Cyprus_Speeds_up_to_Exports_to_China_Through_the_P

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By Guo Yan
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A n Exclusive Interview with Petros Petrou, Commercial Counsellor, Chief Representative of the Cyprus Trade Center in P .R. of China
Cyprus Speeds up to Exports to China Through the Platform of the CIIE
“T
he China International Import Expo (CIIE) provides an excellent platform for promoting
trade openness as well as for strength-ening international economic cooper-ation. 2021 marks Cyprus ’ first year of participating in the CIIE,” when China ’s Foreign Trade magazine inter-viewed Mr. Petros Petrou, Commer-cial Counsellor, Chief Representative of the Cyprus Trade Center in P.R. of China recently, he mentioned.
Petrou said that it was the first time that Cyprus participated physi-cally with a national stand as well as with an online national pavilion. The participation aimed at demonstrating Cyprus ’ achievements in trade, indus-try, tourism, investment, and culture.
The export of products from Cyprus to China has been increasing
Cyprus has established itself as a key regional trading hub and a transhipment centre, thanks to its ad-vantageous geostrategic location at the crossroads of Europe, Asia and Africa. Petrou said that international trade is vital both for Cyprus and the global economy. Trade, deeply integrated in Cyprus ’ DNA, has played a pivotal
role in shaping the local economy and the country has cultivated long-lasting relationships with international export partners.
Cyprus ’ domestic exports regis-tered a remarkable increase during the last decade. Domestic exports of goods marked a growth of 122% in 2020 when compared to 2010. The main ex-port commodities are industrial prod-ucts of mineral origin, pharmaceutical products and raw and manufactured food products. According to Petrou ’s introduction, data recorded a steady increase in exports in recent years and demonstrated the momentum and high level of Cypriot service provid-ers. In particular, exports of services increased by 15% during the six-year period between 2015-2020. The main exported services are in sectors such as telecommunications, information ser-vices, travel, transport and finance.
December 2021 marked the 50th anniversary of the establishment of diplomatic relations between Cyprus and China. Petrou thought that during all this time and despite our vast geographical distance, our two coun-tries have managed to work together steadily strengthening bilateral ties and cooperation in all areas, political, social and economic. Especially our
Mr. Petros Petrou
Commercial Counsellor, Chief Representative of the Cyprus Trade Center in P.R. of China
T OP INTERVIEW
Cyprus has a long-lasting reputation as a solid international business centre and its professional services sector has become a key economic pillar for the island.
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two countries ’ economic and trade ties have steadily become stronger in recent years, yielding positive outcomes. As nations that share common character-istics and principles, we have also come to enjoy increased people-to-people contacts and exchanges.
Nowadays, China is Cyprus ’ fifth trading partner in the world. According to statistics from Cyprus, total exports of products from Cyprus to China marked an increase of 102% during the last five years (2016-2020). Total trade of goods between China and Cyprus reached EUR 537 million in 2020 and China was the f ifth largest trading partner for Cyprus. In the same year, exports of Cypriot domestic products to China reached EUR 19.5 million and re-exports reached EUR 67.8 mil-lion, marking a remarkable increase of 1,204% in comparison to 2019. Imports to Cyprus from China reached EUR 450 million in 2020, for an increase of 20.3% compared to 2019.
“The CIIE has become a major platform to explore and expand in China. Despite logistical and other hurdles posed by COVID-19, the fair is expected to see broad participation and major business contacts. CIIE is a unique platform for strengthening our bilateral trade relations in a mutually beneficial manner,” Petrou mentioned.
The foundations for stronger en-gagement between Cyprus and China are def initely present. Perou said: “This is true for many policy areas and especially trade; even more so in the
post-pandemic era where intensified efforts are needed to overcome the various challenges and move forward with a positive agenda.”
In order to further enhance trade and investment f lows between our countries, as well as promote the pen-etration of Cyprus ’ products and ser-vices in the Chinese market, the Gov-ernment of Cyprus appointed recently a Commercial Counselor in Beijing.
Great potential in the fields of sustainable industries
On October 15, 2021, the govern-ment of Cyprus released a new strategy aiming to attract the global enterprises in the fields of high-tech , research and innovation to invest in Cyprus.
Cyprus has a long-lasting repu-tation as a solid international business centre and its professional services sector has become a key economic pillar for the island. Petrou said that the latter maintains a number of com-petitive advantages that include: a business-friendly environment, a com-mon law based legal system and strong investment and intellectual property protection. Additionally, Cyprus offers incentives for investment in start-ups and tailor-made provisions for in-dustries such as shipping, investment funds, filming etc.
In 2020, China and the E.U. signed an agreement between China and the E.U. on cooperation and pro-tection of geographical indications.
Petrou said: “To protect the heritage of the traditional cheese of Cyprus named Halloumi, we have achieved its classification as an E.U. Protected Designation of Origin (PDO), which could further boost the brand appeal of the product, whereas the word ‘Halloumi’ is now registered in a vast number of countries either as a Certification Mark or as a Collective Mark. In addition to the above, the Government of Cyprus is also in the process of registering new certification and collective marks in other jurisdic-tions, including China.” he thought that this would further boost the trade relationships between the two coun-tries as many Cypriot producers will have the opportunity to safely promote Halloumi cheese in China.
development throughout the years.”
In 2015, Cy pr us and China signed an Agreement for cooperation in science, technology and innovation, aiming at encouraging, developing and facilitating cooperative activities in these fields. Such activities may in-clude joint research, development and innovation projects and the exchange of information and visits by scientists, technical experts and officials. A joint Steering Committee has been estab-lished to this effect.
Cyprus will plan to promote se-ries of implementation. According to Petou ’s introduction, the transition to a circular economy and green energy is a crucial element built into all our funding programmes (co-funded by the EU) for businesses, industry and homes, which total EUR 547 million for 2021-27.
Petrou introduced the progress of the green energy: “Renewable Energy Sources (RES) installations in Cyprus have increased significantly in the last few years, especially in the electricity and the heating and cooling sectors. A significant number of photovoltaic systems already installed in Cyprus, use equipment imported from China, including photovoltaic and solar panels, inverters, electrical protective devices, etc., and we are confident that the de-mand for such products will grow in the next few years.”
Moreover, as a possessor of tech-nology and a producer of RES systems for electricity generation and heating and cooling, China could offer Cyprus knowledge and support regarding new RES technologies, by optimizing ex-isting systems, including energy stor-age and high-efficiency heat pumps. Petrou suggested: “China can also as-sist Cyprus in our goal to prepare and implement a comprehensive strategy regarding electromobility.”。