Italy and Cyprus target shipping investment and partnerships at Limassol forum

Italy and Cyprus will seek closer cooperation in shipping, port development and maritime investment at a business forum in Limassol on Friday, October 9, bringing together government officials, shipowners and industry leaders to explore new commercial opportunities. The Italy-Cyprus Maritime Business Forum, organised by the Italian embassy in Nicosia, will begin at 9am at the DP World Cruise Terminal, with discussions covering sustainable ports, shipping regulation and international maritime corridors. According to the Italian embassy’s official programme, the event will feature three panel discussions involving representatives from the public and private sectors, with a particular focus on investment opportunities in Cyprus’ maritime industry. The initiative aims to strengthen ties between shipowners, ship managers, shipyards, port operators, insurers and service providers from both countries, while supporting closer cooperation on maritime infrastructure and technology. Shipping contributes around 7 per cent to Cyprus’ GDP, rising to approximately 25 per cent when the wider blue economy, including coastal tourism, fisheries and aquaculture, is considered, according to figures cited by the organisers. Italy, meanwhile, has a substantial presence in shipbuilding, maritime logistics and insurance, with shipbuilding exports exceeding €5 billion in 2025. The country also leads the global superyacht market, representing 56 per cent of worldwide orders by volume and 36 per cent by value. With both countries bringing different strengths to the sector, the forum will examine opportunities to expand commercial relationships and encourage investment in maritime services, infrastructure and green technologies. Italian ambassador to Cyprus Antonella Cavallari said the two countries had an opportunity to build a stronger economic partnership through their maritime industries. “The sea has always connected Italy and Cyprus, and today it can become the engine of an even more ambitious economic partnership,” she said. Referring to their respective strengths, Cavallari added that “Cyprus is one of the world’s great international shipping hubs, while Italy is a global benchmark in shipbuilding, logistics and green technologies.” She went on to explain that the forum was intended to translate these advantages into practical cooperation, saying, “With this Forum, we want to turn this complementarity into concrete projects: new partnerships between companies, between ports and between port cities, looking ahead to the great trade routes of the future, such as the IMEC corridor.” “I would like to thank all our Italian and Cypriot partners who have made this initiative possible,” she added. The forum will open with remarks from Cavallari and Shipping Deputy Minister Marina Hadjimanolis, alongside representatives of European institutions and Cyprus’ business community. European Commissioner for Fisheries and Oceans Costas Kadis will address participants by video message, while Panicos Pourgourides, head of the European Commission Representation in Cyprus, and Cyprus Chamber of Commerce and Industry president Stavros Stavrou are also included in the opening programme. The first discussion will focus on sustainable ports and their integration with surrounding cities, examining how port development can support economic activity while meeting European environmental requirements. Among the participants will be Limassol mayor Yiannis Armeftis, Cyprus Shipping Association chairman Reginos Tsanos and Giancarlo Coletta, chief executive and technical director of Italian company Naval Engineering & Green Technologies. They will be joined by Aimilia Pistrika, head of the European Investment Bank Group Office in Cyprus, and Photis Panayides, chairman of the Shipping Department at the Cyprus University of Technology. Also taking part will be Cyprus-Italy Business Association president Costas Katsaros. The second panel will turn to shipping management, regulatory compliance and industry best practices, bringing together representatives of major shipping companies and maritime organisations to discuss the operational and regulatory challenges facing the sector. Participants will include Lorenzo Matacena, vice-president of Italian shipowners’ association Confitarma, and Loukas Barmparis, president of Safe Bulkers and a founding member of the Cyprus Union of Shipowners. Joining them will be Mario Aponte, director of MSC Shipmanagement Cyprus, Cyprus Shipping Chamber director-general Alexandros Josephides and DP World Limassol chief executive Simon Pitout. Nicos Attas, marine manager of classification society RINA in Cyprus, will also contribute to the discussion, particularly on maritime safety, certification and environmental compliance. Frederick University’s Angelos Menelaou is also listed among the participants. The final panel will shift attention to international maritime cooperation and investment in ports and terminals, particularly along strategic shipping corridors. A central issue will be the India-Middle East-Europe Economic Corridor (IMEC), a proposed trade and connectivity route linking India, the Middle East and Europe. Cyprus’ involvement in the initiative will be addressed by Rona Panteli, who was appointed the country’s IMEC representative in December 2025 and also heads the Connectivity Unit at the Foreign Ministry. She will be joined by Vittorio Torbianelli, head of international relations at the Port System Authority of the Eastern Adriatic Sea, whose work covers port management, transport economics and international logistics. The discussion will also feature Cyprus Ports Authority president Zenonas Apostolou, Invest Cyprus chief executive Marios Tannousis and Giuseppe Marino, president of the Italian-Cypriot Chamber of Commerce. Also participating will be Anthoulis Kountouris, chief executive of Paralimni Marina, as the panel examines prospects for investment in ports, terminals and the wider maritime economy. The session will be moderated by Marina Scognamiglio, director of the Italian Trade Agency’s Beirut office, which is responsible for Cyprus, Lebanon and Syria. Alongside the discussions, the forum will provide networking opportunities intended to connect Italian and Cypriot businesses and encourage partnerships in shipping, logistics and maritime services. The event is being organised in cooperation with the Italian Trade Agency (ICE), the Italian-Cypriot Chamber of Commerce, the Cyprus Chamber of Commerce and Industry (Keve), the Cyprus Shipping Chamber (CSC), Invest Cyprus, the Limassol Chamber of Commerce and Industry (Evel) and the Cyprus-Italy Business Association. It is supported by DP World and Limassol municipality and held under the auspices of the Shipping Deputy Ministry.