Foreign investors interested in the business market in Cyprus
should know that the automotive industry
offers very good prospects, as it is one of the main financial sectors which reported major sales in terms of exports
. Businessmen who want to set up a company
in the field of automotive production or distribution
can receive an in-depth presentation on this market from our Cypriot company formation specialists
, who can assist in various aspects related to the registration on a new business
Cypriot automotive industry
The local economy is developing, as many sectors are presenting solid results in terms of financial gains. One of the most representative industries in this sense is the automotive segment, which reported a major increase of 20% for saloon car sales. The economic growth in the field was also reported for industrial engines, yachts and boats dedicated to leisure activities.
A representative of an automotive
group added that the industry
benefits of an encouraging general climate, while the Cypriot economy
is improving, determining the locals to buy more cars.
An important aspect of the automotive industry in Cyprus is that there is a tendency in buying high quality cars, sold by well known brands.
The Cypriot market
is represented by buyers who are interested in the brand name
and in the customer support
; our company formation consultants
can provide you with more details on this subject.
Automotive industry in 2016
Although the sales generated in 2016 were registered for vehicles running on a traditional engine, the Cypriot market
is also interested in hybrid and eco-friendly cars
. As such, entrepreneurs who have set up companies in the automotive industry
are advised to invest in green industries
, as more and more automotive companies
are developing electric engines, which became appealing to international markets.