He was speaking during a working breakfast organised by the Cyprus Investment Promotion Agency (CIPA).

During the event, which was attended by French ambassador to Cyprus Jean Luc Florent and featured the participation of the Cyprus-French Business Association and several French business people, various investment opportunities and ways of facilitating investment were discussed.

Speaking after the breakfast, Lakkotrypis said that, in a visit to Paris next Friday, he will meet with the head of French energy giant Total’s Middle East and North Africa division in order to discuss the company’s plans in Cyprus’ exclusive economic zone, following the discovery of substantial gas reserves in Egypt’s Zhor plot, which is adjacent to Cyprus’ EEZ.

“There is some indication that Zhor’s structure – as distinct from the reserves discovered – extends (to Cyprus’ EEZ), and this is something we can see from our own seismic data,” Lakkotrypis said.

“I can safely say that the structure extends even slightly, but questions remain regarding the actual reserves.”

Further, he noted, Cypriot and French business people will meet to discuss investments in various fields, primarily on tourism, energy, and shipping, but possibly extending to the casino and the technological park.

“Today we had a chance to discuss suggestions, observations, and concerns by French investors with regard to the investment climate in Cyprus,” Lakkotrypis said.

“We explained the government’s goals with regard to improving the climate, our on going efforts to slash red tape, and our desire to strengthen our commercial ties with France.”

He welcomed the increase in tourist arrivals from France, which saw a hike of 36% by August.

“This equals 25,000 tourists,” he said. “Certainly, this is a small figure, but with great potential.”

In his statements, Ambassador Florent referred to next week’s Paris trip and the prospects of “improvement” in Total’s relationship with the government of Cyprus.

“In the coming months and years, I suppose we will have more French companies investing in Cyprus,” he noted.

“Politically speaking, the relationship between the two countries is exemplary. Mr Lakkotrypis will have a meeting with Total in Paris next week, so I think there is a possibility not only for the continuation, but maybe the improvement of the relationship between Total and Cyprus.”

CIPA head Christodoulos Angastiniotis said that France is an important partner for Cyprus, both economically and politically.

He added that there have been many investments in Cyprus in recent years from France, but “we could do better”. “Our efforts are on going,” he noted.

Source: Cyprus Mail