Our Featured Country
Cyprus is the third-largest island in the Mediterranean Sea. A member of the European Union since 2004, located off the coast of Turkey, Syria, Lebanon and Egypt, the country is at the crossroads of three continents (Europe, Asia/Middle-East and Africa).
With less than 1 million inhabitants, Cyprus has a small domestic market. But the Cypriots are among the most prosperous in the Mediterranean region. Consumers are loyal to traditional and local-based products, but the younger generation finds that foreign brand names are appealing.
Today, more than 50% of Cyprus’ trade is done with the EU. Wider trade potential remains high as the country has to import extensively in order to satisfy domestic demand and energy needs. Cyprus is a member of the Eurozone; payments are facilitated and exchange risk is limited. Download the Cyprus Country Commercial Guide of the U.S. Department of Commerce for more information and background.
The Cypriot economy is well developed, with great potential to attract foreign investment. Cyprus is also an ideal place to have a vacation. Browse the website Visitcyprus to see some pictures and prepare your business (and pleasure) trip.
Because the country is divided in two parts, traveling from one area to another is somewhat difficult. But this situation does not create unfavorable conditions for doing business. As a reminder, the Greek part, which represents 77% of the territory, is under the control of the Republic of Cyprus. The north-east part of the country is Turkish occupied. To learn more about the Green line and the crossing point regulations, visit the website of the Republic of Cyprus, Ministry of Finance Customs and Excise Department.
For news, useful resources and specific assistance, contact the Cyprus Embassy Trade Center in New York, which also has a list of their other offices throughout the world. Don't forget also the website of the U.S. Commercial Service in Cyprus. The site gives extensive information about the markets through News and Guides, and programs a lot of conferences, trade missions and trainings.
If that's not enough, you'll also find plenty of good research at the Cyprus Mini Portal, a feature of the FITA Web site. The Cyprus Mini Portal has an overview of Cyprus, with facts about the language, currency, climate, etc., plus more specific information about the economy, markets, taxes, labor market indicators, and tips on doing business in Cyprus.
The Cyprus Mini Portal is one of many research gateways at the FITA site. To find Mini Portals for other regions or countries, just click on "Country Profiles" from within a Mini Portal, or at the FITA home page.
Buy your business online
GlobalBX is a free platform to facilitate the buying and selling of businesses by providing a database of thousands of businesses and franchises for sale in the United States and worldwide. The blog gives comprehensive business advice and information and the forum links you to a network of buyers, sellers, experts and specialists.
Attend China Sourcing Fairs in Hong Kong FREE!
Don’t miss your chance to meet face-to-face with top-choice suppliers from China at Global Sources’ popular China Sourcing Fairs in Hong Kong in April. Registration is FREE. Register now to avoid long lines at the Fair!
Meet personally with suppliers who can make your business more successful. See thousands of booths with leading-edge products across various industries. Just click on any of the China Sourcing Fair links below to get your complimentary registration:
April 12-15, 2010
China Sourcing Fair: Electronics & Components
China Sourcing Fair: Security Products
April 20-23, 2010
China Sourcing Fair: Home Products
China Sourcing Fair: Baby & Children’s Products
China Sourcing Fair: Gifts & Premiums
China Sourcing Fair: Fashion Accessories
China Sourcing Fair: Underwear & Swimwear
Global Sources can also help you save on your hotel accommodations in Hong Kong, with specially negotiated rates at three top hotels – all of them convenient to the Fair venue:
Harbour City Resort City
Global Sources has been helping buyers make confident China sourcing decisions for almost 40 years, through its magazines, research reports, online search directory and tradeshows. Learn more about its products and services at www.globalsources.com.
Export Credit Risk
The OECD’s Country Risk Classification
To limit the risk of non-repayment of export credits, several organizations try to quantify the risks in various countries. Like Moodys, Fitch or Ducroire/Delcredere do, the OECD, a multilateral organization that “brings together the governments of 30 countries committed to democracy and the market economy from around the world,” provides also its own analyses. The most recent update is available by clicking here.
The Country Risk Classifications are produced for the purpose of setting minimum premium rates for transactions covered by the Export Credit Arrangement. The classification of countries takes into account several indicators: the payment experience of the participants,, the financial situation, the economic situation and political risk, with both qualitative and quantitative evaluations.
