Breaking news

Cyprus And Kazakhstan Seek Closer Trade And Investment Cooperation

by THEFUTURE.TEAM

June 5, 2026

Cyprus has identified Kazakhstan as an important partner in Central Asia, President Nikos Christodoulides said during the inaugural Cyprus-Kazakhstan Business Forum in Astana. The forum focused on economic cooperation, investment and connectivity between the two countries.

Strategic Connectivity And Economic Partnership

President Christodoulides said Kazakhstan is playing an increasingly important role in connecting Europe and Asia through expanding trade and transport corridors. According to the President, stronger commercial and investment links across Eurasia could create new opportunities for businesses and investors in both countries.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Robust Economic Performance And Fiscal Stability

Highlighting Cyprus’ economic performance, President Christodoulides noted that the country recorded 3% growth in the first quarter of 2026. Forecasts by the European Commission indicate that Cyprus is expected to remain among the fastest-growing economies in the European Union, while unemployment remains at historically low levels. The President also referred to budget surpluses and declining public debt, which is projected to reach approximately 52.2% of GDP by 2025. Recent assessments by international rating agencies have reaffirmed Cyprus’ credit ratings.

A Hub For Investment And Innovation

Cyprus maintains a corporate tax rate of 15%, one of the lowest in the European Union. An extensive network of double taxation agreements covering more than 65 countries, including Kazakhstan and India, further supports the country’s position as a destination for international investment. President Christodoulides said these factors contribute to a predictable and reliable business environment for investors.

Enhancing Logistics, Digital Transformation And Trade

As transport networks and supply chains continue to evolve, Cyprus is seeking to strengthen its role as a logistics and connectivity hub linking Europe, the Eastern Mediterranean and the Middle East. The recent launch of direct Air Astana flights between Kazakhstan and Cyprus was highlighted as an example of growing connectivity between the two countries, supporting business travel, tourism and investment flows.

Expanding Bilateral Opportunities

The forum also highlighted sectors with potential for cooperation, including shipping and maritime services, transport and logistics, fintech, artificial intelligence and innovation, renewable energy, pharmaceuticals, healthcare, agriculture and food security. President Christodoulides said Cyprus can serve as an entry point to the European market for companies from Kazakhstan looking to expand their activities within the region.

Looking Ahead: A Partnership For Sustainable Growth

In their closing remarks, President Nikos Christodoulides and Kazakhstan Prime Minister Olzhas Bektenov emphasized the importance of turning business and investment opportunities into concrete projects. Bektenov described Cyprus as a reliable partner in the Mediterranean and highlighted Kazakhstan’s ongoing reforms under President Kassym-Jomart Tokayev aimed at supporting economic development, innovation and investment. He also referred to recent increases in GDP and foreign direct investment, which have strengthened Kazakhstan’s position as a regional centre for trade and investment.

The forum concluded with discussions on expanding cooperation between the two countries and strengthening economic ties across a range of sectors.

The Future Forbes Realty Global Properties

The Rocks Project Advances Through Licensing Process In Pentakomo

Overview Of The Ambitious Development

A large tourism development in Pentakomo is moving through the licensing process. Known as The Rocks Project, the proposal includes a hotel, villas, apartments and a beach club along the coast east of Limassol.

Strategic Location And Broader Impact

Located along the coastal corridor between Limassol and Zygi, the project would form part of the wider Governor’s Beach area. The site is situated near several state and energy infrastructure facilities, including the Evangelos Florakis Naval Base in Mari, making it subject to additional planning and regulatory considerations.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Master Plan And Key Infrastructure

Situated within the administrative boundaries of Pentakomo, the development is planned for the coastal area of Argaki Tou Mavrou. The project is being promoted by DRL5COMOS Properties Ltd and is supported by an environmental impact assessment prepared by P. Nikolaidis & Associates Ltd. The assessment is available for public consultation until July 3, 2026.

According to the master plan, operations are expected to begin in 2029. Plans include a 14,000-square-metre hotel with 126 rooms, a 900-square-metre spa and wellness centre, restaurants and dining facilities, 26 villas, 73 apartments and penthouses, and a 1,050-square-metre beach club with indoor and outdoor leisure areas. Parking facilities for 240 vehicles are also included in the proposal.

Integration With The Existing Landscape

The development plan allocates 12% of the site to public green space and includes an internal road network. Project documents indicate that several existing structures, including the Kalymnos Fish Tavern and current beach facilities, would be demolished as part of the redevelopment.

Regulatory And Institutional Considerations

The licensing process is ongoing and includes consultations with relevant local and government authorities. Comments submitted by the Ministry of Defence have not been made public due to the site’s proximity to the naval base. Those observations are expected to be reviewed by the environmental impact assessment committee during closed sessions.

Conclusion

With its carefully structured vision and strategic positioning, The Rocks Project promises to be a significant catalyst for economic and social growth in eastern Limassol. As it advances through the regulatory process, stakeholders remain focused on ensuring that this landmark development meets the highest standards of design, sustainability, and community integration.