Services - Promotion of professional services exports
In recent years, the service sector is the driving force for further development of the Cypriot economy. The broader services sector including the tourism sector which contributes around 80% of GDP and employs about 74% of the active workforce.
The sector of professional and business services consist of a wide range of economic activities and include among others legal and accounting / consulting services, brokerage and insurance services, health and wellness services, educational services, maritime services and ship management, travel and tourism services and services in IT and communications.
Strengthening export capacity of professional services and other areas is a constant strategic priority of the government. The main objective of the Ministry of Energy, Commerce, Industry and Tourism is to directly contribute to this effort through a) the promotion of Cyprus as an international business hub and service centre for foreign investors and b) enhancement of export efforts of Cypriot businessmen.
Therefore , in order to promote the above objective the Ministry of Energy, Industry and Commerce in cooperation with the 12 Trade Centres operating in Europe, Middle East, Asia and the USA undertakes significant promotional activities such as:
- Advertisements or articles in business publications of European and Arab countries and the US with particular emphasis on issues and special features for Cyprus.
- Participation with national pavilions in specialized foreign service exhibitions,
- Organization, of seminars and missions aimed at promoting Cyprus as a service and business centre in foreign markets, in cooperation with the Cyprus Chamber of Commerce and Industry.
- Provision of financial support to entrepreneurs in the service sector for their participation in international exhibitions.