THE CYPRUS WEEKLY

INVESTING IN MOSCOW

CONFERENCE PROMOTES BUSINESS WITH RUSSIA

STRENGTHENING RELATIONS: From left to right Alexander Bogachev of AB Consulting, Ambassador Shumskiy and Yiannos Georgiades of Georgiades & Mylonas

Cyprus' total in­vestments in the Moscow region last year reached €859m, a high ranking official from Russia's Foreign Economic Rela­tions Ministry told a fo­rum in Limassol this week.

This makes it the sec­ond biggest investor country after Germany in the region, Igor Nikolaovskiy also said.

There wore more than 50 participants at the 2nd International Conference on Investments into Rus­sian Regions via Cyprus, said organizers Nicosia- based Georgiades & My­lonas and Moscow-based AB Consulting.

Addressing the three- day forum, Russian am­bassador to Nicosia Vyacheslav Shumskiy said: "Our countries have vast

opportunities to enhance and deepen fruitful cooperation. Largc-scalc na­tional projects carried out in Russia require significant investments".

And he added: "Construction of transport infrastructure, tourist and sports facilities, in­troduction of energy-saving technologies, as well as projects within the framework of the prepa­ration for the Winter Ol­ympics in Sochi in 2014 and the FIFA World Cup in 2018 might be attrac­tive to Cypriot business­men."

The agenda included is­sues such as foreign in­vestors, the problems and solute ions of the economic crisis, and the specifics of the international audit of joint projects.

Also, tax benefits for companies with foreign capital in Russian invest­ment projects, and the advantages of invest­ments made via Cyprus.

Participants from Rus­sia were members of the State Duma, the Ac­counting Chamber, min is tries and agencies, members of regional gov­ernmental bodies respon­sible for investment gen­eration, international investment companies, bonks and other financial institutions as well as in­ternalional consulting and legal companies.

Cypriot speakers in­cluded high ranking of­ficers from the Cyprus Chamber of Commerce and Industry, the CySec. tho Cyprus Stock Ex change and CIPA.

THE CYPRUS WEEKLY

October 28, 2011

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