DOING BUSINESS C YPRUS 18 SAUDI ARABIA EDITION INSIGHT M<strong>in</strong>ister of Energy, Commerce and Industry Natasa Pilides
DOING BUSINESS C YPRUS 19 SAUDI ARABIA EDITION <strong>Cyprus</strong> and <strong>Saudi</strong> Arabia are currently deepen<strong>in</strong>g their bilateral ties <strong>in</strong> terms of trade and <strong>in</strong>vestment. Which sectors of the <strong>Cyprus</strong> economy could provide the most <strong>in</strong>vestment potential for <strong>Saudi</strong> Arabia at the moment? How can <strong>Cyprus</strong> facilitate more bus<strong>in</strong>ess and make itself even more attractive to <strong>Saudi</strong> <strong>in</strong>vestors? The bilateral ties between <strong>Cyprus</strong> and <strong>Saudi</strong> Arabia have certa<strong>in</strong>ly come a long way <strong>in</strong> recent years. In fact, the two countries are constantly grow<strong>in</strong>g closer, especially follow<strong>in</strong>g the creation of the <strong>Cyprus</strong>-<strong>Saudi</strong> <strong>Bus<strong>in</strong>ess</strong> Association and, more recently, with the visit to the K<strong>in</strong>gdom of <strong>Saudi</strong> Arabia, <strong>in</strong> March 2022, of the President of the Republic of <strong>Cyprus</strong>, Nicos Anastasiades, for official talks with His Royal Highness Pr<strong>in</strong>ce Mohammed b<strong>in</strong> Salman b<strong>in</strong> Abdulaziz Al Saud, Crown Pr<strong>in</strong>ce, Deputy Prime M<strong>in</strong>ister and M<strong>in</strong>ister of Defence. The whole spectrum of bilateral relations, as well as ways to develop them further, were reviewed dur<strong>in</strong>g the visit, along with the mutual strategic pursuit of creat<strong>in</strong>g a fertile and motivat<strong>in</strong>g environment for bilateral <strong>in</strong>vestment, <strong>in</strong> several sectors. This could be achieved through launch<strong>in</strong>g several jo<strong>in</strong>t <strong>in</strong>itiatives, <strong>in</strong>clud<strong>in</strong>g <strong>in</strong> the fields of civil aviation, energy, maritime and air transport, ports, food, medic<strong>in</strong>e, digitalisation, cyber security and f<strong>in</strong>ancial services. Significant potential exists for both countries to enjoy sizable benefits from such bilateral collaborations. In this regard, the Republic of <strong>Cyprus</strong> and the K<strong>in</strong>gdom of <strong>Saudi</strong> Arabia are work<strong>in</strong>g together towards promot<strong>in</strong>g a series of bilateral trade and <strong>in</strong>vestment agreements. <strong>Cyprus</strong> welcomes the K<strong>in</strong>gdom’s launch of the <strong>Saudi</strong> Green and the Middle East Green Initiatives. Opportunities for cooperation <strong>in</strong> implement<strong>in</strong>g <strong>Saudi</strong> Vision 2030 and <strong>Cyprus</strong> Vision 2035, are <strong>in</strong> fact immense, as jo<strong>in</strong>t projects are possible <strong>in</strong> a number of energy related fields, such as petrochemicals, energy efficiency, electricity production, renewable energy, clean technologies for hydrocarbons, and low-carbon fuels, <strong>in</strong>clud<strong>in</strong>g hydrogen. Be<strong>in</strong>g a robust tourist dest<strong>in</strong>ation, <strong>Cyprus</strong> has attracted the <strong>in</strong>terest of lead<strong>in</strong>g <strong>in</strong>vestment groups to expand their <strong>in</strong>ternational presence <strong>in</strong> the country. The National Tourism Strategy 2030 provides for several <strong>in</strong>vestment opportunities, <strong>in</strong>clud<strong>in</strong>g development <strong>in</strong> mounta<strong>in</strong> and remote regions, and <strong>in</strong>volves diversify<strong>in</strong>g the country’s offer<strong>in</strong>g <strong>in</strong> order to promote susta<strong>in</strong>able tourism. Moreover, the comb<strong>in</strong>ation of a robust private health sector and <strong>in</strong>ternationally acclaimed medical research and health professionals, as well as the roll-out of a ISignificant potential exists for both countries to enjoy sizable benefits from such bilateral collaborations. In this regard, the Republic of <strong>Cyprus</strong> and the K<strong>in</strong>gdom of <strong>Saudi</strong> Arabia are work<strong>in</strong>g together towards promot<strong>in</strong>g a series of bilateral trade and <strong>in</strong>vestment agreements.