“This increase can be attributed to the coordinated efforts of the private sector and the support provided by the Government,” the visiting President told the Cyprus-Ukraine Business Forum.

“Among others, the services were provided by our Embassy and the office of the Cyprus Tourist Organization in Kiev, as well as our two Consular Offices in Mariupol and Odessa, and the speedier granting of visas for Ukrainian nationals,” he added.

The President also referred to the stronger business ties between the two countries saying that figures provided by the State Statistics Service of Ukraine show that as of October 1, 2015, Cyprus ranks first on the list of countries with direct investments to the Ukrainian economy with a total volume of US$12.2 billion.

As well as on the list of countries that are recipients of direct investment from Ukraine with the volume being close to US$ 6 billion.

As for the volume of export of services from Ukraine to Cyprus reached US$67,2 million as of April 1, 2015, while the import of services from Cyprus to Ukraine reached US$72,6 million.

“We therefore warmly welcome today’s signing of the Protocol that amended the Convention for the Avoidance of Double Taxation,” he said.

“It is a highly positive development that has not only clarified the legal framework for investment and business activities, but is also expected to advance the already high volume of Foreign Direct Investments and services trade from Cyprus to Ukraine and vice versa.”

Source: InCyprus