OREANDA-NEWS. Led by Yuri Kolobov official Ukrainian delegation attended first session of Intergovernmental Ukrainian-Cypriot commission on economic, sci-tech and industrial cooperation, which was held in Nicosia, Cyprus, where he held a number of constructive meetings with the Minister of Finance of the Republic of Cyprus Charis Georgiades.

Session resulted in Memorandum of Understanding between the Ministry of Interior of the Republic of Cyprus and the State Agency of Land Resources of Ukraine on cooperation in field of digital mapping and geographic information systems.

During the session of the Intergovernmental Ukrainian-Cyprus Committee members discussed ways of further development, expansion and diversification of bilateral economic and other relations between Ukraine and the Republic of Cyprus.

In particular, Minister of Finance of Ukraine noted that Cyprus is one of the largest investors in EU and is the world`s first ranking foreign direct investor of Ukrainian economy.

According to Yuri Kolobov, this meeting - is a good occasion to discuss current issues of cooperation. He also expressed hope that this event will provide new push for development of bilateral relations, particularly in economic, sci-tech and industrial cooperation.

During the meeting, members of Ukrainian delegation informed Cypriot side on the recent achievements of Ukraine in economic sphere. There were also marked positive indicators of development, growth of economic stability and foreign investors' interest in Ukraine provided by measures of Ukrainian Government aimed at boosting investment.

Speaking of cooperation between Ukraine and European Union, Cyprus has shown its support for political association and economic integration of Ukraine into the European Community on the basis of respect for norms and principles of EU. Participants stressed the need to develop further cooperation in Ukraine - EU dialogue, which aims to conclude Association Agreement, including creation of profound and comprehensive Free Trade Zone.

Commission considered issue of trade relations between Ukraine and Cyprus and agreed to facilitate close contacts between competent authorities for further expansion of existing trade relations.

Session participants paid special attention to discussion of possibility of increasing economic and industrial cooperation. Thus, in order to increase investment opportunities members of the Ukrainian and Cypriot delegation unanimously expressed their readiness to develop cooperation.

The parties also noted the importance of cooperation between banking and financial institutions in Ukraine and Cyprus to create an enabling environment for business dealing of Cypriot and Ukrainian companies, also including provision of comprehensive credit support for implementation of promising Ukrainian-Cypriot projects.

With this in mind, participants stressed that the rights and privileges of banking and financial institutions must be protected according to international standards and norms.

At the session of Intergovernmental Ukrainian-Cypriot Committee also were discussed issues of energy efficiency and conservation, intensification of cooperation in the tax area and others.

In his closing remarks, Minister of Finance Yuriy Kolobov said that Ukraine and Cyprus have strong potential for further development of financial and economic cooperation in particular by expanding areas of investment and joint ventures.

"We are interested in our cooperation's positive trend maintenance, which has considerable potential for further development of both countries' economies," - he said.