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The economic potential of Krasnodar region is presented to the delegation of the Republic of Cyprus

Today the senior management of the region’s administration and representatives from the Russian Embassy of the Republic of Cyprus have discussed the development of a bilateral cooperation in different spheres in the course of the business negotiations.  

In particular, the participants of the meeting exchanged their plans for reinforcing the relationships in the areas of trade and investments, conducting health resort and tourist exhibitions with the involvement of stakeholders of the Cyprus tourist industry, sharing best practices and expertise in addressing the issues of anti-monopoly regulation and development of entrepreneurship and adopting new technologies and innovative vehicles. Furthermore, In the course of the talks they discussed the prospects of synergy in using nonconventional and renewable energy sources, expanding export of agricultural raw materials and products manufactured by the agrarian enterprises of the region and establishing a dealership network of Kuban producers across the territory of the Republic of Cyprus.    

In the year 2014, the trade turnover between Krasnodar region and the Republic of Cyprus totaled 150 million US dollars. In 2013, Cyprus ranked first among the countries investing into the economy of Cyprus, having invested almost 400 million US dollars. They contributed to the implementation of such investment projects as the construction of a multifunctional shopping & entertainment complex, multifunctional hotel and apartment complex "Camelia" in Sochi, oil products’ transshipment terminal in Novorossijsk and many others. The following projects with the involvement of Cyprus investor companies are being currently implemented: construction of a chain of shopping & entertainment centers "NORDIC", oil refinery in the Cossack village Kavkazskaya. As of today, 365 enterprises, at large, established with the participation of Cyprus capital operate in the region.   

Source - Investment portal of Krasnodar region