DOING BUSINESS C YPRUS 18 UNITED ARAB EMIRATES EDITION INSIGHT M<strong>in</strong>ister of Energy, Commerce and Industry Natasa Pilides
DOING BUSINESS C YPRUS 19 UNITED ARAB EMIRATES EDITION <strong>Cyprus</strong> and the <strong>UAE</strong> have a strong partnership <strong>in</strong> multiple areas, which sectors are provid<strong>in</strong>g the most <strong>in</strong>vestment potential at the moment? How can <strong>Cyprus</strong> facilitate more bus<strong>in</strong>ess from the <strong>UAE</strong> and make itself even more attractive to <strong>in</strong>vestors from the Emirates? <strong>Cyprus</strong> and the <strong>UAE</strong> ma<strong>in</strong>ta<strong>in</strong> a structured cooperation, which is now witness<strong>in</strong>g a significant expansion <strong>in</strong> bilateral political and economic ties. Both countries have signed several bilateral agreements on Avoidance of Double Taxation, Economic and Technical Cooperation and Reciprocal Promotion and Protection of Investments (prepared and will be signed soon), whilst also hav<strong>in</strong>g established <strong>in</strong> 2020 a Jo<strong>in</strong>t Committee of Cooperation. More recently, a Jo<strong>in</strong>t Declaration on the Establishment of Comprehensive Strategic Partnership, a Memorandum of Understand<strong>in</strong>g on Cooperation <strong>in</strong> the field of Maritime Transport, a Memorandum of Understand<strong>in</strong>g on Cyber Security Cooperation and a Memorandum of Understand<strong>in</strong>g <strong>in</strong> the Field of Diplomatic Tra<strong>in</strong><strong>in</strong>g, have been signed. Over the past few years, <strong>Cyprus</strong> has seen more <strong>in</strong>terest from the United Arab Emirates <strong>in</strong> terms of <strong>in</strong>vestments <strong>in</strong> the services sector, which materialised for example through the award to DP World, a <strong>UAE</strong> Government entity, of a 25-year concession to operate the multi-purpose port term<strong>in</strong>al <strong>in</strong> Limassol <strong>in</strong> April 2016. Overall, <strong>Cyprus</strong> is also record<strong>in</strong>g high numbers <strong>in</strong> new company registrations, foreign bus<strong>in</strong>esses relocations and funds and property <strong>in</strong>vestments. <strong>Cyprus</strong>’ competitive advantages lie <strong>in</strong> a comb<strong>in</strong>ation of factors that jo<strong>in</strong>tly make the island a unique fund jurisdiction; these are <strong>Cyprus</strong>’ European status and access to the European markets, the country’s ability to offer a cost-effective solution and its geostrategic position. It goes without say<strong>in</strong>g that flexibility, transparency, quality and efficiency are also vital and essential pillars of the <strong>Cyprus</strong> fund <strong>in</strong>dustry, which fund managers and <strong>in</strong>vestors can benefit from. On the other hand, Cypriot <strong>in</strong>dustrial products are attract<strong>in</strong>g considerable <strong>in</strong>terest from <strong>UAE</strong> companies <strong>in</strong> the fields of pharmaceutical, food, agriculture and build<strong>in</strong>g materials. Form<strong>in</strong>g the bridge between Europe, Africa and Asia, <strong>Cyprus</strong> can certa<strong>in</strong>ly serve as an ideal location for United Arab Emirates’ bus<strong>in</strong>esses to establish their European and regional offices. <strong>Cyprus</strong> is IForm<strong>in</strong>g the bridge between Europe, Africa and Asia, <strong>Cyprus</strong> can certa<strong>in</strong>ly serve as an ideal location for United Arab Emirates’ bus<strong>in</strong>esses to establish their European and regional offices. ideally suited for <strong>in</strong>ternational bus<strong>in</strong>ess due to the numerous benefits it has to offer, <strong>in</strong>clud<strong>in</strong>g a simple, modern and transparent tax, legal and regulatory framework, a broad range of high-quality professional and f<strong>in</strong>ancial services and high quality of life.