The Cyprus merchant fleet is a reliable pillar of the island's economy. In 2017, he held 11 place in the world and 3 place in Europe in size.
The Cyprus merchant fleet occupies a prominent place in the world shipping. In 2017, he brought 7% to the country's GDP - more than 1 billion euros. In addition, the island itself is a large shipping center, conveniently located and sufficiently developed - it is one of the three largest centers in the world.
It is worth noting that the Cyprus authorities are not engaged in investing in shipping. It is an independent industry that makes a huge contribution to the development of international relations and the strengthening of the economy. The government of Cyprus helps ship-building companies only at the legislative level. The main "helper" is a loyal taxation system, which was introduced in 2010 year. Also in March 2018 the Secretariat of Shipping will be established, which will help the merchant fleet to develop on the international market.
The new agency will also pay attention to the employment of marine employees. Through cooperation with shipping companies, it is planned to reduce the level of unemployment and raise the level of education in the field of navigation. But even now the employment indicators are quite good: in 2017, 55 000 seafarers and 4500 employees with a rather high level of wages worked in the field of maritime trade, writes CyprusBusinessMail.