Commonwealth Greater Birmingham
Commonwealth Chamber of Commerce
Contact: Jamila Davis T: 0121 607 1826
Commonwealth Chamber Patron
Exploring the benefits of trading in Cyprus
There’s more to Cyprus than just holidays – it’s a significant trading partner for the UK, and opportunities abound, according to Commonwealth Chamber president Keith Stokes-Smith.
“Cyprus is going through exciting times of growth and development thanks to a renewed boost in confidence with foreign investors flocking back to its shores, attracted by the improved economic climate, large scale projects and burgeoning prospects in the real estate, investment fund and energy sectors” – this is a quote from the Cyprus Profile website. While Cyprus is known to many of us a
Export talks: Members of the Consulate General in Birmingham attended a Greater Birmingham Commonwealth Chamber of Commerce (GBCCC) to promote exporting to India. Pictured are S.M Chakraborty (centre) and Bharat Sakhuga (left), from the Consulate General, and Keith Stokes-Smith, president of the GBCCC
Consulate General of India joins the GBCCC
The Birmingham-based Consulate General of India has become the latest high-profile member of Greater Birmingham Commonwealth Chamber of Commerce (GBCCC). Fast-growing India is already a key market for
the UK, and the Consulate General believes the country represents a major opportunity for businesses in Birmingham and the North of England in particular. Consul General Dr Aman Puri said: “The
Consulate General of India, Birmingham, is glad to support the Birmingham Commonwealth Chamber in all its endeavours.
‘India, the fastest growing major economy of the world, has become the third largest investor in UK’
“This membership will provide us with another
platform to engage with various stakeholders in the UK, especially in the West Midlands. It is an important step, as India, the fastest growing major economy of the world, has become the third largest investor in UK. India accounts for 55 per cent of the Commonwealth population, and will play an ever increasing role, especially post- Brexit. Considering the present geo-political and trade dynamics, both India and UK need to accelerate and consolidate their relationship.
“The government of India has launched
various economic schemes such as ‘Make in India’ to attract industries to invest in India. “On the same lines, the High Commission of
India, London has launched ‘Access India Programme’ as a hand-holding and mentoring scheme to facilitate the small and medium sized enterprises in UK, which are interested in making inroads into Indian manufacturing and taking advantage of the huge market. “To take it forward, the Consulate General of
India has been working along with various trade and commerce bodies and decision makers in the Midlands and North England. “We count the Birmingham Commonwealth Chamber an important player in its field, and hope that this association will help us to take our close relationship forward.” Keith Stokes-Smith, Commonwealth Chamber
president, said: “I was delighted to hear that the Consulate General of India in Birmingham had become a GBCCC member. “As a Commonwealth nation once deemed the
jewel in the crown of the British Empire, it is arguably today or becoming the jewel in the crown of the Commonwealth having been transformed into one of the world’s fastest growing economies with a large urban middle class and population of circa 50 per cent of the total commonwealth population. India is a land of opportunity and their engaging with us as GBCCC members is a positive step forward.”
place to holiday, tourism accounting for around 13.8 per cent of its GDP in 2017, there is more to the Mediterranean island. Today, the UK and Cyprus maintain close
political, economic and cultural links. It’s estimated there are around 270,000 Cypriots living in the UK, with around 12,000 Cypriot students enrolled in British universities. At the same time, there are between 60,000- 70,000 Britons living in Cyprus. The UK is Cyprus’s second most significant
trading partner. In 2017, the exports of Cyprus to the UK reached €115m which represented 10 per cent share of the worldwide exports of Cyprus, whereas the UK exports to Cyprus were around €506m. The main products exported to the UK
were Halloumi cheese, potatoes, pharmaceuticals, fresh or chilled vegetables and citrus fruit. UK exports to Cyprus are petroleum products, motor vehicles and parts, clothing, foodstuff, beverages and spirits, pharmaceutical products and boats. The country has a very attractive tax
regime starting with corporation tax at 12.5 per cent, and the legal system is closely aligned to the English common law legal system with strong protection for investment and intellectual property. Cyprus has a positive economic outlook
with robust GDP growth (3.9 per cent in 2017). It is one of the fastest growing EU economies with consecutive upgrades by credit rating agencies and positive macroeconomic forecasts. There are partnerships, investment and
growth sectors opportunities in many areas, including tourism, shipping, real estate, financial services, energy, investment funds, start-ups, education and filming. There’s more to say about Cyprus as a
country to trade with and most of it positive. Join us on the 19 November at Chamber House for our ‘Trading with Cyprus’ event (11am) for more facts, figures and a fuller Cypriot trading opportunity update.
• Turn to p39 for details about the event. November 2018 CHAMBERLINK 33
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