Trade and economic relations
12 October 2020 12:37

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 the first half of 2020, the volume of trade in goods and services between Ukraine and Cyprus amounted to $339.4 mln., that is 4.6% less than in the same period of 2019. Exports of Ukrainian goods and services to Cyprus amounted to $230.4 mln. - increased by 29.3%, and imports decreased by 38.6% and amounted to $109.0 mln. The balance for this period is positive for Ukraine and amounted to $121.4 mln.

The total trade turnover between Ukraine and Cyprus in the first half of 2020 amounted to $18.4 mln. (decreased by 38.5% compared to the same period of 2019). Exports of Ukrainian goods to Cyprus amounted to $13.4 mln. (decreased by 31.6%), imports amounted to $5.0 mln. (decreased by 51.5%). The balance for this period is positive for Ukraine and amounts to $8.4 mln.

The volume of bilateral trade in services between Ukraine and Cyprus in the first half of 2020 amounted to $321.0 mln. (decreased by 1.4%). Exports amounted to $217.0 mln. (increased by 36.8%), while imports amounted to $104.0 mln. (decreased by 37.8%). The balance is positive for Ukraine and amounts to $113.0 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. Thus, in the first quarter of 2020, Ukraine was left with $2.6 bln. of Cypriot origin.

As of March 31, 2020, the volume of investments from Cyprus to the economy of Ukraine amounted to $14.4 bln. or 31.9% of total foreign direct investment.

As of March 31, 2020, 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.

Cyprus ranks first among the countries investing in the economy of Ukraine.

As of March 31, 2020, the volume of investments from Cyprus in the economy of Ukraine amounted to $14.4 bln. or 31.9% of total foreign direct investment.

The volume of investments from Ukraine in the economy of Cyprus amounted to $1.1 bln. or 38.98% of the total volume of Ukrainian direct investments abroad.

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.

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