Friday, April 3, 2009

Cyprus fifth among foreign investors in Romania

FinancialMirror.com

Cyprus' total investments in Romania exceed 1.7 bln EUR and it ranks fifth among foreign investors in Romania. 

Addressing a seminar hosted by the Romania-Cyprus bilateral chamber of commerce and industry, held at the chamber's offices in Bucharest, President of the House of Representatives Marios Garoyian, who is on an official visit to Romania, said commercial exchanges between the two countries reached 45.3 million EUR in 2007 and would be about the same for 2008. 

He noted that in 2007 investments by Romanians in Cyprus reached 20.8 million EUR, while investments by Cypriots in Romania reached 115.7 million EUR, adding that it was determined during the visit that Cyprus is fifth among foreign investors in Romania. 

Garoyian said prospects for the further development and strengthening of bilateral and economic ties were promising, especially due to their EU membership and the single market, where the movement of workers, services and capital is unhindered. 

He also referred to tourism, noting that tourist exchanges over the past two years have almost tripled. 

The House President also briefed the participants on the Cyprus problem, expressing his gratitude to Romania for its support to the struggle for the reunification of the island. 

He said it was everyone's wish that the new effort to solve the Cyprus problem would be successful, noting however that the talks so far between the two communities have not produced the desirable results. 

''In order for the talks to be successful, the good will of the Greek Cypriot side is not enough. Both Turkey and the Turkish Cypriot side will have to show good will, contributing constructively to the efforts being made,'' he pointed out. 

Cyprus' Ambassador to Romania Spyros Attas said the total volume of Cypriot investments in Romania reached 1 billion 776 million EUR, adding that 4,225 Cypriot companies are registered and doing business in Romania. 

Chairman of the bilateral chamber Mamas Koutsoyiannis said Romania is a large country with many opportunities and, despite the global financial crisis, Cypriots can continue to invest in the country without any fear.

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