The overall shipping operational and taxation infrastructure in Cyprus has not been affected by issues relating to the loan agreement the government has concluded with the Troika and remains intact, Cyprus President Nicos Anastasiades has assured delegates to the 24h Annual General Meeting of the Cyprus Shipping Chamber, taking place in the southern coastal town of Limassol.
In his address to the AGM, the President pledged that the primary target of the Government is to ensure that financial stability returns to Cyprus, temporary banking restrictions are lifted and appropriate financial incentives are offered in order to revitalise the economy the soonest, adding that with the recent unprecedented financial developments in Cyprus, the shipping sector is invited to play an even more leading role “as it now constitutes a crucial part of the ‘spinal column’ upon which the Cyprus economy will depend in its road to recovery.”

“Foresight, proper planning and hard work are therefore virtues which are now indispensable in our mission to preserve Cyprus’ leading edge,” he added and stressed that “for this precise reason the Government is determined to introduce those mechanisms necessary to protect this important sector, as well as reinforce it further.”

Under these circumstances, he continued, “the creation of an ‘Under-Secretary for Shipping’ position is a must”, noting that “the relevant bill for the creation of this position was submitted in Parliament within the first week of the Government taking office, but due to the unprecedented political pressure that we came under during the intensive negotiations we had to go through with Troika since 15 March, we have not yet been able to follow this matter through.”
With the Loan Agreement now concluded though, he added, “we are ready and willing to proceed very speedily with the relevant parliamentary process in order for the Bill to be approved within the coming weeks.”

Anastasiades called on all political parties to support “this pioneering and very necessary institutional change. We now come to realise that under these extreme circumstances, Merchant Shipping is perhaps the only sector in Cyprus that operates on a global scale and whose size and international importance go far beyond the size of Cyprus as a country. This on its own is a perfectly good reason advocating for the creation of this position.”
Furthermore he said that the presence of many foreign investments in Cyprus creates conditions of increased security, adding that “shipping, as a direct local and foreign investment in Cyprus, must be safeguarded and promoted even more.”

He noted the strength of the Shipping Taxation System “upon which we must build the future of Cyprus Shipping”, pointing out that there is now a great opportunity “to advertise our strengths in order to counterbalance our weaknesses”.

“The Government is ready to initiate or support any such actions,” he added and thanked the Chamber for launching a “Positive Campaign” in Cyprus and abroad, in an effort to promote Cyprus as a reliable maritime centre with a competitive and EU approved Shipping Taxation System, which we shall promote even further.

Anastasiades said that Cyprus Shipping is still faced with the trade prohibitions imposed by Turkey on Cyprus ships calling at Turkish ports. “I commit to you therefore, that the efforts made by the Cyprus Government to end this illegality against our country and EU Shipping at large will be intensified and continue until these illegal restrictions are lifted the soonest,” he noted.

He expressed the state’s appreciation to all delegates “for placing and for continuing your trust in Cyprus and our flag through all these years, especially now amidst these difficult times for Cyprus.”

He said that with his presence at the meeting he expresses the importance that the Government places on Shipping, “as one of the main pillars of the development of the Cyprus Economy” and assured that the co-operation which existed until today between the Government and the private sector with regard to Shipping matters “not only will continue, but it will further be enhanced.”
The President noted that “the Cyprus Shipping Chamber should feel proud as, since its establishment almost a quarter of a century ago, it has been transformed into a very important professional organisation with direct and active participation in the shipping affairs of Cyprus.”

“It has gained the reputation as a reliable interlocutor and the closest co-operator of the Government on issues concerning Shipping, thereby helping Cyprus to improve its infrastructure, its policies and procedures so as to meet the modern demands of International Shipping,” he added, pointing out that “the aim of this Government is to work even closer with the Shipping Chamber, in order for Cyprus not only to preserve its prominent position in world shipping, but also to improve and further develop it.”

He noted that Cyprus is a fully-fledged Maritime Centre, combining both a sovereign flag and a resident shipping industry, which is renowned for its high quality services and standards of safety. Today, he added, the Cyprus Registry is classified as the 10th largest merchant fleet globally and the 3rd largest fleet in the European Union.

“The Cyprus Registry is continuously upgrading its services, in order to offer a high standard of support to its flag users and maintain its reputation as a ‘Flag of Progress and Quality’.  Cyprus, and more particularly Limassol is considered to be the largest third party shipmanagement centre in the European Union, and one of the largest in the world,” Anastasiades said.
He stressed that “shipping is an invaluable asset for Cyprus with significant political, economic and social advantages. Cyprus has established itself as a quality registry and with an effective implementation of the internationally applicable safety, security and environmental protection standards it has built its reputation as a respectful maritime flag and as a base for international shipping operations.”

He said that “shipping is a sector with very big challenges and opportunities which the Cyprus Government, together with competent private organisations, such as the Cyprus Shipping Chamber, has succeeded to exploit with foresight, proper planning and hard work, thereby producing positive results.”

Cyprus, the President concluded, “has all the experience and potential, in terms of both material and human resources, not only to continue to offer high quality shipping services, but also to raise its position even higher as a shipping centre of exceptional importance, with a fully developed infrastructure.”