The scope for enhancing economic relations and business ties between Kazakhstan and Cyprus is immense, Cyprus’ Minister of Finance said in his opening address at the Conference "CIS – Kazakhstan – Cyprus – Business Cooperation Heralding the New Era", held Thursday in Limassol.

The Conference was organised by the Cyprus Chamber of Commerce and Industry and the Cyprus Russian Business Association, the CNA reports.

Minister Harris Georgiades referred to the decision of the Governments of Cyprus and Kazakhstan to enable a framework of cooperation through a double tax treaty. The Convention was signed on 15 May 2019. Cyprus has completed its constitutional internal procedures to ratify the Treaty. The Minister of Finance said he was confident that the internal ratification procedures on behalf of Kazakhstan authorities would be completed before the end of 2019, so that the Convention would come into force on 1st January 2020.

“I believe that the Convention paves the way to enhance economic relations between our country and Kazakhstan”, Georgiades said, and pointed out that Cyprus is a small but versatile and dynamic economy, a world class centre for international business and investments, but also a hub to do business across the region.

Asked whether there’s interest from businessmen from Kazakhstan to invest in Cyprus, Georgiades said that "Cyprus seems to have very clear comparative advantages that interest both the Kazakh business community and foreign companies wishing to tap the market of Kazakhstan."

He also said that everything must be done in

full compliance with new practices, new norms, both at European and

international level, regarding transparency in the provision of such services

and the combat against money laundering.