Kornilios Korniliou: The 7th Doing Business in Cyprus Summit "underscores the immense potential of our bilateral relations"

“This event reflects the close business links between Cyprus and Israel and underscores the immense potential of our bilateral relations,” Cyprus’ Ambassador to Israel Kornilios Korniliou said, addressing the 7th Doing Business in Cyprus Summit currently underway in Tel Aviv.

The major conference by IMH and Invest Cyprus aims to showcase Cyprus as an attractive international business centre.

In his address, Korniliou continued, “Today’s Summit, held during these challenging times, is a testament to the resilience of our peoples. At the same time, I believe that we both, diplomats and businesspeople, agree with Albert Einstein, that in the midst of every crisis, lies great opportunity.”

He went on to note that, “Safeguarding and further strengthening ties between friendly and like-minded countries, becomes even more vital in times of great uncertainty.”

“I am proud to say that throughout this period since the attacks of October 7th, neither flights nor visitors from Cyprus have stopped coming to Israel. In fact, just yesterday, President Christodoulides visited Israel for the second time in the past 16 months,” the Ambassador continued.

As Korniliou pointed out, “As more and more Israelis travel to Cyprus these days with more than 110 flights per week, most of you know that I come from a beautiful island, just 40 minutes away. An island that offers much more than blue skies, amazing beaches and mountain escapes. Not to mention the traditional hospitality and the excellent food.”

“I will not elaborate on the many advantages of doing business with Cyprus since this is the task of the excellent speakers with us today. I would like, however, to emphasize that the Government of Cyprus has developed “Cyprus Vision 2035”, a long-term strategy for sustainable development, aiming to transform Cyprus into one of the world’s best places to live, work and do business,” the Ambassador continued.

As Korniliou underlined in his address, “Cyprus is today a vibrant democracy with a thriving economy and since 2004 a well-respected member of the European Union. At the same time, Cyprus is a credible and a reliable partner in the volatile region of the Eastern Mediterranean. The Republic of Cyprus, as a ‘prisoner of geography’ in an area with so many challenges and risks, has established a bilateral and regional network with the countries of the region - advancing a positive agenda of dialogue, understanding and cooperation, for regional stability, security and prosperity.”

He also noted that “the longstanding partnership between Cyprus and Israel is based on shared values, strategic interests and is characterised by mutual respect. Over the years this relationship has evolved and has become deeper and stronger. Our bilateral cooperation spans a wide range of sectors; from emergency response and defense, to tourism, energy and healthcare, from investments and trade, to technology and innovation.”

“Today,” Korniliou continued, “Cyprus and Israel are linked by a deep friendship that forms the foundation of a strategic partnership. This is a relationship of distinct depth is not only of bilateral importance; its expansion through our Trilateral Cooperation with Greece and the 3+1 framework with the US – and future participation in initiatives like the India - Middle East - Europe – Corridor, strengthen regional security and stability, thus creating prospects for growth and prosperity.”

The Ambassador went on to note, “In the last ten years, there has been enormous progress in our bilateral relations. The Strategic Partnership between Israel and Cyprus is today stronger than ever. Israel is for Cyprus an important country, a strategic partner.”

“At the same time,” he continued, “Cyprus is an important country for Israel in the Eastern Mediterranean, as the war has clearly demonstrated. There is now a deeper understanding of the challenges and opportunities in our region and even greater potential for increased cooperation in many areas. Yet, I see an opportunity to further consolidate our ties.”

As Korniliou highlighted, “Certain economic sectors, such as real estate and tourism, have a long-standing presence and are well developed. The Embassy is focusing primarily on diversification – aiming to stimulate activity in additional sectors and secondly, on encouraging joint ventures. In parallel, we aim to increase the number of Cypriots doing business with Israel.”

He also noted that Israel is today one of the main trading partners of Cyprus and the second most important market for tourism. “Moreover,” Korniliou continued, “Cyprus has, in recent years, emerged as Israel’s third most significant export destination for business services, trailing only the US and the UK. Israel is also one of Cyprus’s most important energy partners.”

As the Ambassador mentioned, trade and investment flows are on an upward trajectory, with considerable potential for further expansion. “Cyprus and Israel can enhance their economic relations further, through the signing of an Agreement for the Avoidance of Double Taxation which has been a key item on our bilateral agenda for some time. Such an agreement would promote cross-border investments, instill additional confidence among investors, and reduce ambiguity,” he added.

As Korniliou noted, “There is also an active Israeli business community in Cyprus that has been steadily growing and enriching our society in multiple ways. It is important to highlight here that business activities in the occupied part of Cyprus pose major risks to investors -including potential legal consequences- and raises ethical considerations, especially given the friendly ties between Cyprus and Israel.”

“We are in a region with significant challenges and promising opportunities. Cyprus has proven to be a reliable partner of Israel and our bonds of friendship serve as a solid basis for unlocking the full potential of this strategic partnership, which today is stronger than ever. We are committed to further consolidating of our ties, expanding our cooperation and achieving more deliverables in business and other key areas,” the Ambassador said, continuing, “Let me conclude by underlining that Cyprus is today a popular and safe destination for Israelis, as well as an excellent location for business.”

Organisers, sponsors, supporters and exhibitors

The “7th Doing Business in Cyprus Summit: Cyprus – The ultimate hub for business work and Lifestyle” is organised by IMH and Invest Cyprus.

Academic Sponsor

• CIM-Cyprus Business School

Sponsors: (with participation in a panel discussion)

• Alpha Bank Cyprus Ltd
• ALTIA
• Bybloserve Management Ltd
• Cyfield
• Frangos & Associates LLC
• Karitzis Legal
• Korantina Homes
• KPMG Cyprus
• PwC Cyprus
• XPADIA

Exhibitors:

• Andreas Demetriades & Co LLC
• Aristo Developers
• bbf
• City of Dreams Mediterranean
• D. Zavos Group
• GoGordian Real Estate
• Leptos Group
• Pafilia
• Perfect Circle Trust Ltd
• Y. Argyrides & Associates LLC

Communication Sponsors:

• GOLD magazine
• IN Business magazine
• CBN- Cyprus Business News portal