September 2016


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SLOVAKIA
KOTRA expands business partnerships

The Slovak market is becoming more and more attractive for Korean investors. Some large companies from the Republic of Korea have brought a large number of small entrepreneurs to Slovakia.

KOTRA rates the general business environment in Slovakia as worthy and modern mainly from the perspective of infrastructure, labour force, its location in the middle of Europe and friendliness to investment and business. Choi noted that he does not feel any barrier to communication with people, which is one of the important matters for foreigners.

More than 90 Korean companies employ about 26,000 people in Slovakia, according to the TASR newswire. The majority of them operate in the automotive and electronics industries including the large plants of Kia Motors Slovakia near Žilina, Samsung Electronics Slovakia in Galanta and Samsung Electronics LCD Slovakia in Voderady, next to Trnava.
(Source www.spectator.sme.sk)
Slovak PM Fico considers Russia a reliable partner in energy

We perceive Russia as a reliable partner and supplier in the energy sector, Slovak Prime Minister Robert Fico said after his meeting with Russian President Vladimir Putin on August 26. Their talks, however, did not bring an answer to the question of whether the second leg of the pipeline Nord Stream, to transit Russian gas under the Baltic Sea to Germany, bypassing Ukraine and Slovakia, would be built. Fico has reiterated that Nord Stream 2 would be harmful to Slovakia.

It is especially Germany and Russia, according to Fico, who have in their hands real decision making power over the project. The Slovak Prime Minister reiterated that if Russian gas was no longer transmitted via the Slovak pipeline, Slovakia would lose €800 million annually.

Fico and Putin also negotiated the drop in trade between Slovakia and Russia while Fico again labelled sanctions the EU imposed on Russia as damaging for both sides. A session of the Russian-Slovak commission scheduled for January 2017 should help to revive mutual economic relations.
(Source www.spectator.sme.sk)
Unemployment rate stagnates

Slovakia's unemployment rate fell to 9.4 percent in July 2016 from 9.5 in the previous month and 11.5 percent a year earlier. It remained at its lowest level since January 2009, as the number of unemployed people dropped to 256,460 from 256,615 in the previous month.

Unemployment Rate in Slovakia averaged 13.28 percent from 1994 until 2016, reaching an all time high of 19.79 percent in January of 2001 and a record low of 7.36 percent in August of 2008. Unemployment Rate in Slovakia is reported by the Ministry of Labour, Family, Social Affairs and Equal Opportunities.
(Source www.tradingeconomics.com)
Slovak representation satisfied with the Olympics

The leaders of Slovakia’s representation at the 31st Summer Olympic Games in Rio de Janeiro, Brazil, perceive the performance of the country’s athletes positively. The country won four medals altogether, which is a better result than at the previous Olympic Games in London, the TASR newswire reported.

After winning two golds and two silvers, Slovakia placed 37th in the overall ranking.

“Out athletes achieved great victories,” said Peter Korčok, designated head of the Slovak representation in Rio, as quoted by TASR.
(Source www.spectator.sme.sk)
CYPRUS
Tax incentives for start-ups

The Cyprus government approved a package of tax incentives to boost the start-up sector and innovation in Cyprus. The package includes a 50% tax exemption on investments in innovative and start-up companies. The maximum annual amount to be exempted is €150,000. The government has also broadened the term innovative firm.

The decision is not limited and can now be used more efficiently by businesspeople and young businesspeople with innovative ideas that can evolve in entrepreneurship and commercial products.
(Source: www.goldnews.com.cy)
EU Citizenship to Thai Investors

In an effort to attract Thai investors, Cyprus is offering a lifetime European Union citizenship for Bt100 million. "The country is targeting more capital from Thailand, attracting investors with easy migrant permission to become an EU citizen through investment."

"The country expects to raise capital from Thai investors in prospective sectors including property, energy, oil and gas, infrastructure and tourism," Cypriot High Commissioner Demetrios Theophylactou has said.

A series of incentives have been introduced by the Cypriot government to attract overseas investors.
(Source: www.goldnews.com.cy)
Increase in applications for the registration in new companies

Applications to register new companies continued to rise for the tenth consecutive month in June, according to data from the Department of the Registrar of Companies and Official Receiver.

The applications increased significantly by 11,4% and reached 1,016 compared to 912 in June 2015 and by 21,9% in the first six months of the current year. Compared to May, the applications for the registration of new companies fell by 5,2% in the sixth month of 2016. During the first six months of the year, the number of applications reached 6,366 compared to 5,222 in the same period last year, an increase of 21,9%.

The figures also showed that a total of 204,817 companies were registered in Cyprus at the end of June. The new registrations of companies in the six five months of 2016 were 6,267. Throughout 2015 11,270 companies registered in Cyprus.
(Source: www.stockwatch.com.cy)
Deposits

Total deposits in May 2016 recorded a net increase of €377,2 million, compared with a net increase of €144,9 million in April 2016, according to data released by the Central Bank of Cyprus.

The annual growth rate stood at 3,7%, compared with 2,4% in April 2016. The outstanding amount of deposits reached €46,5 billion in May 2016.

Total loans in May 2016 exhibited a net decrease of €2.147,4 million, as a result of loan repayments, compared with a net decrease of €114,1 million in April 2016.

A substantial part of these repayments concern previous transfers of loans from non-resident MFIs and are not related to the domestic economic activity. The annual growth rate stood at -10,8%, compared with -7,3% in April 2016. The outstanding amount of loans reached €55,3 billion in May 2016.
(Source: www.stockwatch.com.cy)