Russian-Cypriot Business and Investment Forum

The Bank of Cyprus was amongst the sponsors of the successful Russian-Cypriot Business and Investment Forum, held on February 10 in Limassol. The Forum was organized by the Cyprus Chambers of Commerce (CCCI), the Chamber of Commerce and Industry of the Russian Federation, the Russian-Cypriot Business Association and the Business Cooperation Council with Europe which is based in Moscow.

The conference featured speeches from the President of the Republic, Demetris Christofias, and the Russian Ambassador to Cyprus, Vyacheslav D. Shumskiv, and was attended by the Russian Deputy Minister of Economic Development of the Russian Federation, Igor Evgenievetich Manilov.

More than 380 people from the investment, banking and other business organizations of both countries took part in the conference.

One of the speakers at the conference was the Deputy Managing Director of the Bank of Cyprus, Mr. Yiannis Kipri, who made reference to Cyprus’ strategic geographical position, which has helped it to develop as a reliable and important international business center, attracting a significant volume of international business and investment. “The favourable tax regime, highly trained staff, stable and reliable financial and legal environment and its entry into the European Union have given Cyprus the opportunity to develop into one of the most attractive destinations in the region for international business and financial organizations,” said Mr. Kypri. He also referred to the longstanding strong political and cultural ties between Cyprus and Russia, which contributed to the development of a significant and equally strong financial relationship.

Mr. Kypri also made reference to the significant contribution of the Bank of Cyprus to the development of Cyprus’ international business sector, through its high-quality levels of service to international organizations, including organizations of Russian interest. These services are offered through departments specialized in international business within the Bank of Cyprus Group. Additionally, the extensive network of its subsidiary, Uniastrum Bank, which is present in all Russian cities, offers the opportunity for further development of business relationships between Russia and Cyprus.

Mr. Kypri also spoke of the latest developments regarding the discovery of natural gas reserves in Cyprus Exclusive Economic Zone, and the favourable prospects that this has created for Cyprus, by placing it in the epicenter of the developments within the energy sector. He also stressed that he expects Russian companies to express an interest for the next licensing round for the Cypriot EEZ, since Russia is one of the major players in the international energy market, thus further strengthening the already strong economic ties between Cyprus and Russia.

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