On April 22, the Minister of Finance of Ukraine Sergii Marchenko and the Minister of Finance of the Republic of Cyprus Constantinos Petrides held the second meeting of the Intergovernmental Ukrainian-Cypriot commission on economic, scientific-technical, and industrial cooperation. The Commission will provide new opportunities for expanding bilateral relations between Ukraine and the Republic of Cyprus.

During the event, the sides made a detailed review of the areas of common interest for both countries. They talked about trade and economic cooperation, technical regulation, business development and investment attraction, cooperation in agriculture, energy, tourism, transport, culture, education, and science.

The results of the first meeting of the Commission in June 2013 made a significant contribution to the development of the contractual legal framework of the two countries.

Sergii Marchenko noted that during seven years of cooperation countries concluded several agreements of renewable energy and energy efficiency, higher education, signed a program of cultural cooperation, exchanged experience and information in the tourism sector, etc.

"An additional impetus for the development of bilateral relations was the ratification by Ukraine in 2019 one of the most important documents - the Protocol amending the Convention between the Government of Ukraine and the Government of the Republic of Cyprus on avoidance of double taxation and the prevention of tax evasion concerning taxes on income," said Sergii Marchenko.

Constantinos Petrides said about the importance of continuing cooperation and identified that the priority in 2021 is increasing the competitiveness of the economies of our countries through the green and digital transition.

"We should expand cooperation mechanisms between the two countries to exchange experiences. Today's meeting of the Commission for economic, scientific, technical and industrial cooperation is a necessary tool to achieve results in the areas defined in the protocol," - said the Minister of Finance of Cyprus.

At the end of the meeting, Sergii Marchenko stressed the importance of the meeting and the raised issues.

"The meeting proved the desire of our countries to intensify economic activity, provide new stimuli to improve trade, investment, and business cooperation despite the challenges of the COVID-19 pandemic", - stated Sergii Marchenko.

The event was held online and attended by over 65 representatives from Ukraine and Cyprus. Participants from both countries expressed their willingness to continue the dialogue and agreed to hold the third meeting of the Intergovernmental Ukrainian-Cypriot Commission to summarize and develop new prospects for cooperation between Ukraine and the Republic of Cyprus.

As a result of the meeting, Ministers signed the Protocol, which summarizes the main agreements.