New opportunities are emerging in the business relations between Cyprus and the Baltic states with the establishment of a Business Association between the two regions, under the auspices of the Cyprus Chamber of Commerce and Industry (CCCI), the Chamber announced.

The primary objective of the Business Association is to promote, expand, and encourage collaborations between businesses in the Republic of Cyprus and those in Estonia, Latvia, and Lithuania. The Association also aims to highlight the dynamic aspects of the Cypriot economy to the business community, focusing on opportunities for partnerships and investments. Additionally, it seeks to position Cyprus as a strategic hub for business activities targeting markets beyond the European Union, such as the Middle East and North Africa.

"Cyprus' geographic location and excellent infrastructure provide businesses from the Baltic countries with opportunities to expand into growing markets with increasing demand," the statement emphasized.

At the Association’s founding assembly, CCCI’s Secretary General, Marios Tsiakkis, highlighted that the creation of the Association is expected to strengthen economic relations between Cyprus and the Baltic countries, offering significant opportunities for collaboration and growth in the areas of trade, investment, and technology. The Association will serve as a platform for networking and innovation, fostering cooperation between businesses for the benefit of all parties involved.

Both Cypriot and Baltic companies, as well as individuals, can register as members of the Association.