There was a widespread rumour that Greek shipping companies may move to Cyprus. About 42 Greek companies have registered in Cyprus this year, announced President of the Limassol Chamber of Commerce & Industry (LCCI) Costas Galatariotis. This is a shot in the arm for Cyprus, leading it out of the crisis. This will substantially contribute to the economic prosperity of Cyprus in the form of value-added tax, real estate, and other revenues. It eventually contributes to the expansion of the Cyprus shipping industry.
A new state-of-the-art passenger terminal is expected to be completed by February 2016, opening new boundaries for the cruise liners industry. Limassol is leading the way out of the crisis. Business activity has been slowly picking up, and most sectors are starting to show signs of recovery. A number of other new investments are also expected to help growth going forward.
The Cyprus fleet of over 1,000 vessels with 21 million in gross tonnage is the third largest in Europe and the tenth largest in the world while the shipping sector accounts for around 6% of Cyprus GDP.
Source: In Cyprus
