Ministry of Industry boosts ties with Cyprus

Aims to encourage bilateral cooperation
and exposure to European markets

The Cabinet has ratified a Memorandum of Understanding (MoU) signed between the Ministry of Industry (MoI) and the Cypriot Ministries of Trade, Industry, and Tourism. Minister of Industry Vrej Sabounjian said the MoU will enhance bilateral ties at the economic, industrial, scientific, technological, and administrative levels. “This agreement aims to boost cooperation between small industries in the two countries and develop new projects and regulations, quality control, and accreditation.”

The MoI will also encourage Cypriot and Lebanese businessmen to do business together. Sabounjian said: “Cyprus is just 30 minutes away from Beirut, and it is the gateway to Europe. Once industrialists export goods to Cyprus, they can easily enter the European market because it has the same standards and specifications.”

The MoI also aims to attract Cypriot businesspeople to invest in touristic and industrial projects. “This MoU is the first step, and we will be taking other steps to enhance cooperation in the future,” Sabounjian said.