In Nicosia, the general index of the Cyprus Stock Exchange decreased 4.06% to close at 67.33 points.

In Nicosia, the general index of the Cyprus Stock Exchange decreased 4.06% to close at 67.33 points.

The enhancement of trade relations between Cyprus and the United Arab Emirates was discussed on Wednesday, at a meeting between Cyprus Energy, Commerce, and Industry Minister Natasa Pilides and UAE Minister of State for Foreign Trade Thani Ahmed Al Zeyoudi in Dubai.

Pilides was one of the Cypriot officials who accompanied Cyprus President Nicos Anastasiades on his visit to Dubai.

According to an official press release, the two ministers looked into the prospects of increasing trade transactions between the two countries in goods and services, as well as ways of developing cooperation between Cypriot and Emirati businesspeople in specific fields, such as aquaculture and livestock farming.

Pilides referred to Cyprus’ effort to promote Cypriot products and export them abroad, such as pharmaceuticals, halloumi cheese and other products with protected designation of origin. They also discussed the possibility of cooperation in the hotel industry, as well as between universities.

Pilides also spoke to Al Zeyoudi, who previously served as the UAE minister of climate change and environment, about the prospect of bilateral investments in large projects concerning renewable energy resources, especially floating solar farms, as well as the Israel-Cyprus-Crete electricity interconnection.

She informed the Emirati minister of Cyprus’ competitive advantages as an international investment center that offers a full range of high-level services and briefed him on the operation of the Business Facilitation Unit for the fast and efficient processing of requests from foreign businesses for the establishment of a company in Cyprus or the expansion of activities of existing companies.

Pilides pointed out that this could help businesses based in the UAE set up operations in the European Union.

For his part, Al Zeyoudi briefed Pilides about the procedures in the UAE that could facilitate Cypriot businesspeople there.

The two ministers agreed to appoint a project team leader from each country as well as technical teams to move forward with what they had discussed in order to strengthen trade relations between Cyprus and the UAE. Pilides also proposed the undertaking of joint initiatives, such as the organization of trade missions and seminars, with the participation of the private sector.

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