The Republic of Cyprus is a significant trading and investment partner of Ukraine. Cooperation in economic, scientific, technical and industrial spheres between Ukraine and Cyprus takes place on the basis of the Agreement between the Government of Ukraine and the Government of the Republic of Cyprus on January 12, 2012.
According to the data of the State Statistics Service of Ukraine, during 2019 the total trade balance between Ukraine and the Republic of Cyprus amounted to $ 795.7 mln, including, export - $ 371.6 mln, import - $ 424.1 mln. The balance is negative - $ 52.5 mln.
The main components of export to Cyprus from Ukraine are cereals; residues and wastes of food industry; ferrous metals; fats and oils of animal or vegetable origin; mineral fuel; oil and its distillation products; nuclear reactors, boilers, machines; ferrous metal products; alcoholic and non-alcoholic beverages and vinegar.
The structure of imports to Ukraine from Cyprus consists of pharmaceuticals; alcoholic and non-alcoholic beverages; nuclear reactors, boilers, machines; essential oils; tobacco; cocoa and its products; fats and oils of animal or vegetable origin.
The bilateral cooperation between Ukraine and the Republic of Cyprus in the area of tourism is based on the Agreement between the Cabinet of Ministers of Ukraine and the Government of the Republic of Cyprus on cooperation in the field of tourism on September 10, 2010.
According to the data of the Statistics Service of the Ministry of Finance of the Republic of Cyprus, under eighty-six thousand tourists (85 622) visited Cyprus in January 2020, including about 4.0 thousand tourists from Ukraine (about 4.7%), that are 1.9 thousand more than in 2019.
In 2020, the direct air connection between Ukraine and the Republic of Cyprus has been provided by airlines such as: «Ukraine International Airlines (UIA)», «WizzAir», «SkyUp», «Windrose», «Ryanair».
From May to October 2020, a Ukrainian low-cost airline «SkyUp» will open new destinations from Cyprus to three big Ukrainian cities: Odessa, Zaporizhzhya and Kharkiv which will support for business and culture development between the two countries.
Cyprus has been the largest source of FDI (foreign direct investments) from January to September of 2019. Thus, from January to September 2019, FDI inflows to Ukraine oscillate around $ 761.1 mln. On October 1, 2019, total FDI evaluated in $ 10.3 bln, or 29.7% of total investments.
In fact, on October 1, 2019, total FDI from Ukraine to Cyprus evaluated in $ 5.9 bln.
Since 2006, the Cyprus-Ukraine Business Association has been operating on an ongoing basis at the Cyprus Chamber of Commerce and Industry, with a main focus on further development of business and economic cooperation between Ukraine and Cyprus.
On 26-27 June 2013 in Nicosia was held the 1st Session of the Cypriot-Ukrainian Intergovernmental Commission on Economic, Scientific, Technical and Industrial Cooperation under the Chairmanship of the Minister of Finance Mr. Harris Georgiades and the Minister of Finance of Ukraine Mr. Yuriy Kolobov.