Brosh: Cyprus an important bridge for business

Shraga Brosh, Chairman of the Israel Export and International Cooperation Institute, said last week that the number of Israeli companies using Cyprus as a bridge for international business increased by 2.5% compared to last year.
 
He noted that Cyprus’s geographic location between Europe and Asia gave it an advantage as a bridge between the two highly important continents.
 
Cyprus, according to Brosh, also provides benefits from its membership in the European Union, and from good business infrastructure, including shipping & banking
Brosh noted that out of a total of 14,000 non-Cypriot companies currently operate in Cyprus, 720 are Israeli companies .
 
Brosh predicted that within the framework of the bilateral relations, Israeli exports to Cyprus would grow by 5-7% in 2005, to $385 million, despite a 6% drop in the first quarter.
Brosh noted that Israeli exports to Cyprus grew in 2004 by almost 80% to $365 million.