The United Arab Emirates appears to be showing strong interest in investing in a series of mature and large projects, such as the terminal in Vasilikos, as well as port infrastructure, and has even prepared and presented a relevant roadmap for the implementation of specific projects to the government.
This interest was expressed by both the President of the UAE, Mohammed bin Zayed al Nahyan, during his historic first visit to Cyprus, and the country's Minister of Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi, during his presence at the Cyprus - UAE Business Roundtable that took place in Nicosia last Saturday, 13 December.
It is recalled that during the business forum, which was hosted at the premises of the Cyprus Chamber of Commerce & Industry (CCCI), a Memorandum of Understanding was signed between the Chamber, Invest Cyprus and the Federation of UAE Chambers of Commerce & Industry, which provides for the establishment of the UAE-Cyprus Joint Business & Investment Council.
It is noted that this Council will function as an institutionalised mechanism for bilateral cooperation, with the aim of promoting investments, strengthening business interconnection and establishing a permanent dialogue between the economic actors involved.
Philokypros Roussounides: "They are interested in projects worth hundreds of millions"
However, the strong investment interest from the UAE was confirmed in statements to InBusinessNews by the Secretary General of the CCCI, Philokypros Roussounides, who emphasised that "with the establishment of the UAE-Cyprus Joint Business & Investment Council and the signing of the MoU with the Federation of UAE Chambers of Commerce & Industry, it seems that there will begin to be an exchange of information, project offerings and where they would like to invest in Cyprus."
At the same time, he added, the establishment of the Joint Council will also help Cypriot businesses/companies that want to see projects on a larger scale and vice versa.
According to Roussounides, the interest of the United Arab Emirates is focused mainly on large projects worth hundreds of millions, such as the terminal in Vasilikos, the ports, etc., without, however, the possibility of investments in smaller projects being rejected.
"Their intention and belief, however, is to engage in larger projects," he pointed out.
The CCCI's evaluation
Asked how the CCCI evaluates the intense interest from the UAE in combination with the establishment of the Joint Council, Roussounides stated that "we are one of the trustees and main partners of the Council and hence we signed a relevant Memorandum of Understanding together with the Federation of UAE Chambers of Commerce & Industry and Invest Cyprus."
"I must also say that we are the absolutely institutional and legitimate representative of the business community of Cyprus and abroad, through the Business Council, but also our transnational associations, as well as the legal advisor on economy, trade and industry of the respective government and the state," he continued.
Therefore, Roussounides underlined, "we welcome with great satisfaction both the establishment of the Joint Council and the strong investment interest from the UAE, because we have also actively and substantially contributed to the development of these relations."
At the same time, he added, "we also welcome the government's foreign policy, which in recent months has recorded enormous successes, and the presence of the President of the UAE for the first time in Cyprus, crowns this positive development and, as it seems, future cooperation."
"We will build and invest on this significant visit of the President of the UAE and I think the messages are now clear and therefore we expect that very soon this interest will be translated into actions," the Secretary General of the CCCI concluded.
(Source: InBusinessNews)
