House President pledges Parliament’s continued support for shipping industry

President of the House of Representatives Annita Demetriou reaffirmed the Parliament's unwavering commitment to the advancement of the shipping sector, addressing the 35th Annual General Meeting of the Cyprus Shipping Chamber.

Demetriou highlighted the collaborative efforts with all stakeholders to enhance the industry’s growth and sustainability.

"The Parliament has consistently supported all legislative efforts pursued by the Executive to develop specialised regulatory frameworks," Demetriou said. She added that these frameworks are designed to facilitate the establishment of companies under the Cyprus flag and to bolster navigation safety and marine environmental protection.

In her address on 21 May, Demetriou emphasised the increasing prioritisation of shipping and maritime issues within the Parliament's agenda, particularly through international engagements. "We also affirm our readiness to contribute constructively to the forthcoming challenges and trends in the shipping industry and Cyprus's broader maritime sector," she said. She referred to efforts towards the green and digital transformation of the industry, attracting skilled young professionals, and ensuring adequate representation of women in the sector.

Demetriou also pointed out the priority of resuming negotiations on the Cyprus issue within the United Nations framework. As she explained, a fair, functional, and viable solution was essential for revitalising Cyprus's economic sectors, including shipping.

Expressing confidence in the sector's direction, Demetriou praised the strategic vision aimed at transforming Cyprus into a significant contributor to maritime policy and a sustainable shipping hub. "We express our gratitude for your dedication, hard work, and accomplishments," she said, acknowledging the sector’s resilience and growth despite global challenges.

She added that despite the complexities arising from the post-pandemic recovery, EU-Russia tensions, the Middle East crisis, and the long-standing Turkish embargo, Cyprus's shipping sector has shown impressive resilience. The Cyprus fleet ranks 11th worldwide and 3rd in the EU, contributing nearly 7% to the national GDP, equating to €623 million in 2023 through ship management alone. The industry also enhances local employment, representing 2% of the workforce, supported by robust maritime infrastructure, a favorable tax regime, and a skilled multilingual workforce.

"The numbers are impressive, highlighting shipping as one of the most successful and dynamic industries on our island," Demetriou noted. She attributed these achievements to the professionalism and commitment of the people and stakeholders within the Cyprus shipping industry.

Demetriou praised the Cyprus Shipping Chamber for its outstanding work over the past 35 years, transforming Cyprus into a credible and high-performing maritime hub.

(Source: CNA)