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Announcement by the Cyprus Statistical Service – GDP Growth Rate

The GDP growth rate in real terms during the second quarter of 2024 is positive and it is estimated at 3,6% over the corresponding quarter of 2023. Based on seasonally and working day adjusted data, GDP growth rate in real terms is estimated at 3,7%.

The positive GDP growth rate is mainly attributed to the sectors: “Hotels and Restaurants”, “Wholesale and Retail Trade, Repair of Motor Vehicles”, “Information and Communication” and “Construction.

Read the full announcement here (Graphs & Tables)

Business Delegation from CCI France Liban

Business Delegation from CCI France Liban

Discovering Cyprus: A Hub for Business Growth and Opportunities, Monday, 23rd September 2024, CCCI, Nicosia

On the occasion of a Business Delegation of the CCI France – Liban to Cyprus, the Cyprus Chamber of Commerce and Industry, in collaboration with Invest Cyprus, is organizing a Business Forum “Discovering Cyprus: A Hub for Business Growth and Opportunities” followed by a networking reception and B2B meetings on September 23, 2024, at 09:00 – 16:00 on the 1st and 2nd floors of the CCCI.

The event entitled “Discovering Cyprus: A Hub for Business Growth and Opportunities”, will focus on: Construction, Medical Equipment, Engineering Design, Insurance & Human Resources Consulting, Insurance Brokage, Water Management and Higher Education. The aim is to inform the companies and potential investors about the investment opportunities in the respective countries to enhance bilateral cooperation in the aforementioned fields.

Companies wishing to attend the Business Forum are requested to register HERE no later than Monday, September 9, 2024, at noon. There is no participation fee.

Kindly note that in case of very high demand for B2B meetings, the Cyprus Chamber of Commerce and Industry will accommodate participants on September 24, 2024, between 10:00am-12:30pm as well.

For more information, please contact us at lily@ccci.org.cy or at 22889706.

PDF CIRCULAR INCOMING DELEGATION LFCCI VF

Request for Tax Representation Services in Cyprus for the management of excise duties due

We communicate on behalf of a French company active in the online sale of wine directly to private customers in Cyprus (B2C). As part of its expansion into the Cypriot market, the company is looking for a tax representative in Cyprus to manage excise duties and ensure compliance with local regulations.

The main responsibilities of the tax representative will include:

• Management and payment of excise duties and related documentation.
• Ensure compliance with Cyprus’s tax regulations and customs requirements.
• Provide guidance on regulatory changes affecting the import and sale of alcoholic beverages.
• Consultations between the company and the tax authorities of Cyprus.

If your company offers tax representation services and has experience in managing excise duties for the import and sale of wine, please send us a request of interest with your details (company name, contact person, phone, email, company website) and a brief description of your services, including related experiences and terms.

PDF Circular – Fiscal Representative in Cyprus

Announcement of the Program – Commercial Proof of Concept in Energy

Announcement of the Program “Commercial Proof of Concept – Energy”
Organization of Webinar on 4 September 2024 at 10:00 am

The Research Innovation Foundation (RIF) has announced the new funding program “Commercial Proof of Concept – Energy” with a budget of €1.6 million, aimed at accelerating innovation in the energy sector.

The program focuses on:

• Accelerating innovation in the fields of energy production, storage, transmission, and distribution.
• Addressing challenges such as integration into the energy grid, use of renewable sources, and enhancing the resilience of the energy system.
• Supporting the transition from pilot applications to commercial readiness.
• Strengthening research and development for the upgrade and optimization of technologies.
• Improving the performance, reliability, and cost-effectiveness of both new and existing technologies to ensure their sustainability and widespread adoption.

The program allows businesses to assess whether the technologies or know-how they are developing can be commercially applied in industrial settings, with a focus on technologies addressing challenges in energy production, storage, transmission, and distribution.

To qualify for funding, research projects must focus on experimental development of new technologies with commercial potential. The program is part of Pillar I “Smart Growth” within the Smart Specialization Strategy 2023-2030 and must align with the goals of REPowerEU, which focus on transitioning to clean energy sources and enhancing energy security.

The maximum funding per project is €200,000. Interested parties can find more information at the following link: https://t.ly/3xQsR.

Proposals should be submitted via the IRIS portal, with the deadline being October 25, 2024, at 13:00.

Additionally, RIF will organize a webinar on the 4th of September 2024, at 10:00 AM for the presentation of the call and to address any questions regarding the regulations and participation requirements. The webinar will be held online via the ZOOM platform. Interested parties must register in advance here.

This Call is funded by the Recovery and Resilience Facility EU.

For more information, interested parties can contact the RPF Support Center at tel.: 22205000 or via email at support@research.org.cy .

 

PDF Circular – Commercial Proof of Concept_RIF Scheme

Announcement by the Cyprus Statistical Service – Foreign Trade Statistics – May 2024

Foreign Trade Statistics – May 2024 (Final Data) and June 2024 (Provisional Data)

Total imports of goods in June 2024 were €896,9 mn as compared to €1.059,5 mn in June 2023, recording a decrease of 15,3%. Imports from other EU Member States were €538,9 mn and from third countries €358,0 mn, compared to €615,5 mn and €444,0 mn respectively in June 2023. Imports in June 2024 include the transfer of economic ownership of vessels, with total value of €70,4 mn as compared to €78,8 mn in June 2023.

Total exports of goods in June 2024 were €449,0 mn as compared to €321,0 mn in June 2023, recording an increase of 39,9%. Exports to other EU Member States were €126,0 mn and to third countries €323,0 mn, compared to €120,6 mn and €200,4 mn respectively in June 2023. Exports in June 2024 include the transfer of economic ownership of vessels, with total value of €159,7 mn as compared to €83,4 mn in June 2023.

Total imports of goods in January–June 2024 amounted to €5.557,7 mn as compared to €6.494,9 mn in January–June 2023, recording a decrease of 14,4%. Total exports of goods in January-June 2024 were €1.985,9 mn compared to €2.016,9 mn in January-June 2023, registering a decrease of 1,5%. The trade deficit was €3.571,8 mn in January–June 2024 compared to €4.478,0 mn in the corresponding period of 2023.

View the announcement here