Op­por­tu­ni­ties af­ter Iran deal

Financial Mirror (Cyprus) - - FRONT PAGE -

The changes to sanc­tions on Iran and what they mean for the busi­ness com­mu­nity were an­a­lysed dur­ing a din­ner or­gan­ised in Ni­cosia by the Cyprus Cham­ber of Com­merce and In­dus­try and the Amer­i­can Cham­ber of Com­merce in Cyprus, in the pres­ence of Min­is­ter of Com­merce, In­dus­try, Tourism and En­ergy, Yior­gos Lakkotrypis and the US Am­bas­sador in Ni­cosia, Kath­leen Do­herty.

In his speech, Lakkotrypis said that the Cyprus busi­ness com­mu­nity re­acted to the changes to sanc­tions to Iran by con­duct­ing fact-find­ing mis­sions to iden­tify ar­eas for busi­ness co­op­er­a­tion within the Ira­nian mar­ket.

He noted that be­yond op­por­tu­ni­ties in do­mes­tic ex­ports of cer­tain prod­ucts, such as agri­cul­tural prod­ucts and phar­ma­ceu­ti­cals, the pro­fes­sional ser­vices in­dus­try is ex­pected to have the pri­mary role.

In this con­text, he added, the gov­ern­ment pro­ceeded re­cently with the sign­ing of a dou­ble tax­a­tion avoid­ance regime be­tween Cyprus and Iran and a num­ber of min­is­te­rial vis­its al­ready took place by Min­is­ters of Trans­port, Agri­cul­ture and him­self.

He also said that op­por­tu­ni­ties in the tourism sec­tor are also ex­pected.

Not­ing that Iran of­fers tremen­dous op­por­tu­ni­ties for busi­nesses and that al­ready a num­ber of Euro­pean coun­tries have made agree­ments with Iran, he urged the Cypriot busi­ness world to see how they can im­prove the trade re­la­tions with Iran.

In her speech, the US Am­bas­sador spoke about the re­cent changes to Iran’s sanc­tions pol­icy and what those changes mean for busi­nesses in Cyprus.

She said the Iran deal rep­re­sents a huge diplo­matic ac­com­plish­ment and a sig­nif­i­cant achieve­ment of non pro­lif­er­a­tion and sum­ma­rized some of the ma­jor changes in Iran’s sanc­tions regime brought about by the Iran deal.

The US Am­bas­sador re­it­er­ated Sec­re­tary of State John Kerry’s mes­sage that the US in no way in­tends to stand in the way of le­git­i­mate busi­nesses deal­ings with Iran.

She pointed out that we are in the early days of sig­nif­i­cant changes in sanc­tions and many com­pa­nies are in the very early ex­ploratory phase of learn­ing what sanc­tions relief means for them.

She urged the busi­ness com­mu­nity to be pa­tient, not­ing that we are just two months from im­ple­men­ta­tion day af­ter decades of sanc­tions and thus they have to be pa­tient as the rules be­come clearer.

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