OREANDA-NEWS. September 27, 2011. The Business Council for Co-operation with Cyprus had signed a memorandum of co-operation with the Cyprus Investment Promotion Agency (CIPA) of the Republic of Cyprus and the Cyprus-Russia Business Association.

The documents were signed by Mikhail Kuzovlev, Chairman of the Business Council for Co-operation with Cyprus, President and Chairman of the Management Board of the Bank of Moscow, and Phidias Pilides, Chairman of CIPA, President of the Cyprus-Russia Business Association, Chairman and Territory Senior Partner of PricewaterhouseCoopers (Cyprus).

Within the scope of the signed co-agreement on co-operation with CIPA, the parties have agreed, in particular, to co-operative in raising and promoting direct foreign investment in Cyprus and Russia. In addition, the signed memorandum envisages simplification and promotion of exchange of investments and new technologies between Russia and Cyprus, as well as assistance to the business communities of both countries in making joint investments in third countries.

The co-agreement on co-operation with the Cyprus-Russia Business Association provides for creation of maximum opportunities for establishing direct business contacts between organisations and companies of the Russian Federation and the Republic of Cyprus.

"The agreements signed today open up for Russia and Cyprus new opportunities to raise investments", commented Mikhail Kuzovlev, President and Chairman of the Management Board of the Bank of Moscow. "These agreements establish a most-favoured treatment for the business community and are also called on to promote development of trade and economic, as well as cultural links between the two countries."