Exports to Cyrpus grew 80% to $365 million in 2004.
The number of Israeli companies using Cyprus as a bridge for business has increased by 2.5%. 720 Israeli companies currently operate in Cyprus, out of a total of 14,000 non-Cypriot companies, Israel Export and International Cooperation Institute chairman Shraga Brosh reported yesterday. Brosh predicted that Israeli exports to Cyprus would grow by 5-7% to $385 million this year, despite a 6% drop in the first quarter. Exports to Cyrpus grew 80% to $365 million in 2004.
Brosh noted that Cyprus’s location between Europe and Asia gave it an advantage as a bridge between the those two continents. Cyprus also benefits from its membership in the European Union, and from good infrastructure, including banking.
Published by Globes [online] - www.globes.co.il - on April 20, 2005