Cyprus Airways will enter into a long-term partnership with the Industrial and Commercial Bank of China. The fleet of Cyprus Airways, Cobalt, has welcomed a new member—a new Airbus A320, which will be 'immediately' incorporated into its flight schedule, which will soon expand to include Brussels and Tel Aviv. The airline stated: "This new aircraft is the first step in a long-term collaboration with the Industrial and Commercial Bank of China (ICBC), which supports Cobalt's vision of promoting Cyprus as a year-round tourist destination and a regional aviation hub."
Due to the company's plans to add new international destinations to its flight schedule, this new aircraft will serve new routes, specifically, the company will soon launch flights to Brussels, Tel Aviv, and Iran.
China's state-owned military aircraft manufacturer, Aviation Industry Corporation of China (AVIC), injected 30 million euros into Cobalt Airlines through AJ (Cyprus) Holdings Limited a year ago to acquire a 49% stake in the company, in order to support the continuous growth and development of Cyprus's economy and the increasing number of visitors to Cyprus.
On October 4, 2016, Gregory Diacou, Chairman of Cobalt Airlines, stated that the Cyprus-based airline plans to launch daily direct flights between China and Cyprus in the summer of 2017. Diacou also mentioned that they are considering connecting 3-4 Chinese airports, with flights commencing in the summer of 2017 to major cities including Beijing and Shanghai.
Cobalt Airlines announced that they have held meetings with Zhang Xiangchen, Deputy Representative of the Ministry of Commerce of China, and his team, to explore areas of potential cooperation between the two countries, and both parties expressed satisfaction with the progress of Cobalt Airlines' direct flight plans.
The direct flights between China and Cyprus are finally set to commence, making it more convenient for Chinese citizens to travel to Cyprus for tourism, business, study, and residency. The direct flights will undoubtedly greatly promote tourism, investment, and economic development in Cyprus. The convenience of transportation, combined with positive signals from the Cypriot economy, will encourage more investors and consortiums to invest, and the value of the Cyprus EU passport will undoubtedly be further enhanced.
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