This was discussed on April 22, 2021 during the Second Meeting of the Ukrainian-Cypriot Intergovernmental Commission chaired by the Ministers of Finance of both countries.

Trade and economic cooperation is recognized as an important component of bilateral relations, the further development of such cooperation should intensify joint economic activities in the new realities of the COVID-19 pandemic. The bilateral trade volumes do not reflect the economic potential of both countries, so it was agreed to intensify cooperation in a number of areas.

Business development and investment attraction - the intention to establish cooperation between Ukrainian and Cypriot investment promotion agencies, to provide exchange of investment attraction experience, to promote the active dissemination of information on investment opportunities and business climate in Ukraine and Cyprus.

The transport sector remains the driving force of national economies. Further implementation of the bilateral Agreement on Maritime Merchant Shipping will enhance cooperation in this area. The parties agreed to initiate cooperation on:

- development of port infrastructure, port management and their functioning;

- development of IT and introduction of digitalization;

- exchange of ideas of increasing freight traffic between the seaports of Ukraine and the Republic of Cyprus.

In addition, the MoU, signed in 2021, between National University «Odesa Maritime Academy» and the Cyprus Marine and Maritime Institute opened new prospects for cooperation in maritime research, technology development and innovation, education and training.

The agricultural sector is of considerable interest - it has been agreed to promote and increase trade in agricultural products.

In the field of energy, the parties agreed to deepen mutually beneficial cooperation on energy efficiency, renewable energy sources and alternative fuels. Important attention will be paid to the implementation of joint investment projects in "green" energy for the private sector. The need to extend the bilateral MoU in the field of renewable energy sources and energy efficiency was noted.

Specific areas of joint work in the traditional spheres of culture, education, science, tourism and healthcare have been outlined.