NEWS & ANNOUNCEMENTS

The World Trade Center brand plays an influential role in promoting the concept of trade relations, networking within countries and attracting companies and investors from abroad.

In this context, Anthony Georgaki, Operations Manager at the World Trade Center Cyprus, indicates that their main task is to promote trade and commercial activities between the business community in Cyprus and the countries of the world, and to this end we encourage internal investment and urge foreign companies to take advantage of the status of Cyprus due to its unique location as a link between three continents.

Georgaki highlights that they are working to facilitate the fast track of new businesses by providing professional, legal and financial expertise including access to the Cypriot business community through our unique and strong network that includes more than 360 World Trade Centers.

As for the global trade status in light of the spread of the Corona epidemic or what is known scientifically as the COVID-19 pandemic, Georgaki notes that the service sectors have been greatly affected by the COVID-19 pandemic with tourism, transport and distribution services suffering the most. At the same time, the crisis has highlighted the importance of services that allow communication and provision of services via Internet, such as telecommunications and computer services, as well as the role of the broader infrastructure for transportation and financial services, distribution and logistics in facilitating trade and economic growth.

Due to Covid-19 pandemic, Georgaki mentioned that the type and extent of effects on trade vary by sector and mode of supply. Trade that involves proximity between suppliers and consumers has been severely impeded.

He pointed out that the current crisis has led to a greater focus on an online presence in sectors such as retail, health, education, communications and audiovisual services. Suppliers accelerate their efforts to expand their operations via the Internet, and consumers adopt new habits that may contribute to a long-term shift towards online services in the future, which can lead to an increase in the supply of services through digital networks, which means increasing trade through cross-border supply.

Georgaki elaborates that the increasing use of online services during the COVID-19 pandemic has highlighted the gaps in technology and communication, for example online classes are not possible for students who do not have computers, telecommuting is not an interesting option for employees on a large scale, and many governments have worked to increase capacity in order to create favorable conditions for trade in services which will be a key factor to recover from the economic slowdown on the backdrop of the Corona pandemic.

Regarding his actual vision for the World Trade Center Cyprus, Georgaki notes that they are looking to enhance the concept of global trade by providing services and developing trade relations between companies or what is known as business matchmaking (B2B). In addition to adopting the option of remote trade via the Internet, organizing exhibitions and seminars, and introducing commercial services, he also mentions that they need to redesign commercial centers in order to meet health and safety requirements under the Covid-19 system.

At the end, when talking about the importance of the World Trade Center Cyprus, we must highlight the prominent role of Mr. Ghazi AbuNahl, Chairman of Nest Investments Holdings Ltd, who has worked tirelessly with the organization (WTCA) to advance its vision of stimulating global trade and investment, who supported the Association’s activities for many years as a Board member and Chairman.

Mr. Abunahl moved into a "Chairman Emeritus" role, appointed in recognition of his past services to the Association and its members.