Interparliamentary cooperation between Ukraine and the Republic of Cyprus is carried out in accordance with the provisions of the International Law, bilateral documents, in particular, the Memorandum of Understanding and Cooperation between the Verkhovna Rada of Ukraine and the House of Representatives of the Republic of Cyprus (signed on December 16, 2011).
In October 2019 the friendship group on inter-parliamentary cooperation with the Republic of Cyprus of the Verkhovna Rada of Ukraine was established, consisting of 9 members in the Ukrainian Parliament. In July 2021 the friendship group on inter-parliamentary cooperation with Ukraine was established in the House of Representatives of the Republic of Cyprus.
On October 25, 2022, the first meeting of the Chairman of the Verkhovna Rada of Ukraine Mr. Ruslan Stefanchuk with President of the House of Representatives of the Republic of Cyprus Mrs. Annita Demetriou took place at the First Summit of the Crimean Platform (parliamentary dimension) in Zagreb.
The priorities of interparliamentary cooperation between Ukraine and the Republic of Cyprus are to ensure the development of partnerships between the two countries; intensification of bilateral cooperation between the Verkhovna Rada of Ukraine and the House of Representatives of the Republic of Cyprus; intensification of cooperation in the framework of international organizations as well as ensuring the assistance of the Republic of Cyprus to the European integration of Ukraine.
Investments:
Before the large-scale armed invasion of the Russian Federation in Ukraine, Cyprus was the second largest investor in Ukraine's economy.
As of December 31, 2021, Cyprus's direct investments amounted to $19.5 billion, which accounted for 31.3% of the total volume of investments in Ukraine as of the end of 2021.
As of December 31, 2021, the volume of investments from Ukraine in the economy of Cyprus amounted to $ 231.7 million.
Tourism:
The cooperation in the field of tourism between Ukraine and Cyprus 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 dated September 10, 2010.
Since February 2022, due to the large-scale armed aggression of the Russian Federation, air traffic in Ukraine has been suspended.
Bilateral relations in the trade and economic sphere:
Since 2006, the Cypriot-Ukrainian business association at the Cyprus Chamber of Commerce and Industry has been operating permanently, with the focus on the development of Ukrainian Cypriot business cooperation.
In 2013, the work of the Intergovernmental Ukrainian-Cypriot Commission was launched, the priority areas of which are the development of mutually beneficial bilateral cooperation in the banking sector, energy, agriculture, and tourism.
In April 2021, the Second meeting of the Intergovernmental Ukrainian-Cypriot Commission was held in the format of a video conference.
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.
In 2020, the volume of trade in goods and services between Ukraine and Cyprus amounted to $674.6 mln., that is 16,3% less than in the same period of 2019. Exports of Ukrainian goods and services to Cyprus amounted to $418,9 mln. - increased by 23,2%, and imports decreased by 40,3% and amounted to $255,8 mln. The balance for this period is positive for Ukraine and amounted to $163,1 mln.
The total trade turnover between Ukraine and Cyprus in 2020 amounted to $50,8 mln. (decreased by 30% compared to the same period of 2019). Exports of Ukrainian goods to Cyprus amounted to $31,8 mln. (decreased by 26,1%), imports amounted to $19,0 mln. (decreased by 18,0%). The balance for this period is positive for Ukraine and amounts to $12,8 mln.
The volume of bilateral trade in services between Ukraine and Cyprus in 2020 amounted to $623,8 mln. (decreased by 18%). Exports amounted to $387,0 mln. (increased by 8,4%), while imports amounted to $236,8 mln. (decreased by 42,1%). The balance is positive for Ukraine and amounts to $150,3 mln.
Regarding investments attracted to the economy of Ukraine, there is a trend of their outflow from Ukraine, according to this indicator, Cyprus ranks first among the countries investing in the Ukrainian economy.
As of September 30, 2020, the volume of investments from Cyprus to the economy of Ukraine amounted to $15.2 bln. or 31% of total foreign direct investment.
The volume of investments from Ukraine to the economy of Cyprus amounted to $1.1 bln or 38.98% of the total volume of Ukrainian direct investments abroad.
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.
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.
On September 22, 2020, took place the webinar "Exploring international business opportunities in Ukraine and Cyprus", initiated by the Embassy and aimed at intensifying bilateral economic relations between Ukraine and the Republic of Cyprus.
The discussion was organized by the European Business Association in Ukraine and the Cyprus Chamber of Commerce and Industry. More than 50 participants joined to the meeting.
There was a discussion on the peculiarities of doing business in Ukraine and Cyprus during the event. The key sectors for investments in Ukraine and Cyprus are discussed in details; a review of the business climate in both countries; discussed the conditions for starting a business from company registration to intellectual property rights; budget for the maintenance of the company; forms of taxation; key provisions of the tax regime for the IT industry and investment benefits etc.