President vows to improve shipping registry

The President of the Republic of Cyprus, Nikos Christodoulides, reaffirmed the government’s dedication to enhancing the services provided by the Cypriot Shipping Registry, while addressing on Monday evening a dinner hosted at the Presidential Palace on the occasion of the "Cyprus Shipping 2023" International Conference.

The President congratulated the Deputy Ministry of Shipping, the Cyprus Shipowners' Association, and the Cyprus Shipping Chamber for organizing the conference.

He underscored the significance of the conference, stating that the participation of industry stakeholders was a robust vote of confidence in Cyprus' maritime capabilities. He also called upon attendees to collaborate towards the sustainable growth of the maritime industry.

In his address, President Christodoulides emphasized the dynamic nature of the global maritime industry, highlighting its connection to international political and economic developments. He referred to several challenges for the industry, including green and digital transformation, the ongoing conflict in Ukraine, cybersecurity concerns, and the shortage of skilled personnel, all compounded by the hurdles encountered during the COVID-19 pandemic.

The President stressed the need for collective approaches and international solutions to address these challenges effectively. Notably, he highlighted climate change and marine environmental protection as sensitive issues of global concern, asserting Cyprus' commitment to playing a constructive role in the transition to greener shipping practices. However, he noted that any ambitious goals should at the same time be realistic and workable, bearing in mind that security should be a non-negotiable condition in whatever is decided.

Moreover, President Christodoulides called for the implementation and uniform application of regulations and legislative frameworks to ensure fair competition within the maritime industry. He expressed unwavering support for the work of the International Maritime Organization in this regard.

The President lauded Cypriot Shipping Registry's competitive advantages, including a stable and attractive tonnage tax system, zero registration fees, round-the-clock service, a highly skilled workforce, stringent safety standards, efficiency, and flexibility. These attributes, combined with Cyprus' status as a European Union member state, align perfectly with the needs of modern shipping companies, he noted.

President Christodoulides also referred to ongoing initiatives to simplify and enhance the services provided by the Cypriot Shipping Registry. As he said the government was actively developing a one-stop shipping service centre and aims for the digitization of all Ministry of Shipping services by 2024.

Concluding his address, the President emphasized that the recent double upgrade of the Cypriot economy and the restoration of Cyprus's credit rating to investment grade by Moody's, after 12 years, opens up perspectives and further opportunities, strengthening the framework for attracting even more quality investments and creating new jobs.

He also assured the audience of the government's unwavering commitment to supporting the maritime industry's growth and fostering an environment conducive to investment.