17/05/2012 16:32
PwC Cyprus participated for the first time at a conference organised in New York on 4 May by the Cyprus-US Chamber of Commerce, which focused on the geopolitical and economic developments in Cyprus and on how US multinational companies (MNCs) can benefit from these.
Also participating for the first time and representing Cyprus was Abacus Ltd.
The conference preceded the Chamber’s Annual Awards Gala dinner. This year, the award was presented to Charles Davidson, chairman and CEO of Noble Energy.
The conference included a panel discussion with the participation of Mr Terry Gerhart, Vice President of Noble Energy (responsible for Noble's activities in the Eastern Mediterranean), Mr Nicos Chimarides, Partner, In charge of Indirect Tax Services at PwC Cyprus, Mr Constantinos Leontiou, Director on PwC’s Cyprus tax desk in New York , Mr Constantinos Chiotis, Senior Manager at Abacus Ltd and Mrs Anastasia Xenias, Senior International Trade Specialist at US Department of Commerce. The panel was coordinated by Mr James C. Hansel, Senior Vice President and Advisor at the Red Apple Group.
Mr. Vassos Vassiliou, the Chamber’s president, welcomed the guests who overflowed Hilton Hotel’s Gibson room and included several US MNCs, global energy executives and generally representatives of the US business scene who are interested in developments in Cyprus. The presentations and questions, both among the well-informed panelists and in the lively Q & A with the audience, were focused on Cyprus’ attractiveness as a reputable financial centre and on investment opportunities created by the discovery of natural gas which are expected to drive the geopolitical and economic future of the country. It was reported that the energy sector will positively affect a number of other obvious service sectors. In addition, the favourable tax system of the country, in combination with the low business tax rate of 10%, constitute a comparative advantage that will contribute in attracting foreign multinational companies.
Mr Nicos Chimarides, Partner, In charge of Indirect Tax Services at PwC Cyprus said:
“The first important and positive step was the delimitation of the Cyprus exclusive economic zone. The second will take place on 12 May when we will know how many companies have applied during the second authorisation phase in Cyprus. All these are strong indications that the required infrastructure is being created for the exploitation of natural gas that will be condensed and exported to various markets, providing substantial investment opportunities in the energy sector. The revenues from this process will contribute significantly to the economic development of Cyprus and together with services, the two sectors are expected to drive the local economy for many years.”
Mr Constantinos Chiotis, Senior Manager at Abacus Ltd noted:
“When we talk about Cyprus-US business, we need to move away from trade and look at other figures such as foreign direct investment (including energy) and indirect investments through US affiliates, which are increasingly important and offer American MNCs wide space for growth. The main driving sector for Cyprus has been services, which accounts for almost 80% of the country’s GDP. One of the main contributors to the service sector is tourism, which has stabilised in recent years. The maritime sector has shown a big increase and Cyprus is ranked 10th in world fleet and has become the largest shipmanagement centre outside of Hamburg. The main driving sector for Cyprus, however, has for a number of years been Financial Services.
Ranging from classic front-end or specialised banking services, to professional services, shipmanagement, back-office and fiduciary services, Cyprus has concentrated heavily in the last few years in high-value added services that cater to foreign clients. Given its proximity to the Middle East and North Africa (MENA) countries, its EU MS status, its highly skilled labour and its security, Cyprus has also catered as an Headquarter centre for firms doing business in MENA. This is where US firms can concentrate, whether they are rebuilding, selling or drilling in the region”.
Also participating for the first time and representing Cyprus was Abacus Ltd.
The conference preceded the Chamber’s Annual Awards Gala dinner. This year, the award was presented to Charles Davidson, chairman and CEO of Noble Energy.
The conference included a panel discussion with the participation of Mr Terry Gerhart, Vice President of Noble Energy (responsible for Noble's activities in the Eastern Mediterranean), Mr Nicos Chimarides, Partner, In charge of Indirect Tax Services at PwC Cyprus, Mr Constantinos Leontiou, Director on PwC’s Cyprus tax desk in New York , Mr Constantinos Chiotis, Senior Manager at Abacus Ltd and Mrs Anastasia Xenias, Senior International Trade Specialist at US Department of Commerce. The panel was coordinated by Mr James C. Hansel, Senior Vice President and Advisor at the Red Apple Group.
Mr. Vassos Vassiliou, the Chamber’s president, welcomed the guests who overflowed Hilton Hotel’s Gibson room and included several US MNCs, global energy executives and generally representatives of the US business scene who are interested in developments in Cyprus. The presentations and questions, both among the well-informed panelists and in the lively Q & A with the audience, were focused on Cyprus’ attractiveness as a reputable financial centre and on investment opportunities created by the discovery of natural gas which are expected to drive the geopolitical and economic future of the country. It was reported that the energy sector will positively affect a number of other obvious service sectors. In addition, the favourable tax system of the country, in combination with the low business tax rate of 10%, constitute a comparative advantage that will contribute in attracting foreign multinational companies.
Mr Nicos Chimarides, Partner, In charge of Indirect Tax Services at PwC Cyprus said:
“The first important and positive step was the delimitation of the Cyprus exclusive economic zone. The second will take place on 12 May when we will know how many companies have applied during the second authorisation phase in Cyprus. All these are strong indications that the required infrastructure is being created for the exploitation of natural gas that will be condensed and exported to various markets, providing substantial investment opportunities in the energy sector. The revenues from this process will contribute significantly to the economic development of Cyprus and together with services, the two sectors are expected to drive the local economy for many years.”
Mr Constantinos Chiotis, Senior Manager at Abacus Ltd noted:
“When we talk about Cyprus-US business, we need to move away from trade and look at other figures such as foreign direct investment (including energy) and indirect investments through US affiliates, which are increasingly important and offer American MNCs wide space for growth. The main driving sector for Cyprus has been services, which accounts for almost 80% of the country’s GDP. One of the main contributors to the service sector is tourism, which has stabilised in recent years. The maritime sector has shown a big increase and Cyprus is ranked 10th in world fleet and has become the largest shipmanagement centre outside of Hamburg. The main driving sector for Cyprus, however, has for a number of years been Financial Services.
Ranging from classic front-end or specialised banking services, to professional services, shipmanagement, back-office and fiduciary services, Cyprus has concentrated heavily in the last few years in high-value added services that cater to foreign clients. Given its proximity to the Middle East and North Africa (MENA) countries, its EU MS status, its highly skilled labour and its security, Cyprus has also catered as an Headquarter centre for firms doing business in MENA. This is where US firms can concentrate, whether they are rebuilding, selling or drilling in the region”.
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