The island's geographic position, which is at the crossroads of Europe, Asia and Africa, has played a key role in its success as a centre for international business, including shipping. This is one of several factors that have contributed to its attractiveness. Other important reasons include the generous tax incentives available, the wide network of tax treaties and shipping agreements,the island's excellent telecommunications, as well as a large pool of highly educated personnel. In addition, Cyprus combines its English based legal system, efficient civil service, outstanding professional sector and good labour relations with a low cost of living and a pleasant way of life.

In 1981 the Cypriot merchant fleet ranked thirty-second on the list of maritime nations. Today it ranks fifth with more than 2.600 ships exceeding 24 million G.T.

Many well known maritime and shipping related companies have been quick to spot the business opportunities available in Cyprus and to take advantage of the incentives offered. It is expected that an even greater number of companies will discover that by conducting their operations from the island, they will be able to achieve their business objectives more effectively.