Cyprus, Greece, Malta and Italy strengthen shipping cooperation as FDI rises

Limassol, Cyprus. Cyprus, Greece, Malta and Italy signed a joint declaration on Wednesday to strengthen their common position on European shipping, competitiveness and decarbonisation. Separately, President Nikos Christodoulides said substantive foreign direct investment in Cyprus rose by around 10 per cent in 2025.

Shipping declaration

The agreement was reached during the ninth maritime meeting between Cyprus, Greece and Malta, which was held for the first time in an expanded 3+1 format with Italy.

The four Mediterranean countries aim to increase their influence over decisions on shipping competitiveness and decarbonisation in Brussels and at the International Maritime Organisation (IMO).

Cyprus Shipping Deputy Minister Marina Hadjimanolis hosted Greece’s Maritime Affairs and Insular Policy Minister Vassilis Kikilias and Malta’s Minister for Sustainable Mobility Chris Bonett at the Parklane Hotel in Limassol.

Italy’s Deputy Minister for Infrastructure and Transport Edoardo Rixi participated online, while Italy’s Ambassador to Cyprus Antonella Cavallari represented the country at the meeting. Cavallari has served as Italy’s ambassador to Cyprus since January 2026.

Hadjimanolis said after the meeting that the declaration reflected common concerns over the future and competitiveness of European shipping, as well as the challenge of decarbonising the industry.

Investment strategy

Nicosia, Cyprus. Addressing the EY Cyprus Future Realised Forum on Wednesday, Christodoulides said the increase in investment activity was strengthening confidence in Cyprus’ long-term prospects.

He said the government aimed to establish Cyprus as a European and regional hub for investment, technology, energy, transport and trade.

Christodoulides said international companies were showing increasing interest in information and communications technologies, fintech, innovation, business services and other knowledge-intensive activities.

He said the growing presence of the ICT sector demonstrated a transformation of Cyprus’ economic model towards higher value-added activities that could contribute to stronger productivity growth.