Cyprus and Israel are more than just neighbors

Diplomatic relations between Cyprus and Israel were established in 1960, right after the independence of Cyprus. “As young, democratic neighbouring states in a troubled region, our relations were cordial for many years” said Mr. Nicos Christodoulides, Minister of Foreign Affairs of Cyprus. “During the past few years, however, our bilateral relationship has evolved to such an extent that I am pleased to say that we nowadays consider Israel to be one of our closest strategic partners.”

Cyprus and Israel are more than just neighbors; our strong cooperation, both bilaterally or within a regional context, is based on common values and on a shared vision for a stable and secure region, based on a positive and inclusive agenda.

Mr. Nicos Christodoulides, Minister of Foreign Affairs of Cyprus

In addition, “We are experiencing a positive shift in our relations, exploring shared interests, identifying opportunities and embarking on joint projects in the fields of energy, hospitality and tourism, technology, healthcare and finance” said Mr. George Campanellas, CEO of Invest Cyprus. “The recent agreement for the development of the Larnaca port and marina, an over €1 billion project, is clearly a vote of confidence of Israeli investors in our country’s potential”, he continued.

Regarding the Covid-19 pandemic, both countries have so far managed the Covid-19 pandemic quite effectively and we hope that we shall be ready to resume business within 2021. Cyprus has adopted strict measures of containment at an early stage, in an effort to safeguard public health and at the same time adopted a generous and comprehensive fiscal package to support businesses and to mitigate the impact on employment. The economic outlook, following an unavoidable contraction of 5.1% of GDP in 2020, is optimistic with a projected growth of around 3,5% in 2021. “As part of a package of incentives to promote our country’s economic recovery, investors are able to enjoy a favourable investment environment and a Fast Track Business Activation Mechanism for setting-up a business in Cyprus by third-country nationals, in place since September 2020” explained Christodoulides.

For Israeli companies, Cyprus is an ideal location within EU for expanding their operations.

Mr. George Campanellas, CEO of Invest Cyprus

The proximity and strong political and economic ties are making Cyprus one of Israel’s most promising strategic partners. “For Israeli companies, Cyprus is an ideal location within EU for expanding their operations. At Invest Cyprus, the state’s investment authority, we act as a First Point of Contact and provide tailored investor facilitation” said Campanellas.

“I would like to re-iterate here that our relations with Israel are solid and it is a priority to develop them even further. Geography is of course destiny, but Cyprus and Israel are more than just neighbors; our strong cooperation, both bilaterally or within a regional context, is based on common values and on a shared vision for a stable and secure region, based on a positive and inclusive agenda. In this sense, our relation is of strategic importance, and on this basis we shall continue to work hard to develop it further” explained Christodoulides.

https://mfa.gov.cy

www.investcyprus.org.cy