Mutual briefings on the economies of Cyprus and Argentina, as well as economic developments in Limassol and the prospects for bilateral cooperation, featured prominently in a recent meeting between Limassol Chamber President Costas Galatariotis and the Head of the Economic and Commercial Section of the Embassy of Argentina in Tel-Aviv (also accredited to Cyprus), Mr. Andres Ventafridda.
Briefing Mr. Ventafridda on the current state of the Cyprus economy, the LCCI President noted that, despite the huge difficulties bequeathed by the economic crisis and the events of 2013 with the haircut on bank deposits, there are some signs of recovery. Indicative of trust in the Cyprus economy and its future prospects, is the fact that Cyprus-based international companies chose to stay on and foreign entrepreneurs and employees have become part of local society. The island’s public finances are in reasonable shape and reforms that are currently being implemented are likewise expected to have a positive impact.
Mr. Galatariotis referred to the ongoing process for the privatisation of Limassol port as well as to legislation approved by the House of Representatives on the proposed casino-resort, both of which are particularly important projects for the private sector and for the economic development of the country. Another in-the-pipeline project is the Techno Park in the Pentakomo area of Limassol, for which a call for tenders is expected to be published in the near future.
For his part, Mr. Ventafridda observed that Argentina and Cyprus may be far apart geographically but there are ties between them, including the presence of Argentine soldiers in the UN peacekeeping force in Cyprus. As for Argentina’s economy, he said that beyond the recent major foreign debt problems, a sizeable portion of the amount due has been rescheduled and the situation is now under control. Unemployment is at a relatively low level (7%), but inflation (25%) is reason for concern.
The Argentine official also referred to the strong sectors of his country’s economy, including the natural gas industry and relevant technology. Argentina is a manufacturer and exporter of high-quality natural gas pipelines, an industry that has attracted the attention of leading international companies, including Russia’s Gazprom. Argentina is also a world pioneer in terms of gas-fired vehicles. Some 1.5 million cars in the South-American country use natural gas as fuel.
