Welcome Address by the Ambassador of the State of Israel
Israel is very proud of its relationship with Cyprus and especially, the economic cooperation the two countries have enjoyed over the decades. In recent years, Israel has become one of the major trading partners of Cyprus. The volume of trade between the two countries has increased considerably and there is strong potential for further increase in the coming years. For 2012, bi-lateral trade reached EUR 715 million (exports from Israel: EUR 676 million) making Israel the 2nd largest exporter to Cyprus. The major contributing factor of this enhancement in trade relations has been the initiative and dynamism of the private sectors of both countries and recently, the prospects that exist for co-operation in the field of energy.
The establishment of the Cyprus – Israel Business Association has been a very important milestone in trade relationships between the two countries. It has had a most active role in promoting bi-lateral economic ties and has been instrumental in enhancing commercial activity between Cyprus and Israel.
The exchange of business delegations and the excellent cooperation of the Cyprus Chamber of Commerce & Industry and the local Chambers of Commerce with our Embassy has also contributed to the upgrading of trade relations.
In the last decade or so, the Israeli economy has undergone a radical metamorphosis. It has quickly adapted to the information age, modernising its industries and utilising its human capital to revolutionise its technological sector. Israel has now become one of the leading hi-tech nations of the world with hi-tech products accounting for almost 50% of total exports. Strong potential for cooperation exists in the form of sharing Israeli expertise and innovation with Cyprus in all sectors of the economy.
It is our firm belief that over the coming years, Israel and Cyprus will further enhance and strengthen their commercial ties. These ties could prove catalytic for broader regional cooperation in the future.
Ambassador of the State of Israel