Highlighting that Cyprus is an important and competitive player in the international shipping industry, Demetriades presented some of the island’s incentives for shipping entrepreneurs, such as competitive ship registration costs and annual tonnage taxes, along with the benefits related to double taxation treaties.

He described a positive prognosis for the sector on the back of efforts to enhance the maritime cluster with new services and activities.

Among already implemented initiatives, he mentioned the launch of local marine academies, new insurance companies and the entrance of two Cypriot banks to the ship finance market.