Government ready to meet challenges ahead, President says at Cyprus Shipping Chamber event

The Government fully recognises the new, ever-evolving environment in shipping, and stands ready to meet the challenges ahead, President of the Republic of Cyprus  Nikos Christodoulides stressed at the Annual Dinner of the Cyprus Shipping Chamber that recently took place in Limassol.

Speaking at the 14 March event, the President said, "Our Government fully recognises the new, ever-evolving environment, and stands ready to meet the challenges ahead. We will continue to steadfastly support our shipping industry, as well as your efforts towards sustainable growth. In this context, we actively contribute to the work of the International Maritime Organisation, while collaborating closely with our fellow EU member states to safeguard the competitiveness of European shipping."

I am adamant, he added, "that the scale and complex nature of the challenges we face can only be effectively addressed through multilateralism, collective effort and cooperation".

He said that the Cyprus shipping has grown impressively over the past two years.

"As a result, in the last 16 months, the Cyprus ship registry has expanded by 18% in terms of gross tonnage, reaching its highest point since the establishment of the Shipping Deputy Ministry in March 2018. Moreover, the number of companies registered under the Cyprus Tonnage Tax System has also increased by 15% during the same period" he pointed out. 

"This notable growth" he said, has gone hand in hand with the growth in the Cyprus economy over the past two years, as reflected in the successive upgrades by major rating agencies – the result of the Government’s prudent fiscal policy. 

"This policy that brings stability in the financial sector and the continuous and determined reforms which we have undertaken. This is the path we will continue to walk with confidence and determination" he pointed out.

Moreover, the President noted that within this context, enhancing the competitiveness of Cyprus shipping remains high in our priorities.

"We are committed to further strengthening both the framework governing the services provided by the Shipping Deputy Ministry as well as Cyprus’s role in global maritime affairs. In this context, and as part of our commitment to the green and digital transition, the digitalisation of services of the Shipping Deputy Ministry is progressing. In fact, we are set to launch the first digital services by the end of May 2025".

Furthermore, he said that a new initiative has been launched under the Shipping Deputy Ministry’s flagship projects, focusing on developing policies to further expand and attract services related to Cyprus shipping. This initiative, he pointed out, places particular emphasis on services related to technology, research and innovation, and pleasure yachts.

President Christodoulides said that over the years, Cyprus has earned an impressive reputation on the global shipping map. "Your contribution has been undeniably instrumental in this achievement. The Cyprus Shipping Chamber is a reliable, valuable partner, and I would like to once again express my deep appreciation, and that of the Government, for your dedication and efforts" he added.

Noting that they have a common goal, he said that this goal is to enhance the competitiveness of our maritime industry, and promote sustainable economic growth. 

"And the fulfillment of this goal requires an honest, constructive and productive relationship through seamless cooperation between the public and private sectors. We have achieved remarkable progress together, anchored on these tenets, and there are no boundaries to what we can achieve together, to opening new frontiers" the President said.

We are proud, he stressed, " of the continuous growth of Cyprus shipping – a success largely due to our cooperation. I am very confident that this strong partnership will continue to thrive and bring even greater results in the future".

The President noted that 2025 is expected to be another challenging year for international shipping and assured that the government support will not only continue, but will be further strengthened through concrete actions, driven by the ongoing dialogue with the sector.

"I am confident that the exceptional collaboration and close partnership between the Government and the Cyprus Shipping Chamber will continue to flourish, paving the way for further achievements and a sustainable, prosperous future" the President concluded.

(Source: CNA)