Ef­forts to up­grade mar­itime clus­ter is pay­ing off

Financial Mirror (Cyprus) - - SHIPPING -

Ef­forts to up­grade the Cyprus Mar­itime Clus­ter and the is­land’s ship­ping sec­tor are their first pos­i­tive re­sults, Deputy Min­is­ter for Ship­ping Natasa Pilides told par­lia­ment. Speak­ing to the House Com­mit­tee of Fi­nance, which dis­cussed the Min­istry’s 2019 bud­get, Pilides said since the cre­ation of the ship­ping Min­istry (last year), com­pa­nies reg­is­tered un­der the ton­nage tax sys­tem in­creased from 168 to 191, “mark­ing a large per­cent­age rise.”

The Cen­tral Bank of Cyprus’ ship man­age­ment sur­vey shows that the sec­tor has recorded its largest in­crease since 2013, which is cre­at­ing more jobs.

Data sub­mit­ted to the Com­mit­tee shows that ship­man­age­ment’s con­tri­bu­tion to the econ­omy amounted to EUR 506 mln or 5.1% of GDP which is the high­est since 2013. Pilides said that a to­tal of 1,100 ocean-go­ing ships op­er­ate un­der the Cypriot flag and around 700 smaller ves­sels with to­tal ton­nage of 24 mil­lion.

She said her Min­istry un­der­took to stream­line pro­ce­dures and mod­ernise leg­is­la­tion so that Cyprus as registry and mar­itime clus­ter could be­come more com­pet­i­tive.

The Min­istry’s 2019 bud­get for 2019 is up 21.7% to EUR 9.87 mln from EUR 8.11 mln in 2018.

The in­crease of EUR 1.7 mln, is mainly due to de­vel­op­ment ex­pen­di­ture ear­marked for pro­mo­tional ac­tiv­i­ties and de­vel­op­ment for mer­chant ship­ping.

The Min­istry’s rev­enue for 2018 amount to EUR 13 mln.

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