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Economic relations

Economic relations

Cyprus’ main economic partners are Greece, Great Britain and Russia. In this highly competitive context, and since Cyprus’ accession to the EU, France has improved its economic presence by increasing its direct investments, bringing its exports to €301M in 2008 (declining, however) and increasing its bids on major projects.

France’s foreign direct investments in Cyprus have increased: France’s total foreign direct investments in Cyprus have multiplied more than tenfold in five years and stood at €342M in 2008. French companiesare represented in almost every sector: insurance (CNP), banking (BNP-Parisbas), superstores (Carrefour), the environment (EDF Energies Nouvelles created a subsidiary to develop wind farms, Stereo-Iacovou for wastewater), luxury goods (Louis Vuitton boutique), agrifood (Le Sommelier, French Depot), and construction and infrastructures. Accordingly, in this latter sector,Bouygues, Egis, the CCI of Nice-Côte d’Azur hold 42% of the Hermes Airports Ltd consortium and will contribute to the construction and management for 25 years of the Larnaca and Paphos international airports. Totalling €650M, this is the biggest investment ever made in Cyprus. The President of Cyprus inaugurated the Larnaca airport on 7 November 2009 in the presence of the Secretary of State responsible for European Affairs, Mr. Pierre Lellouche.

With €7.3b in imports and €1.2b in exports in 2008, Cyprus’ foreign trade remains very unbalanced. The European Union (65% of the total) remains Cyprus’ leading partner, well ahead of Asia (12%) or the Near and Middle East (11%). The EU is responsible for half of Cyprus’ exports and two-thirds of Cyprus’ imports. French imports from Cyprus stood at €28M in 2008, while our exports to Cyprus reached €301M. France is the eighth supplier. The goods sold are consumer goods, professional equipment goods, agricultural and agri-food products, intermediate goods, automobiles and fuel.

Updated on 29.03.10

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All rights reserved - French Ministry of Foreign Affairs and International Development - 2014