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 Free Trade Zones/Transit Trade



In recent years, transit trade through the island has become an increasingly important source of business for Cyprus. This business is transacted through free trade zones in the two ports of Limassol and Larnaca or through bonded warehouses where goods are kept for onward transshipment. Permission for foreign participation in transshipment activities through Cyprus is usually granted easily by the Central Bank.

The total value of goods re-exported through Cyprus to neighboring countries has increased from USD 378.6 million in 1990 to USD 561.8 million in 2000. (During the same period, Cyprus' domestic exports declined from USD 575.3 million in 1990 to USD 385.2 million in 2000.) Safe port facilities, reasonable storage rates, safety of storage facilities in free port areas, and good business connections are the leading reasons behind this booming trade.
 

 

 

 

 

  Copyright By :  Kish Trade Promotion Center  2002