China–Cyprus relations

China–Cyprus relations

China
Cyprus

Cyprus–China relations refer to the bilateral relations between Cyprus and China. China is represented in Cyprus through its embassy in Nicosia, Cyprus. Cyprus is represented in China through its embassy in Beijing, China. Both countries are full members of the United Nations.

Cyprus and China established diplomatic relations on 14 December 1971 and the Embassy of the Republic of Cyprus in Beijing was opened in 1989. The Embassy is found in the heart of the embassy district of Beijing, near the EU Delegation to China and not far from the Ministry of Foreign Affairs of China.

Economic cooperation

Cypriot container ship to China

An association under the auspices of the Cyprus Chamber of Commerce and Industry has been established with the name "Cyprus-China Business Association" hereinafter referred to as the "Association". To promote, expand and encourage economic and services, trade relations between Cyprus and China and organise meetings with officials of the two countries with a view to safeguarding the smooth operation and flow of trade between the two countries.[1]

Trading relations and bilateral investment have maintained positive development throughout the years. By the end of July 2012, China's non-financial investment to Cyprus amounted to US $17.4 million and Cyprus' investment to China amounted to US $121 million. Over the same period, the cumulative amount of engineering project contracts signed by Chinese companies in Cyprus is US $235 million, and the accumulative turnover is US $265 million. The governments of both sides remain committed to promoting investment flows between the countries to further harness the potential of their deepening economic relationship. Increasingly Chinese business delegations have visited Cyprus to explore the investment environment and to learn more about the opportunities and policies. The arrival of Chinese visitors in 2011 was recorded as an increase of 45 percent.

Political relations

Summit on EU-China relations chaired by Nicos Anastasiades

A from 2004 Cyprus has been a full member of the European Union. As Chinese officials have announced Cyprus Presidency of the EU from July 2012 has been a chance for China to count on a trustful friend to bridge the gap between China and Europe and serve as a middle link in this effort. Already Cyprus Government has liberalized the Foreign Direct Investment policy for not only EU Nationals. Administrative procedures have been simplified and no limitations apply in most sectors of the economy. Consequently, foreign companies now have the opportunity of investing and establishing business in Cyprus on equal terms with local investors. Further to that a new policy has been implemented allowing Chinese property buyers applying for a Permanent Residence with a minimum investment of 300,000 Euros.[2]

See also

References

  1. ↑ Cyprus China Business Association
  2. ↑ "Cyprus China bilateral relations". Cyprus Profile. 2011-12-30. Retrieved 2012-01-01.
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