The government of Cyprus is aware of the significance and the value of the positive effects the shipping industry has on the Cypriot economy. With its contribution at approximately 7 percent of the GDP, Cyprus shipping remains an industry with substantial prospects.
The Cyprus Registry is the third-largest fleet in the EU and is considered one of the largest management areas in the EU and third-largest globally.
The shipping industry has further benefited from the establishment of the shipping deputy ministry created in 2018. The ministry has the goal of making the maritime administration more modern and more business-friendly to Cyprus related shipping companies. This dedicated activity will aid in the promotion of Cyprus shipping thus attracting shipping related companies to Cyprus, expanding the Cyprus registry. This will also allow for international investment as many companies wish to operate on the island due to favourable tax and a strong economy.
As the shipping sector expands and draws international trade and companies another positive aspect to consider is the creation and increase of jobs on the island. In recent years it has become evident that the Cyprus shipping industry is in need of graduates that are ready for work.
Advisor to the deputy minister Andreas Karamitas commented on the matter:
“There is an awareness in Cypriot society that personnel is needed,” The ministry is supporting the sector in any way it can, he added. “We give them [educational institutes] money from our budget, and empower people.”
As professionals are needed for the industry Cyprus is creating educational programs designed for people to start working in the shipping industry. This type of investment is beneficial as young Cypriots are able to begin careers and positively contribute to the economy.
With a growing sector and larger workforce, the shipping industry in Cyprus is taking steps towards the use of innovative technology. Blockchain technology is now being used in the shipping industry around the world and Cyprus is following suit.
House President Demetris Syllouris commented “Full implementation of this technology across the public and private sector is expected to radically change the structures of modern societies, the way they are organised and their operation,”
This technology will ensure security in the industry and speed up transactions without the use of a middleman.
Director General of the Cyprus Shipping Chamber, Thomas Kazakos commented “We are confident to say that the Cyprus Shipping industry is ready to implement blockchain technology since we have seen a number of our member-companies already implementing blockchain technology during the development stage of their products and services,”
Adding “The industry is aware that blockchain technology provides practical solutions to many of our daily business functional issues. To that end, service providers and end-users have realised that and welcomed this new technology with enthusiasm.”
The Cyprus Shipping Industry already proves itself as a strong sturdy support to the Cypriot economy. However, this fact does not hold back ambitions for growth. As the sector draws international investment and attention, the economy as a whole benefit greatly.
The increasing demand for jobs has led to new educational programs to equip people with the knowledge to qualify as personnel in the industry. This in turn also has positive effects on the economy as spending increases and young professionals wish to leave parents houses to rent or buy a property. The Shipping industry is also embracing new technology to further enhance and improve the sector.
With such strong sectors it is no secret that Cyprus is becoming an international business hub, not only are international investors drawn all over to benefit from the island or to take part in the Cyprus Investment Program but locals also see benefits from the creation of jobs and a strong economy.
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