An excellent offshore base

Article Abstract:

Cyprus offers low tax rates for western companies seeking to penetrate eastern European markets. This has helped the development of Cyprus as an offshore base for business and finance. Over 13,000 companies have registered and some 1,100 of these have set up offices in Cyprus. Offshore operations brought in over $252 million in 1994. Cyprus offers high standards of education which foreign firms see as attractive. Bank assurance has been introduced by the Bank of Cyprus.

Outsourcing

---

Growth and stability, despite the problems

Article Abstract:

Cyprus was hit by invasion and occupation in 1974 and the tourist industry was especially affected. Tourist and other economic activities have since recovered and unemployment is less than 2.5% while inflation is under 5%. Cyprus is seeking full membership of the European Union (EU) by 2000. The Cypriot pound is linked to the ECU and is perceived as overvalued by some analysts. The current account surplus was some 0.6% of Cypriot gross domestic product in 1994.

Travel industry

---

Industry faces up to competition

Article Abstract:

Cyprus will need to restructure much of its economy in order to prepare for entry into the European Union (EU). High tariffs have protected much of industry and there is no heavy industry in Cyprus save a cement plant and an oil refinery. There is a small manufacturing sector and most raw materials, equipment and energy come from outside Cyprus. Cyprus aims to boost quality and seek niche markets in Europe, but challenges include the need to import technology.

Manufacturing industry, Manufacturing industries

Similar abstracts:

• Abstracts: What ails the market. Industry comes through troubled year with record profits. U.S. bank industry consolidation slows
• Abstracts: A balanced set of measures points the way to customer satisfaction at Prudential

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.