Cyprus Can Boost Shipping's Role in Economy, Wilbur Ross Says
- Government's targets are achievable, billionaire investor says
- Cyprus to be more aggressive in seeking shipping business
Wilbur Ross.
Photographer: Daniel Acker/BloombergThis article is for subscribers only.
Cyprus’s target to increase the contribution that shipping makes to its economy by around two percentage points over the next three years is achievable, U.S. billionaire investor Wilbur Ross said.
The country needs to increase the share of the global fleet managed by companies on the island to 4.8 percent from 4 percent in order to push shipping’s contribution to gross domestic product to around 9 percent from 7 percent, “not such a heavy lift,” said Ross, who owns shipping interests and serves as vice chairman of lender Bank of Cyprus. Cyprus has structural and geographical advantages, “they just need to do more promotion,” he said by e-mail.