NICOSIA: The Cyprus Shipping Chamber urges the government and all stakeholders to proceed speedily with establishing the relevant legal framework within which the oil and gas sector will operate, Director General of the Chamber Thomas Kazakos has said, adding that shipping and energy projects with great financial benefits will offer Cyprus and Europe greater political influence on a regional and global level.
Addressing the 4th Mare Forum Cyprus 2015, in Nicosia, Kazakos noted that, “undoubtedly, the discovery of natural gas in the Exclusive Economic Zone of Cyprus creates great prospects for Cyprus shipping and, of course, Cyprus as a whole”.
Kazakos said new pioneering shipping and energy projects with great financial benefits for the Cyprus economy “will offer Cyprus and, by extension Europe, an even greater political influence on a regional and global level in matters concerning energy and shipping”.
“The success of such projects depends on clear and transparent incentive-based strategies, which will make the most of Cyprus’ energy potential. Diverse resource development, environmental responsibility, efficient use of energy and the role of the shipping sector, are areas that all stakeholders must focus on,” he pointed out.
Kazakos noted that “this is imperative in order to enable investors to optimise the development of these natural resources and ensure that these resources are used efficiently”, adding that “only this way will Cyprus be able to translate its natural resources into value-added economic activities, through the development of an even greater maritime and offshore activities cluster.”
“We, therefore, urge the government and all stakeholders to proceed speedily, with establishing the relevant legal framework within which, the oil and gas sector will operate and to support the development of adequate training and testing facilities related to the needs of the sector. It is vitally necessary to invest in training and education, as well as research and development, in order to quickly develop such projects and training institutions, so the local Cypriot workforce can also be deployed”, he said.
Referring to the current situation of Cyprus’ shipping, Kazakos said “the shipping operational and taxation infrastructure in Cyprus and the Cyprus flag remain intact and quite competitive”, and that “Cyprus flag users remain loyal, supporting at the same time, efforts made to further reinforce Cyprus shipping, thus, continuing its significant contribution to the economy, estimated to 7% GDP value added”.
“Our 2010 EU approved Tonnage Tax System provides the fullest protection to our shipping industry in this respect”, he said, adding that statistics show that “the contribution of the shipping sector to the Cyprus economy is even higher than what was originally expected”.
In addition, “Cyprus has made a come-back in the international markets a year ahead of what was anticipated, an achievement which corresponds to the refinance of a substantial part of the existing internal debt”, he noted and pointed out that “Cyprus shipping remains an industry with substantial prospects”.
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