Mutual efforts to strengthen cooperation between UAE and Cyprus

Vasilis Polemitis is the new Cyprus Ambassador (designate) to the UAE. He holds a Bachelor's degree from Pace University, New York, and graduate degrees from the Fletcher School of Law and Diplomacy and Georgetown University. He has also completed a high-level course of the European Security and Defence College.
He shares his thoughts in an interview with Khaleej Times. Excerpts:
Cyprus and the UAE
The UAE and Cyprus share an excellent bilateral relationship based on respect and appreciation of each other's history, culture and progress in their respective regions. The Gulf and the Eastern Mediterranean are both strategic segments of the same geopolitical arch that, throughout human history, facilitates the flow of ideas and commerce between the continents of Europe, Asia and Africa. Of course, in modern times, the importance of this conduit manifests itself across every sector of human activity.
It is therefore a privilege to assume the post of the Ambassador of Cyprus (designate) to the UAE at this juncture, and I aim to contribute to the best of my ability, to strengthen this relationship. As per my government's instructions, I am looking forward to widening our bilateral affairs agenda for the mutual benefit of the people of the UAE and Cyprus.
Joint initiatives
Currently, Cyprus and the UAE are working on almost a dozen bilateral agreements and MoUs in several fields, in addition to the existing agreements that we have signed between 2011 and 2014. Some of the agreements that the two governments are working on have been finalised and their signing is imminent, while others are under negotiation with more in the pipeline for the future. It is understood that a dynamic relationship such as the one Cyprus and the UAE enjoy does not limit itself to the formal context of bilateral agreements but goes well beyond that. For example, the UAE government opened an embassy in Nicosia last year for the first time, and the Cyprus government posted an additional diplomat at the Embassy in Abu Dhabi to strengthen cooperation.
High-level visits
The last official visit by the President of Cyprus Nicos Anastasiades to the UAE in April 2014 was particularly successful in solidifying the commitment of my government in the advancement of the Cyprus-UAE relationship. His meeting with His Highness Shaikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, brother of The President, His Highness Shaikh Khalifa bin Zayed Al Nahyan, was of pivotal importance. Moreover, during that particular visit the President of Cyprus was accompanied by a considerable number of ministers and senior government officials along with a highly influential group of business people and representatives of the press.
Sectors open for investment
Cyprus is gradually exiting what has been, perhaps, the worst economic crisis in its recent history. The public finances are now in order and the last upgrades of the creditworthiness of Cyprus from the international credit agencies are indicative of this positive trend. In addition, the government administrative reform process is well underway and new investor-friendly mechanisms are set up such as the one-stop shop that adds to the overall positive climate developing within the public and private sectors.
Right now, there are several large public projects maturing for investment, such as the privatisation of the public telecommunications company, the port of Limassol and the land and venues of the old airports in Larnaca. In addition, there are several very attractive private projects at different stages of maturity that could be of interest to a potential investor, and many other real-estate and tourism-related developments of distressed character that could be particularly attractive. A full list of these projects and contacts are available through our Commercial Office in Dubai and our Embassy in Abu Dhabi.
Last but not the least, the energy potential of Cyprus Exclusive Economic Zone constitutes a new very promising field that will not only alter the dynamics of the Cyprus economy but of the region as well. In addition, relatively new fields in the high tech financial sectors, and traditional banking operations that are modernised at present also provide opportunities for investments.
It is thus evident that Cyprus right now is at a very attractive position to renew the interest of international entrepreneurs and attract new investments that will utilise its advantages, of which human capital is the most important.
suchitra@khaleejtimes.com