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Offshore Economy – Cyprus
Author: Erkan Kilim  | Posted: 24-04-2008 | Comments: 0 | Views: 5 | Rating: (50)  (?) 
The location of Cyprus, which has brought unwelcome visitors in the pas, has had compensations in the economic sphere. Tourism is the most obvious of these, with Greek Cyprus welcoming around 2 million and Turkish Cyprus 350,000 visitors each year, and the number is growing. Tourism forms the principal source of foreign exchange, and, in addition, is a major provider of jobs, both directly and indirectly.
Harvest The Profit; Agriculture remains the biggest economic sector, comprising several subsectors, of which citrus fruit is the most important in terms of exports, followed by potatoes, grapes, and wine. The light-industrial sector is large and growing, with exports of clothing and footwear combined outweighing the revenue generated by the island’s agricultural exports.North Cyprus HolidaysGreek Cyprus’s principal trading partner is the European Union, which supplies just over half the island’s imports and takes just under half its exports. The Turkish Cypriot sector’s main partner is Turkey, followed by the European Union.
Banker’s Draft; Banking is an important growth area, as Greek Cyprus develops as an offshore centre, but is one which has credibility problems to overcome before achieving widespread acceptance. The government has been cautious in granting licences, preferring to build slowly on a base of reputable banks. Recent years saw an influx of dollars from Russia and Yugoslavia-the origins of some of this money can really only be described as ‘suspect’.
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About the Author:Write about cyprus, villages,
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