Cyprus chamber of commerce pledges coordinated support for businesses hit by war

The Cyprus Chamber of Commerce and Industry (Keve) on Monday said it is closely monitoring developments in the Middle East and pledged coordinated support for Cypriot businesses amid mounting geopolitical uncertainty.

“As part of its institutional role, Keve is monitoring with particular attention the developments in the Middle East and their potential impact on the Cypriot economy,” the chamber said, stressing that it has been on constant alert from the outset of the situation.

“From the very first moment we have been in continuous vigilance and in open communication with the competent state authorities, with the aim of the timely identification of problems and challenges and the shaping of coordinated interventions where required,” the chamber stated.

Moreover, the organisation said it is also maintaining contact and cooperation with chambers and institutional representatives of businesses in countries directly affected by the crisis in order to secure immediate and reliable information on conditions in trade, transport, energy and investment.

“With responsibility and continuous assessment of the data and with particular attention to international markets, energy costs and supply chains, the chamber will continue to systematically inform its member businesses and intervene institutionally where deemed necessary,” Keve said.

In this context, the chamber called on Cypriot businesses facing difficulties or identifying issues directly or indirectly linked to developments in the region to contact its Department of International Relations and Economic Diplomacy on 22889718 for the recording of issues and coordination of actions with the competent authorities.

“Keve reaffirms its role as a stable pillar of support for the business community and will continue to act with responsibility and commitment to safeguarding the smooth functioning of the Cypriot economy,” the announcement added.

In a related development, the Cypriot federation of private employment agencies, which operates under the umbrella of the Cyprus Chamber of Commerce and Industry, announced the launch of a process to record affected foreign workers as a result of the geopolitical upheaval in the Middle East.

The federation said the recording concerns foreign employees who have become trapped in the region and are unable to travel due to the extraordinary geopolitical developments.

Affected individuals, whether members of the federation or persons who have been served by private employment agencies belonging to the federation, are invited to complete the relevant communication form in order to register their problem.

The initiative also relates to issues such as entry permits and the period of absence outside the Republic for existing foreign workers, reflecting concerns over the impact of travel disruptions on employment status and business operations.

Earlier on Monday meanwhile, Keve secretary general Philokypros Roussounides warned that a possible closure of the Strait of Hormuz would disrupt supply chains and commercial activity, with knock-on effects on prices.

“It will be an additional cost and challenge for the supply chain,” he told the Cyprus News Agency (CNA).

He also stressed that delays, rising transport costs and sharply higher insurance premiums due to the war would weigh on businesses, while crude oil prices had already risen by 10 per cent on the day and market estimates were pointing to levels above 100 to 120 dollars per barrel.

“We are watching calmly, we do not want to panic the market and our partners,” Roussounides stated.