Nicosia, CYPRUS – Deputy Under Secretary of Commerce for International Trade Ken Hyatt wrapped up his visit to Cyprus today by highlighting the economic benefits of potential reunification as a bizonal, bicommunal federation during a keynote address at a joint event co-hosted by the Cyprus Chamber of Commerce and Industry and the Turkish Cypriot Chamber of Commerce. Both Chambers have a long history of working together toward common goals and with an eye toward making Cyprus an attractive place to do business. Resolution of Cyprus’s political division will increase the island’s ability to attract U.S. commercial activity and promote itself as a regional hub for business.
“Several U.S. companies have found opportunities in a variety of Cypriot sectors, including IT, medical equipment, energy, agricultural products, hospitality and tourism, as well as franchising,” Hyatt said. “Cyprus has become increasingly attractive to American businesses and investors given its strategic location, ongoing economic recovery, and its talented workforce. And in an increasingly complex region, Cyprus is a more appealing commercial venue than it has ever been.”
During a bilateral meeting with Constantinos Petrides, Deputy Minister to the President, Hyatt congratulated Cyprus on officially exiting its IMF-funded bailout in March and stressed that a settlement would reinforce for U.S. businesses that Cyprus is a welcome place for investment. He also advocated for Cyprus to create the conditions that will allow entrepreneurship and innovation to flourish. Additionally, with Deputy Minister Petrides, Hyatt shared U.S. best practices in travel and tourism promotion and demonstrated the economic benefits of U.S.-model public-private partnerships, such as Brand USA.
While in Cyprus, Hyatt also took the opportunity to reinforce the importance of the Transatlantic Trade and Investment Partnership (T-TIP) and its benefits to all Cypriots once a settlement is reached. He also discussed potential cooperative outreach opportunities with the Republic of Cyprus on T-TIP.
During his visit, Hyatt also hosted a roundtable discussion with U.S. energy companies in Cyprus. Several U.S. companies have already invested in Cyprus’ energy sector, leading to further development of what will surely be a driving economic force.