Doing Business in Cyprus (Saudi edition)
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DOING BUSINESS C YPRUS<br />
38<br />
SAUDI ARABIA EDITION<br />
bus<strong>in</strong>esses to establish their European and International headquarters. Additionally,<br />
the <strong>Cyprus</strong>-<strong>Saudi</strong> <strong>Bus<strong>in</strong>ess</strong> Association that has been <strong>in</strong>itiated <strong>in</strong> October 2020 under<br />
the auspices of the <strong>Cyprus</strong> Chamber of Commerce aims to create new opportunities for<br />
partnership between bus<strong>in</strong>esspeople <strong>in</strong> both countries as well as further strengthen<strong>in</strong>g<br />
the bus<strong>in</strong>ess relations by operat<strong>in</strong>g as a bridge between <strong>Saudi</strong> and <strong>Cyprus</strong>. It’s an<br />
official platform that mutually benefits economic and trade relations. Similarly, The<br />
Federation of <strong>Saudi</strong> Chambers of Commerce and the <strong>Cyprus</strong> Chamber of Commerce<br />
recently signed a cooperation agreement to establish a <strong>Saudi</strong>-Cypriot <strong>Bus<strong>in</strong>ess</strong> Council<br />
to further enhance our bus<strong>in</strong>ess bond.<br />
<strong>Saudi</strong> Arabia’s Green Initiative is part of the K<strong>in</strong>gdom’s<br />
Vision 2030, what k<strong>in</strong>d of strategic trade and <strong>in</strong>vestment<br />
opportunities are emerg<strong>in</strong>g from this new vision?<br />
The <strong>Saudi</strong> government has an ambitious plan to steer the K<strong>in</strong>gdom away from its<br />
dependence on oil. <strong>Saudi</strong> Arabia’s Crown Pr<strong>in</strong>ce Mohammed b<strong>in</strong> Salman has<br />
announced the <strong>Saudi</strong> Green Initiative and the Middle East Green Initiative, which are<br />
programmes that aim to reduce carbon emissions by 60% and plant 50 billion trees <strong>in</strong><br />
the region. The K<strong>in</strong>gdom fully recognises its share of responsibility <strong>in</strong> advanc<strong>in</strong>g the<br />
efforts aga<strong>in</strong>st the climate crisis by lead<strong>in</strong>g the world’s largest afforestation project.<br />
Be<strong>in</strong>g a leader <strong>in</strong> the energy markets<br />
dur<strong>in</strong>g the oil and gas era, the K<strong>in</strong>gdom<br />
aims to become a global leader <strong>in</strong> forg<strong>in</strong>g<br />
a greener world, which is a strategic<br />
target <strong>in</strong> <strong>Saudi</strong>’s Vision 2030. The Crown<br />
Pr<strong>in</strong>ce’s Vision 2030 is a social and<br />
economic strategic reform project laid by<br />
the K<strong>in</strong>gdom of <strong>Saudi</strong> Arabia to diversify<br />
IThe friendly and mutually<br />
reward<strong>in</strong>g bilateral relationship<br />
between <strong>Saudi</strong> Arabia and<br />
<strong>Cyprus</strong> has grown considerably<br />
over the last years
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