Cyprus as a Regional Trade and Financial Services Centre – The way ahead?

Elias Neocleous and Co LLC was pleased to support a recent seminar organized by the Cypriot Branch of the International Law Association (“ILA”).  The event took place on 4th October 2019 at the Cultural Center of Hellenic Bank in Limassol. The topic for discussion was “Cyprus as a Regional Trade and Financial Services Center: Opportunities and Risks”. 

The timing of the seminar was particularly apt given the trade and financial opportunities that will exist for Cyprus as a result of BREXIT.  Alongside this, the recent creation of a Deputy Minister of Shipping and, the upgrading of the regulatory framework for investment funds, represent a decisive attempt to enhance the role of Cyprus both as a shipping and a financial centre.  The seminar provided the perfect forum to explore how best to exploit these opportunities and to minimize the challenges and risks associated with them.

President of the ILA Cyprus Branch, Alexia Solomou, excelled in assembling a panel of experienced speakers to elaborate on what challenges they perceive existing for Cyprus in its bid to expand in the respective fields of trade and finance.  The event targeted and attracted an audience which consisted of numerous practitioners and policymakers.  The result of this combination was a lively discussion which was moderated by Vasilis Psyrass, Senior Associate with our ‘Admiralty and Shipping team’.  Amongst the topics discussed were: how Cyprus can and should benefit from startups and shipping, what changes and adaptations need to take place to attract these activities, and, steps that the finance sector and investment agencies should consider in order to raise the profile of Cyprus as a regional trade and financial hub.