The Cyprus Chamber of Commerce and Industry (CCCI) announced on Tuesday the establishment of the Cyprus-Uzbekistan Business Association, marking a "new era" in the economic relations between the two countries.

In a press release, it said that the establishment of the association is part of the ongoing effort to create new opportunities for the benefit of Cypriot businesses.

The goal of this initiative is to strengthen and expand the economic and trade relations between the two countries, said the CCCI, "opening the door to dynamic partnerships and further enhancing cooperation between businesses in Cyprus and Uzbekistan".

In addition, the CCCI pledged to work to highlight the potential of the Cypriot economy, emphasising opportunities for investment and collaboration. Cyprus, it continued, "with its strategic location at the heart of Europe, the Middle East, and North Africa, is the ideal hub for businesses wishing to penetrate high-growth markets. Combining its globally recognized infrastructure and stable business environment, Cyprus offers Uzbek entrepreneurs a gateway to new and emerging markets".

The CCCI's President, Stavros Stavrou said that the "establishment of the Association marks a new era in the economic relations between Cyprus and Uzbekistan. It will open valuable opportunities for collaboration in trade, investment, and technology". As a networking platform, he added, the Association will foster innovation and cooperation, promoting mutual economic growth.

The Ambassador of Uzbekistan to Cyprus, Abat Fayzullaev, said his country considers the Association "an important milestone for strengthening bilateral relations with Cyprus." He said they are committed to exploring new avenues of cooperation and creating a strong framework for economic and cultural exchange, noting that this initiative will undoubtedly contribute to shaping deeper partnerships and enhancing the prosperity of both countries.

An invitation to join the Association is extended to businesses from both Cyprus and Uzbekistan. Those wishing to register can contact the CCCI, the press release said.