The American Chamber of Commerce and Industry in Cyprus (AmCham) recently held its annual festive US Independence Day Event.
It was a memorable evening in celebration of the 249th Anniversary of the Independence Day of the United States of America and of the long-standing historic, enduring and powerful ties that bind Cyprus and USA together, offering the opportunity to one hundred and fifty friends, participants and members who joined, to engage with partners and prominent individuals of the business community, exchange insights and explore opportunities to establish synergies and mutual beneficial partnerships.
In his opening remarks, Mr. Georgios Georgiou, President of AmCham Cyprus, stressed the importance of the legacy of Thomas Jefferson, Benjamin Franklin, George Washington and the other founding fathers, based on the ideals that everyone is equal and endowed with inherent rights, such as, amongst others, life, liberty, justice, the consent of the governed and resistance to any form of tyranny or despotism.
In the spirit of these values, he conveyed that we are proud to be part of AmCham Cyprus, an organization which – always in close collaboration with the US Embassy, the Ministry of Energy, Commerce and Industry and the Cyprus Chamber of Commerce and Industry – is totally and exclusively devoted in enhancing the economic and business relations between our two countries.
Further, he positively acknowledged that the powerful ties that bind Cyprus and the U.S together have grown even stronger through a multitude of tangible deliverables unfolding on several fronts, such as, amongst others:
- The institutionalization of a Strategic Dialogue between the Republic of Cyprus and the United States,
- Growing mutually beneficial collaboration in the fields of security, energy, science, technology, research and innovation, economy and investments and, of course,
- The significant progress achieved as regards the much-anticipated inclusion of Cyprus to the US Visa Waiver Program.
- He then elaborated on a set of other actions which will further contribute to make investments flow easier and smoother to Cyprus, such as:
- Updating the double tax treaty,
- Concluding a Social Insurance Benefits Transfer agreement,
- Improving air connectivity and enhancing tourism flows,
- Expanding educational opportunities and cultural exchanges,
In concluding he expressed AmCham Cyprus’ gratitude and deepest appreciation to its Corporate and our Business Members for their commitment and engagement, as well as to its annual sponsors for their invaluable support:
- Diamond Sponsor: ECOMMBX.
- Silver Sponsors: Abacus, Baker Tilly, EUROBANK, Exxon Mobil, KPMG, LLPO and PWC.
In his address, Minister Papanastasiou noted that the work of AmCham Cyprus towards strengthening the economic and trade relations between the two countries reflects a vision that the Ministry wholeheartedly shares and supports.
Mr. George Papanastasiou detailed President Christodoulides’ recent tour of the USA, which played a pivotal role in deepening bilateral trade and economic ties. In New York, the President met with leading investment funds, banks, and financial institutions, presenting Cyprus as a stable, attractive, and forward-thinking investment location, showcasing Cyprus’ strengths:
- A Common Law framework offering legal predictability,
- A stable tax and regulatory environment,
- One of the highest economic growth rates in the Eurozone at 3.4%,
- Recently upgraded to “Category A” by all major credit rating agencies,
The Minister also highlighted the President’s engagements in Houston, Texas, with energy sector leaders Chevron and Exxon—both active in Cyprus’ Exclusive Economic Zone—demonstrating ongoing collaboration in energy exploration and development.
Further, in San Francisco, his meetings with key figures from the technology sector—including OpenAI, Amazon, Google, Nvidia, and Oracle—signal Cyprus’ intent to become a technology and innovation hub in the region. Notably, companies such as Tenstorrent and Plug & Play have announced plans to establish operations in Cyprus, while others like Amazon and Nvidia are exploring future partnerships.
Mr. George Papanastasiou also offered insights on the latest trade and investment statistics between the two countries:
- Total trade between the two countries arose to €300 million in 2024, with around €246 million accounted for imports of US products to Cyprus, €30 million in re-exports from Cyprus to the US (exports of foreign goods from Cyprus to the US) and €24 million Cypriot exports of domestic goods to the US.
- Total trade in services between the two countries amounted to €7,5 billion in 2024, with Cyprus’ exported services to the US being in the region of around €5 billion, with €2,5 billion imports of US services to Cyprus.
- Foreign Direct Investment (FDI) from the US to Cyprus in 2024 was almost €28 billion, with outward Cyprus’ FDI to the US standing at almost €14 billion.
In concluding, Minister Papanastasiou conveyed that the Government of the Republic of Cyprus and his Ministry remain committed to supporting our entrepreneurs, eliminating barriers, and building strong, forward-looking partnerships, since this remains the surest path to deepening the bilateral trade and investment relationship between the US and Cyprus.
On his remarks, Mr. Daniel Mangis, Chargé d’Affaires ad interim, of the U.S. Embassy in Nicosia, offered the very warm regards from Ambassador (Julie) Davis, who regrettably couldn’t join the event because of her temporary assignment to Ukraine as the head of the US Embassy there.
He conveyed that the US Embassy, under her leadership, values the strong and enduring relationship between the United States and Cyprus, especially on the commercial side, and in this regard, he stressed that there is no better example than the strong cooperation between the Embassy and AmCham, as well as Cyprus’s broader business community.
He commented that from the beginning, the American experiment in democracy has been rooted in the relationship between political and economic self-determination and that is why it’s very appropriate to celebrate the America’s birthday with AmCham, an organization full of members who are working for peace and prosperity in Cyprus.
Mr. Mangis then positively remarked that the U.S.-Cyprus economic and commercial relationship continues to strengthen and took center stage in the historic bilateral Strategic Dialogue launched last October, which enhanced and codified cooperation between our two nations across a range of policy issues beyond trade, including regional and global security, defense cooperation, and space exploration.
He then elaborated on some important milestones that took place since then, such as, amongst others:
- In November 2024, we welcomed GE Aerospace’s partnership with Cyprus’s UAMCO.
- In January, a U.S. presidential declaration opened new opportunities for Cyprus to access American defense equipment, supplies, and services.
- In February, Cyprus approved Chevron’s development plan for Aphrodite, while know ExxonMobil’s plans are progressing.
- In April, President Christodoulides’s visit to the United States raised Cyprus’s profile as a serious destination for U.S. business and investment.
Nonetheless, Mr. Mangis noted that while we’re enthusiastic about the commercial relationship’s trajectory, some U.S. companies continue to encounter difficulties doing business in Cyprus and encouraged the government to ensure a fair and transparent business ecosystem within which U.S. companies and investors can thrive, so as to provide opportunities for the next generation of leaders in Cyprus and in the United States who deserve the chance to take the relationship of the two countries to new heights.
In concluding, he once thanked AmCham Cyprus for the invitation to attend the event and all participants for their leadership and good company in celebration of the US Independence Day.
