Gold Magazine June - July 2013, Issue 27

CYPRUS SHIPPING DIRECTORY Horwath DSP Limited Member Crowe Horwath International Limassol port which is now the island’s biggest port. The establishment of these companies in Limassol created hundreds of jobs therefore giving a significant boost to the local economy. Emilios Ayiomamitis Member of the Board T he importance of the shipping industry to Cyprus has been acknowledged for more than 30 years. How significant is it to the economy of Limassol in particular? The history of shipping in Cyprus goes back hundreds of years due to its ideal location, at the crossroads of Europe, Asia and Africa. Limassol is undoubtedly the shipping capital of Cyprus. If we look back in time the first shipping companies to be incorporated in Cyprus, in the early 70’s, chose Limassol as their base, the main reason being the 64 Gold THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS • The appointment of an Under-Secretary to the President of the Republic for Shipping In order to upgrade and restructure the Cyprus Maritime Administration, the Chamber promoted the idea for the creation of such a position, through which there will be faster and more accurate development of Government policies on Shipping in accordance with international conventions and more effective communication with other State authorities or agencies. • Further promotion and expansion of the tonnage tax system The Maritime Administration and the Cyprus Investment Promotion Agency (CIPA) in close cooperation with the Chamber should step up their efforts to promote the advantages and benefits of the tonnage tax system. • Lifting the Turkish embargo The Turkish embargo on Cyprus-flagged vessels is a major obstacle to getting more ships to join the Cyprus register. The Government, along with the European Union, should push for Turkey to lift this illegal embargo. If the above policies are adopted by the Government, I am pretty sure that the shipping industry will strengthen and develop substantially. The Tonnage Tax system is seen as a key factor in keeping existing shipping companies in Cyprus and attracting new ones. Do you share this view? Photography: Jo Michaelides This is a time when all the island’s major industries need to be strengthened and developed. Do you see signs that this will happen with shipping? Indeed, shipping is one of the major industries in Cyprus contributing up to 7% of the island’s GDP and I am sure that there’s still room for further development. During the campaign for the presidential elections, the Cyprus Shipping Chamber presented to the three presidential candidates, including the current president, the following three policy requests that are important to be adopted and implemented:

Gold Magazine June - July 2013, Issue 27 | Page 66