Bet­ter po­lit­i­cal, eco­nomic ties with Saudi Ara­bia

Financial Mirror (Cyprus) - - FRONT PAGE -

Pres­i­dent Ni­cos Anas­tasi­ades said that his de­ci­sion to ap­point a res­i­dent Am­bas­sador to the King­dom of Saudi Ara­bia was a step which re­flects Cyprus’ de­sire to deepen po­lit­i­cal, eco­nomic and diplo­matic ties with the coun­try.

Re­ceiv­ing the cre­den­tials of Saudi Am­bas­sador Es­sam Ibrahim Bait Al­mal, he as­sured him that de­spite the ef­fect of the eco­nomic cri­sis, the gov­ern­ment was de­ter­mined to con­tinue to work hard to re­struc­ture and re­form the econ­omy.

He pointed out that Cyprus re­mains a des­ti­na­tion with great po­ten­tial for in­vest­ments due to its diver­si­fied open-mar­ket econ­omy, its strate­gic lo­ca­tion at the cross­road of three con­ti­nents, its well-de­vel­oped in­fra­struc­ture, com­pet­i­tive tax sys­tem and highly-qual­i­fied hu­man cap­i­tal. He added that, the po­ten­tial em­a­nat­ing from the dis­cov­ery of hy­dro­car­bons in Cyprus’ Ex­clu­sive Eco­nomic Zone (EEZ), has opened new op­por­tu­ni­ties and en­hanced the role that Cyprus seeks to play in its greater neigh­bour­hood.

“In re­cent years, our two coun­tries have been work­ing to im­prove the frame­work for pro­mot­ing trade and eco­nomic re­la­tions. Ne­go­ti­a­tions for a Dou­ble Tax­a­tion Agree­ment be­gan in 2014. The po­ten­tial be­tween us is con­sid­er­able and has to be fur­ther ex­plored”, stressed the Pres­i­dent.

On his part, the new Am­bas­sador said that his gov­ern­ment “has great in­ter­est in its re­la­tions with the Re­pub­lic of Cyprus, and I have been in­structed by the Saudi lead­er­ship to spare no ef­forts in or­der to de­velop these re­la­tion­ships to the high­est lev­els.”

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