100 Best Twitter Feeds to Follow for International Business
Tweeting for International Competitiveness
Everybody’s tweeting these days. Or at least that is what your children are telling you! But Twitter has really hit the international business community and you’d better get up to speed! The “100 Best Twitter Feeds to Follow for International Business” is a fascinating collection of links to tweets coming from the biggest multinational organizations and governments to the smallest such as one person law firms. Use this list to get stated on Twitter and keep you with your kids!
“100 Best Twitter Feeds to Follow for International Business” is part of “Brief and to the Point,” a blog for a wide array of interests. Here you will find everything from instructions for eating sushi to art to jokes to even (this week’s big tweet) the winners of this year’s Rio carnival beauty contest. Check – er – tweet it out.
FITA Career Headquarters
International Operations Import Specialist
In the FITA Career Headquarters job seekers can now apply for jobs online and post their resume--free of charge--in an exclusive database that will be searched by hundreds of industry employers seeking employees with international degrees and/or related work experience. Featured this week is a listing for an International Operations Import Specialist for Syngenta in Greensboro, North Carolina. Click here to browse more than 700 other positions!
Employers - Click here to advertise your job openings on FITA's Career HQ.
Let the jobs come to you! Employers are looking for people with international skills. Post your resume TODAY and reap the rewards of the FITA Career HQ! And with a FITA Career HQ job agent, you can decide what kind of job you are looking for and let the system do the searching for you. Simply set up specific search parameters in a Job Agent, and whenever a job is posted that matches your criteria, you'll be notified automatically via email. It's that easy!
U.S. Commercial Service Events and Webinars
Resources for Going Global
The U.S. Commercial Service, a division of the International Trade Administration of the U.S. Department of Commerce, sponsors and participates in many events and webinars that help U.S. exporters sell overseas and help overseas buyers learn about U.S. exports. The Commercial Service has a searchable database of these events worldwide at http://www.export.gov/each/trade_events.asp. Below are some upcoming events:
- Baker & McKenzie International Export Webinar Series - February - May, 2010. Four hour and a half webinar programs for companies involved in international trade.
- Webinar Series: Exporting Made Easier, a six-part series of webinars until March 31 covering some basic and advanced elements of exporting .... Identify markets, understand documentation, learn methods of payment, classify products, and make the most of international trade shows.
- 2nd Annual - The Americas Business Forum: Creating Jobs Through Exporting - March 3-4, Los Angeles, CA. Focus on business and exporting opportunities in The Americas
- Webinar Series: Trade Winds 2010: “The Americas,” a series of webinars through March 2010 about doing business in the Americas. Identify the strongest markets for export for your products in North, Central and South America.
- Medical Trade Mission to India, March 8-13, 2010. A special trade mission for manufacturers of medical products/equipment, laboratory and diagnostics products and health care and related service providers.
- Green Industries Trade Mission to Europe - April 2010. FedEx and the U.S. Commercial Service are working together on a Green Industries Trade Mission (GITM) to Europe scheduled for April 11–16, 2010, with the objective of helping U.S. businesses expand internationally in this thriving market.
- FedEx - U.S. Commercial Service American Business Center at Hannover Industrial Fair 2010, U.S. companies can sign up for "Your Office" at the show for $1000.
TRADE COMPLIANCE SEMINARS FROM FITA AND THE BIS
Complying with U.S. Export Controls ( March 2-3, 2010 ) and Encryption Controls ( March 4, 2010 )
DoubleTree Hotel, Arlington, VA - co-sponsored by USDOC - BIS and FITA
Complying with U.S. Export Controls ( 2 days - March 2-3, 2010 ) - led by Bureau of Industry & Security (BIS)'s professional counseling staff, provides an in-depth examination of the Export Administration Regulations (EAR). The program will cover the information exporters need to know to comply with U.S. export control requirements on commercial goods. For more information and to register, go to www.fita.org/seminars.
Encryption Controls ( 3/4 day - March 4, 2010 ) - an in-depth session that will focus on the unique provisions related to encryption under the Export Administration Regulations (EAR). Bureau of Industry & Security (BIS) encryption specialists will cover a variety of topics, including how items with encryption functionality are classified under the EAR. Presenters will be available for Q&A the afternoon of the program to address specific questions of attendees. Required prerequisite: Essentials of Export Controls or Complying with U.S. Export Controls or equivalent experience. For more information and to register, go to www.fita.org/seminars.
For Vendor or Sponsorship opportunities contact Kim Park firstname.lastname@example.org or 703.929.3672.