cyprus chamber — The Cyprus Chamber of Commerce and Industry (Keve) has pledged coordinated support for businesses impacted by the ongoing war in the Middle East. On Monday, the chamber announced it is closely monitoring developments in the region and their potential repercussions for the Cypriot economy.
Keve emphasised its commitment to vigilance, stating, “From the very first moment we have been in continuous vigilance and in open communication with the competent state authorities, with the aim of the timely identification of problems and challenges and the shaping of coordinated interventions where required.”
Cyprus chamber: Maintaining Open Channels for Support
To address the challenges arising from the geopolitical unrest, Keve is actively collaborating with chambers and institutional representatives of businesses in affected countries. This effort aims to secure immediate and reliable information regarding trade, transport, energy, and investment conditions.
“With responsibility and continuous assessment of the data and with particular attention to international markets, energy costs and supply chains, the chamber will continue to systematically inform its member businesses and intervene institutionally where deemed necessary,” Keve stated.
In light of these developments, the chamber has called on Cypriot businesses experiencing difficulties related to the situation to reach out to its Department of International Relations and Economic Diplomacy for assistance. Businesses can contact them at 22889718 to report issues and coordinate actions with relevant authorities.
Impact on Foreign Workers
In a related initiative, the Cypriot federation of private employment agencies, under Keve’s umbrella, has begun recording foreign workers affected by the conflict. Many individuals are reportedly trapped in the region due to the crisis, unable to travel as a result of the ongoing geopolitical turmoil.
The federation encourages affected foreign employees, whether members or recipients of services from private employment agencies, to complete a communication form to register their issues. This initiative also addresses concerns regarding entry permits and the impact of travel disruptions on employment status and business operations.
Potential Consequences for Supply Chains
Philokypros Roussounides, the secretary general of Keve, has warned of significant disruptions that could arise from a potential closure of the Strait of Hormuz. This critical waterway is vital for global oil supply, and its closure would likely have far-reaching implications for supply chains and commercial activity.
“It will be an additional cost and challenge for the supply chain,” Roussounides told the Cyprus News Agency. He highlighted that delays, increasing transport costs, and sharply rising insurance premiums due to the conflict would place additional strain on businesses.
On the day of the announcement, crude oil prices surged by 10 per cent, with market estimates projecting prices could exceed $100 to $120 per barrel. “We are watching calmly; we do not want to panic the market and our partners,” Roussounides remarked, indicating a cautious approach to the evolving situation.
