Doing Business in Cyprus

Subject (Course) - Foreign Trade and Business in Cyprus. Nicosia

1. Introduction to the Republic of Cyprus (the European Union)
2. The economy of Cyprus: the world's fourth largest ocean fleet
3. Doing Business in Nicosia
4. The Cypriot Foreign Trade
5. Foreign direct investment (FDI) in Cyprus
6. Access to the Cypriot Market
7. Business Plan for Cyprus

Objectives of the subject “Doing Business in Cyprus”:

1. To analyse the Cypriot Economy and Foreign Trade
2. To evaluate business opportunities in the Cypriot Market
3. To analyse the trade relations of Cyprus with the student's country
4. To know the free trade agreements of Cyprus as a member of the European Union (EU)
5. To develop a business plan for the Cypriot Market

Subject Description: Doing Business in Cyprus

The Republic of Cyprus

1. Capital: Nicosia
2. Official Languages: Turkish and Greek
3. Area: 9,251 square kilometres
4. Population: 1.14 millions of people
5. Type of Government: Presidential Republic
6. Nearest countries (by sea): Turkey, Syria and Greece
7. Religion in Cyprus: Orthodoxy (Christianity)
8. Cyprus belongs to the Orthodox Civilisation (European Economic Area)
9. Independence: 1960 (the United Kingdom)
10. Northern Cyprus was occupied by Turkey (1974) creating the Turkish Republic of Northern Cyprus (only recognised by Turkey).

Economy of Cyprus.

1. The services sector is one of the pillars of the economy of the Republic of Cyprus
2. Cypriot Industrial sector employs 25% of the population
3. GDP (nominal): 22,446 millions of dollars
   1. Agriculture: 2%
   2. Industry: 19%
   3. Services 79%
4. GDP per capita: 29,830 dollars
5. Currency: Euro (2008)
6. Cyprus joined the European Union in 2004
7. 2012: rescue of the European Union (17,500 millions of euros)
8. In 2013 a “corralito” was imposed in Cyprus
9. The fleet of vessels registered in Cyprus represents the fourth largest in the world

Cypriot Foreign Trade.

1. Main Cypriot Exports: citrus, cement, potatoes, medicines, dresses
2. Top Trading Partners of Cyprus: Greece, Germany, the United Kingdom, Italy
3. As a member of the European Union, Cyprus is the beneficiary of the Free trade agreements of the EU

International economic relations of Cyprus

1. International Chamber of Commerce
2. Organisation for Economic Cooperation and Development (OECD)
3. European Union
4. Economic Commission for Europe (UNECE)
5. World Trade Organisation
6. World Bank
7. European Investment Bank (EIB)
8. United Nations
9. Group of States of the Council of Europe Convention against Corruption (GRECO)
10. International Monetary Fund (IMF)
11. European Bank for Reconstruction and Development
12. Asia-Europe Economic Meeting (ASEM)
13. Organisation for Security and Cooperation in Europe (OSCE)

Examples of the subject - Foreign Trade and Business in Cyprus: