“Cyprus is also a highly attractive business destination. It is a modern EU Member State with a thriving economy, a business-friendly environment and access to the European single market.
At the same time, its geographical location and extensive diplomatic network make it a valuable partner in a region where dialogue, stability and cooperation are more important than ever. The partnership between Cyprus and Israel is a point of reference in this regard. Over the years, our relationship has evolved into a deeper, stronger, and more strategic partnership,” Kornelios S. Korneliou said in his opening address at the 8th Cyprus-Israel Business and Investment Summit in Tel Aviv, during a conference called “Cyprus: The Premier Destination for Business, Working & Living” which took place on Tuesday.
Korneliou said that the day’s task was to not only “celebrate the strength of our relationship, but also to explore how we can translate this friendship and strategic partnership into concrete economic opportunities for our businesses and our people.”
He said that the Summit reflected the close business links between Cyprus and Israel and highlighted the immense potential of our bilateral relations, especially looking at the increased numbers of Israelis travelling to Cyprus through around 200 flights taking place weekly.
“Cyprus is also a highly attractive business destination,” Korenliou said, adding that it is a modern EU Member State with a thriving economy, a business-friendly environment and access to the European single market.
“At the same time, its geographical location and extensive diplomatic network make it a valuable partner in a region where dialogue, stability and cooperation are more important than ever,” he highlighted.
The two countries’ bilateral cooperation spans a wide range of sectors that include emergency response, defence, tourism, energy, healthcare, investment, technology, and innovation.
“Our partnership with Israel is further strengthened through the Trilateral Cooperation of the two countries with Greece,” the Ambassador said, referring to December’s 10th Summit of the Leaders of Israel, Cyprus and Greece that took place in Jerusalem.”
He then discussed the Leaders’ Summit in Jerusalem. “This was a major step towards translating political trust into practical initiatives and new business opportunities.” The trilateral cooperation is also supported by the US through the 3+1 Cooperation Mechanism, the Ambassador pointed out.
“Turning to our economic relations, real estate and tourism remain important pillars of our established cooperation. However, our ambition is to broaden and diversify this relationship. We want to encourage more Cypriot companies to engage with the Israeli market, foster joint ventures and develop partnerships in research, innovation, technology, and other sectors where our countries have complementary strengths,” he said.
Weighing in on ways to develop this partnership further, Korneliou said that “one principal issue that remains on our bilateral agenda is the conclusion of an Agreement for the Avoidance of Double Taxation. Such an agreement could provide greater tax certainty, facilitate cross-border investment, and create a more predictable framework for businesses operating in both countries. Progress on this issue would send a positive signal to the business communities of Cyprus and Israel and strengthen investor confidence.”
Continuing, he said there is also “an active Israeli business community in Cyprus which is a welcome reflection of the opportunities our country offers. At the same time, I would like to underline the importance of legal certainty and due diligence. Business and property transactions in the occupied areas of Cyprus may expose investors to significant legal and financial risks, including potential legal consequences.”
Concluding his statements, Korneliou said that the challenge which remains is to “translate these advantages into practical results: more partnerships between our businesses, greater investment, new joint ventures, and stronger cooperation in the sectors that will shape our future.
