Cyprus is an important destination for investments from Estonia and there are many areas of cooperation between Estonian and Cypriot companies, said President of Estonia Alar Karis, while addressing on Wednesday a business forum organised by the CCCI, in Nicosia, entitled "Cyprus-Estonia: Promoting bilateral cooperation."

The main objective of the event was the strengthening of bilateral relations and the development of cooperation between Cypriot and Estonian companies in the fields of Shipping, Cybersecurity and Information Technology.

In his address, the President of Estonia said that there are many areas where Estonians could benefit from doing business in Cyprus. He stressed that Cyprus is an important business centre due to its strategic location and the business environment supported by common law.

"Cyprus is one of the most important destinations for foreign direct investments (fdi) for Estonia. As of last year, Estonia’s FDI in Cyprus exceeded our FDI in UK", he said.

He added that Estonia and Cyprus share similarities. "We are both maritime nations, an area in which we can increase cooperation. Moreover, both countries support digitalization that promotes productivity", he said, noting that Estonia is highly experienced in digitalization. "We have digitalized the majority of our public services and we are developing services that will never exist on paper", he highlighted, adding that Estonian companies are exporting that knowledge and are always ready to share this experience with Cypriot companies.

The Estonian President encouraged Cyprus companies that are interested in doing business in northern Europe, to visit Estonia.

Deputy Minister of Shipping, Marina Hadjimanoli then addressed the forum. She highlighted the opportunities and prospects for the development of the maritime sector in Cyprus.

The Deputy Minister of Research, Innovation and Digital Policy, Nicodemos Damianou, and the Chief Scientist for Research, Innovation and Technology, Demetris Skourides, presented the Cyprus digital ecosystem, highlighting the country's potential as an emerging hub in research, technology and innovation.

In his welcome address, CCCI President Stavros Stavrou highlighted the strategic partnership between Cyprus and Estonia, as members of the EU, noting that synergies should promote long-term cooperation and business opportunities in various sectors.

A presentation of the activities of the Estonian Maritime Cluster and the opportunities for developing cooperation was given by two representatives of Estonia, Riina Palu and Merit Kindsigo.

The event concluded with a short presentation of the products and services offered by the 11 companies accompanying the Estonian President.

According to a CCCI press release, private meetings between Cypriot and Estonian companies from the maritime, cyber security and IT sectors took place during the forum.

The Business Forum was attended by representatives from the business and scientific community and the public sector.