Role As A Shipping Hub
Cyprus constitutes one of the largest Ship management centers in the world; around 50 shipmanagement companies and marine-related foreign enterprises are conducting their international activities in the country while the majority of the largest ship management companies in the world have established fully fledged offices on the island. Its geographical position at the crossroads of three continents and its proximity to the Suez canal has promoted merchant shipping as an important industry for the island nation. As of 2005 Cyprus holds the 9th largest (by DWT) merchant navy in the world and the 3rd largest in the European Union.
Read more about this topic: Economy Of Cyprus
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