The Cyprus-South Africa Business Association
supports the expansion of business relations between Cyprus - South Africa
The first official presentation of the Cyprus-South Africa Business Association was held recently, at an event attended by members of the association and other personalities from the economic and business world.
The Cyprus-South African Association was founded in June 2014 under the auspices of the Cyprus Chamber of Commerce and Industry (CCCI), and aims to strengthen trade and economic relations between Cyprus and South Africa. The efforts of the association are supported by the Cyprus High Commission in Pretoria, the Cyprus Embassy in Athens, the Ministry of Energy, Commerce, Industry and Tourism, the Cyprus Investment Funds Association, the Cyprus Investment Promotion Agency, the South African Chamber of Commerce and other trade and investment companies.
In her speech, the President of the Association, Mrs. Maria Zavrou, referred to the Association’s mission which is to promote, expand and encourage economic and trade relations between Cyprus and South Africa, to inform the business communities of both countries about the availability of resources that will enable them to promote their products and services, as well as how Cyprus can act as a liaison for the development of South Africa's trade relations with other countries, such as USA, the UK and other European and non-European markets. "The main pillars identified for business opportunities are financial services, investment firms, tourism, the health and wellness industry, shipping, oil and gas and the mining industry”, added Ms Zavrou.
The Trade Officer of Cyprus Embassy in South Africa, Mr. Anthony Mavrides, said: “The banking and financial services sectors are stable and have weathered the global financial crisis. The Johannesburg Stock Exchange (JSE) now ranks amongst the top emerging markets in the world”.
Από πλευράς του ο κ. Άγγελος Γρηγοριάδης, Πρόεδρος του Συνδέσμου Επενδυτικών Κεφαλαίων (CIFA), τόνισε: «Η Κύπρος μπορεί να διαδραματίσει σημαντικό ρόλο με το νέο αναθεωρημένο πρωτόκολλο Αποφυγής Διπλής Φορολογίας με τη Νότιο Αφρική, στη δρομολόγηση των διεθνών επενδύσεων μέσω της Κύπρου, ούτως ώστε να καταστεί δυνατός ο επαναπατρισμός των κερδών, των τόκων και των δικαιωμάτων με φορολογικά αποδοτικό τρόπο».
Mr. Angelos Gregoriades, the President of Cyprus Investment Funds Association (CIFA), said: “Cyprus can play an important role after the revision of the Double Taxation Treaty protocol with South Africa, particularly in routing international investments through Cyprus so as to enable the repatriation of profits, interest and royalties in a tax-efficient way.”
Within the framework of its strategy, the Association is planning to organise a Business Forum to take place next October in Johannesburg, Cape Town and Durban, with the purpose of promoting business activities between the two countries. The business mission from Cyprus will be co-organised by the Association and the CCCI, with the support of the Ministry of Energy, Commerce, Industry and Tourism.