furthermore, he sent a letter to the President of the European Commission, highlighting the importance of strengthening European shipping and suggesting that all EU policies in maritime transport should fall under an organic structure.

President Christodoulides also stressed the significant importance of the green transition as one of the main challenges in the shipping sector, stating that it is everyone’s duty to contribute constructively to the transition.

Finally, he mentioned that Cyprus places great importance on gender equality in the shipping sector and proposed Despina Theodosiou for the Gender Equality Award of the International Maritime Organisation.

After his address, President Christodoulides presented an award to Kitack Lim, the Secretary-General of the International Maritime Organisation, for his contributions to the shipping sector.