Cyprus And Brazil Explore Closer Trade Ties

by Lorys Charalambous, Tax-News.com, Cyprus

28 July 2005

Cyprus can act as an ideal gateway for Brazilian businesses to gain access to the Middle Eastern and Eastern European markets, Cypriot government and business representative told Brazilian Minister for Development, Industry and External Trade Luiz Fernando Furlan this week.

Noting that Cyprus is ideally situated geographically for Brazilian firms to take advantage of these markets, Cypriot Commerce, Industry and Tourism Minister Yiorgos Lillikas told reporters after Furlan met with senior government officials that Brazilian exporters could also benefit from the country's attractive tax rates.

"We hope we will be able to attract services and investments from Brazil," stated Lillikas.

"We also hope Brazilian companies can take advantage of Cyprus’s geographical position to re-export their products to the Middle East and also to manage their business activities in the Middle East from Cyprus," he added.

Furlan observed that a meeting between Arab and Latin American states organised by Brazil two months ago had had also highlighted the advantages of Cyprus as a member state of the European Union situated close to the Middle East and Balkan markets.

Further meetings between the Brazilian delegation, the Employers and Industrialists Federation (OEB) and the Cyprus Chamber of Commerce and Industry (Keve) also explored the feasibility of closer cooperation between businesses in Brazil and Cyprus.

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