PwC Cyprus focused on developments surrounding the shipping sector at an event that took place on 30 January in Limassol. Senior Executives of shipping companies based in Cyprus and Deputy Minister of Shipping, Ms Natasa Pilides attended the event. Participants were updated by PwC’s team of specialists on how things currently stand with the sector, as well as its challenges and prospects.
During the event, PwC’s advisory team focusing on the area of Digital Strategy and Transformation delivered presentations on the use of technology and the changes it is expected to bring to the industry. Furthermore, participants discussed the opportunities arising from the new state of affairs, in a bid to help the companies prepare a new strategic plan that can correspond to the challenges.
The event specifically focused on the need to use technology in ships’ systems. Ship manufacturers as well as operators want to innovate, using the latest technologies and overcoming traditional solutions, in order to create ships with improved monitoring, communication and connection capabilities; ships that can be approached by isolated on-shore services, any time and from anywhere.
In order to achieve the above, cyber-security must be taken into serious consideration in conjunction with investing in digital technologies, which are fast entering the entire scope of shipping activities. The requirement is for companies to prepare and incorporate the importance of security in their plan, while at the same time invest in training their human resources.
Addressing the event, Mrs Cleo Papadopoulou, Parnter, In charge of Transportation & Logistics at PwC Cyprus, referred to how important shipping is for the Cyprus economy, contributing around 7% to the country’s Gross Domestic Product and to the opportunities arising from rapid developments in the international tax framework. “OECD pressure against countries that are considered as tax havens creates a huge opportunity for Cyprus and its registry, as operating in these countries requires physical presence, while the forthcoming legislation from the Anti-Tax Avoidance Directive, will make it even more difficult for companies in these countries to become involved in ship ownership” she said.
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