Better political, economic ties with Saudi Arabia
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.”