The Cypriot Ministry of Industry, Tourism and Trade says it will create free trade zones in order to attract foreign investors.
The government of Cyprus has decided to initiate provision of special benefits to Israelis investing in high-tech, the director of trade at the Cypriot Ministry of Industry, Tourism and Trade told "Globes" today. The trade director said that the Cypriot Minister of Industry, Tourism and Trade, scheduled to visit Israel in the next few days, plans to raise the issue with Prime Minister Benjamin Netanyahu and Cabinet Ministers.
The director of trade estimated the criteria and the special benefits for foreign investors would be formulated by the end of the year, due to the government desire to bring in more foreign investors in the field of high-tech and R&D.
The director of trade said that although a free trade zone existed at Larnaca, the government believed in expanding the benefits and privileges since an insufficient number of investors had so far arrived in the country.
Published by Israel's Business Arena October 14, 1998