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Ukraine, Cyprus interested in expanding cooperation in tourism sector.

Deputy Minister for Foreign Affairs of Ukraine Mykola Tochytskyi met with Ambassador of Cyprus to Ukraine Louis Telemaсhou on November 30, 2021.

According to the press service of the Ukrainian Ministry for Foreign Affairs, the interlocutors praised the process of implementation of agreements, reached during the joint session of the Intergovernmental Ukraine-Cyprus Commission in April 2021, aiming at deepening mutually beneficial cooperation in the economic and investment spheres.

The parties said they are interested in using significant potential for broadening cooperation in the tourism sector between the two countries.

Tochytskyi underlined the firmness of Ukraine's course towards EU integration and expressed hope for continued support from the Cypriot side.

According to the State Statistics Service of Ukraine, over the first nine months of 2021, the volume of trade in goods and services between Ukraine and Cyprus amounted to $616.3 million, which is 18.5% more compared with the same period in 2020. Exports of Ukrainian goods and services to Cyprus in the mentioned period came to $302.3 million and decreased by 10.3% from the relevant period in 2020, imports rose by 71.4% and amounted to $314.0 million. In January-September 2021, the trade balance was positive for Ukraine and amounted to $8.6 million.

As of June 30, Cyprus ranked first in terms of investment in Ukraine's economy, amounting to $17.1 billion (30% of total foreign direct investment), which is 2 billion more than as of December 31, 2020.

As of June 30, investments from Ukraine in the Cypriot economy amounted to $1.1 billion, or 37% of total Ukrainian direct investment abroad.

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