Cyprus: The Island at the Heart of the IMEC
Reducing over-reliance on the EU is as crucial to Cyprus as reducing dependence on oil is to the Gulf.
In parallel with their efforts towards economic diversification, the Gulf has been racing to establish strong connections with Cyprus to reap the benefits of a more official Middle East-Europe trade route. Its strategic location in the Eastern Mediterranean has attracted increased investments from the Gulf Cooperation Council, amounting to nearly half a billion in foreign direct investment (FDI). As a crucial hub within the IMEC framework, the main sectors of focus have been maritime and logistics. Together, the GCC and IMEC-invested countries like Egypt are preparing the Mediterranean island, both onshore and offshore, to become a key Gulf-dominated transit route. This investment also paves the way for the bloc’s much-desired stronger ties with the European Union. It places Cyprus at the heart of the IMEC.
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