On October 24, 2024, Cyprus' investment promotion agency, Invest Cyprus, signed a memorandum of understanding (MoU) with Invest Paraná, the investment promotion agency of Brazil's Paraná state. The signing occurred during the Commodity Supply Chain Conference 2024 at the Grand Resort Hotel in Limassol, Cyprus.
The conference, organized by Indevco Group and held under the auspices of Cypriot President Nikos Christodoulides, brought together leaders from financial institutions, government bodies, and regulatory authorities to discuss the future of the global commodity supply chain.
During the event, Panayiota Patsali, representative of the Minister of Energy, Commerce, Industry, and Director of Trade Services, welcomed attendees and highlighted Cyprus' policies aimed at enhancing the global commodity supply chain. Chief Scientist Demetris Skourides also participated in the proceedings.
Marios Tannousis, CEO of Invest Cyprus, presented on the attractive investment opportunities in Cyprus, particularly within the shipping and supply chain sectors. He emphasized Cyprus' strategic location and world-class infrastructure, asserting its growing role as a global logistics hub.
The MoU marks the first formal economic cooperation between Cyprus and Brazil, facilitating bilateral investment opportunities in sectors such as supply chain, shipping, logistics, technology, and healthcare.
Tannousis expressed optimism that the partnership would stimulate investment flows and enhance cooperation between the two nations. Giancarlo Rocco, Director of International Relations at Invest Paraná, noted that this collaboration underscores a commitment to fostering international partnerships that drive economic growth and innovation.
Rocco highlighted Paraná's potential for collaboration across various economic sectors, particularly in agriculture, stating that the partnership aims to leverage combined strengths to unlock new opportunities in the global market.