Cyprus has long been an important trade center due to its favorable location - in fact, the starting point of many routes from Europe to Asia and back. This, of course, brought the island both profit and misfortune.
At the present time, thanks to all the same geographical position, Cyprus continues to be an important trans-shipment center. A large volume of sea traffic passes through it, linking the Middle East and Central Europe.
Cyprus, in fact, does not have any mineral resources, so an additional source of revenue for the treasury from the transportation and transshipment of goods is very important. At the moment, a whole complex of industrial sectors is actively developing in the country, the products of which are also exported, but nevertheless, the greatest interest of the Cypriot authorities (after the tourism sector) lies in the area of increasing freight traffic from the Middle East to Europe and vice versa. In addition, such a traffic of goods makes it possible to meet Cyprus' own needs for raw materials and materials important for the industry and agriculture of the country. According to various estimates, from 60 to 70% of the needs of the construction sector in Cyprus (and this area is actively developing due to the influx of tourists and foreign investment) is met at the expense of the EU countries. Close contacts with the Eurozone also allow us to resolve issues with the purchase of equipment, agricultural machinery, mining equipment. Vehicles are also actively imported from the EU, although their share is slightly lower and amounts to about 40%. But a significant part of vehicles in Cyprus are imported from Japan and South Korea. Also, we must not forget about the supply of energy. Petroleum products to Cyprus come mainly from the countries of the Middle East and Russia. The EU accounts for only about 15% here.
Cyprus became part of the Eurozone in 2008. From that moment on, it became possible to mint coins with their own symbols in Cyprus. From that moment on, Cyprus, already closely connected with Europe, became even more dependent on the Eurozone economy. One of the weaknesses of the country's economy is still weak control over capital and their movement. And also the sphere of taxation. In addition, we must not forget that foreign investments from Europe do not come to the northern part of the island.
