Cyprus’ two main professional bodies for international business, Cyprus Fiduciary Association (CYFA) and Cyprus International Businesses’ Association (CIBA), signed a memorandum of understanding (MoU) this week.

The agreement aims to deepen cooperation on issues affecting the country’s business and investment environment.

According to a statement by CIBA, the agreement aims to support the further development of the management services sector, while also strengthening the competitiveness of international companies operating in Cyprus.

It also seeks to encourage both foreign and domestic investment activity, thereby enhancing the island’s appeal as an international business centre.

The move follows a recent meeting between Invest Cyprus chairman Evgenios Evgeniou and CEO Marios Tannousis with CIBA president Vassilios Demetriades and general manager Valentinos Steliou, during which the two sides agreed on specific synergies and close collaboration through the new MoU.

Both organisations noted a strong alignment of vision and said investor feedback would be translated into concrete actions through joint initiatives and structured knowledge-sharing, so as to improve Cyprus’ competitiveness and support job-creating investment.

Under the cooperation framework, CYFA and CIBA will exchange information, participate in joint working groups and undertake initiatives in Cyprus and abroad.

They will also jointly assess policy issues and proposals that shape the wider business landscape.

The memorandum was signed by CYFA president Costas Christoforou and general director Christophoros Ioannou, alongside CIBA’s Demetriades and Steliou.