Conference on Russia/Cyprus cooperation opens in Moscow

Conference on Russia/Cyprus cooperation opens in Moscow
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On the 27th of April, a conference entitled “Russia and Cyprus: Lessons on Crisis and Cooperation Prospects”, started in Moscow.

The forum was organized by the “Vedomosti” newspaper with the support of the Economic Development Ministry, the Cyprus Chamber of Commerce and Industry, and the Russian-Cyprus business community, in the Intercontinental Tverskaya hotel, reports our special correspondent, Olga Evoyan, from the ground.

Having opened the event, the Finance Minister of Cyprus, Harris Georgiades, noted the significant role that Russia plays in reinforcing and expanding the economic and political ties between the two countries.

The participants discussed means of cooperation development between Russia and Cyprus, the Cypriot experience in overcoming the financial crisis, the development of joint investment projects in potential economic sectors, as well as projects in the areas of energy, tourism and education.

A Deputy Minister of Economic Development of Russia, Nikolay Podguzov, analyzing the steady stream of interest in the implementation of joint projects, noted that by the 1st of October 2015, Cypriot investments in Russia totaled $99 bln and Russian investments in Cyprus totaled $103 bln.

An inflation slowdown by the end of the year will help to increase credit activity, as well as to attract foreign investments in Russia.

After that, a session of the Intergovernmental Russian-Cyprus Commission was held. Both parties prepared specific proposals in the field of energy development, including  the construction of objects for the oil and gas industries, as well as the implementation of tourism and education projects.