Action Central Asia team organised the first Cyprus–Kazakhstan Business Forum in Almaty

Published OnJuly 28, 2023

Published OnJuly 28, 2023

Thirty years after the establishment of diplomatic and bilateral relations between the Republics of Kazakhstan and Cyprus, the Cyprus Chamber of Commerce and Industry (CCCI) has embarked on an historic trade mission in Kazakhstan to promote mutually beneficial trade and investment opportunities to benefit both countries’ economies.

The 1-day mission, organised by Action Central Asia team at the Swiss Hotel in Almaty on June 21st 2023, was led by Cyprus Government officials including the Deputy Minister of Tourism Costas Koumis and representatives from the Ministry of Energy, who joined more than 10 representatives of Cypriot companies from various sectors of the economy.

The private sector delegation comprised C-suite executives from the island’s key businesspeople in leading sectors including finance and investment, property development and legal services, as well as one of largest IT associations in Cyprus, to meet and network with over 60 Kazakhstani businesses operating in the ICT, finance, business consulting, real estate, legal services, tourism, and energy sectors.

“As we work to establish Cyprus as a regional and international business and tourism centre, this landmark trade mission aims to strengthen sustainable economic growth and enhance co-operation across a wide range of industries and businesses within Cyprus and Kazakhstan,” said Deputy Minister Koumis.

“In addition to the abundant possibilities for economic dialogue and two-way tourism flows, our nations both enjoy strategic geographical positions with Kazakhstan linking major eastern economies of China and India to east and west Europe via railway, sea port and auto expressway, while Cyprus provides a tactical corridor for trade between Europe and Central Asia,” added Koumis.

Addressed a business forum in Almaty on Wednesday that was attended by multiple representatives of the Kazakh government, Koumis highlighted the Cyprus economy’s multi-sector prospects, while urging businesses to explore and develop mutually beneficial partnership opportunities that can leverage the Double Tax Treaty signed by both nations in 2019. With US$ 417 billion in foreign direct investment since 1991, Kazakhstan is the leading recipient of global investment in Central Asia. In the past decade, direct investments from Cyprus in the Kazakhstani economy have amounted to more than US$ 4.4 billion.

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