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NEWS - PRESS RELEASES - The 2nd Annual Economic Forum achieved great success!
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Mon, February 14, 2011: The 2nd Annual Economic Forum achieved great success!
The 2nd Annual Economic Forum ‘The World Economic Crisis: Challenges and Opportunities’ which was organized by SFS Group Public Company Ltd (‘SFS Group’) and the international financial organization Bloomberg achieved great success.

The Forum was attended, apart from the distinguished speakers, by more than 550 people from Cyprus, the United Kingdom, Greece, Germany, Russia, China, the Netherlands, numerous Arabic countries, as well as seven attendees from the Turkish occupied side of Cyprus. Distinguished guests included; Ms. Erato Kozakou Markoulli, Minister of Communication and Works of the Republic of Cyprus, Ms. Ioanna Panayiotou, General Secretary of the Cyprus Green Party, Mr. Averof Neophytou, Deputy President of Dimokratikos Sinagermos, Members of Parliament, Mr. Christos Pourgourides and Mr. Andreas Kyprianou, and foreign diplomats, among them, the Ambassador of France, India, Serbia and Iran in Cyprus.

Mr. Christodoulos Ellinas, Chairman, Co-Founder and Executive Director of SFS Group addressed the opening speech of the Forum, followed with a greeting from Ms. Erato Kozakou Markoulli, Minister of Communication and Works of the Republic of Cyprus.

The first economic part of the Forum was moderated by Dr. John Pitsillos, Executive Director of SFS Group.

The Key Speaker of the Forum, Professor Dominique Moisi, Visiting Professor at Harvard University and founder and senior adviser to the French Institute of International Affairs (IFRI) who also attended the 1st Annual Economic Forum which was co-hosted by SFS Group and BNP Paribas in October 2009, ascertained what was predicted 15 months ago regarding the global economy such as the fall of the Greek economy have been enforced with an accelerating pace.

Professor Moisi referred to the tectonic shifts of the global economy and the end of a long historical domination cycle of the West, as it is predicted that the West is about to return to more or less of what Europe represented at the beginning of 19th Century in demography terms and at the beginning of the 18th Century in terms of World Wealth.

Professor Moisi pointed out that according to the World Bank till 2050, 80% of World Growth will come from the emerging countries with Brazil, Russia, India, Turkey and Indonesia being among the most dominant in terms of growth; Turkey and Indonesia are both Muslim countries and they are to prove that Islam and modernity, and Islam and democracy are not incompatible.
Professor Moisi referred to China in a category of its own since China was never an emerging power but a re-emerging power; the confidence and trust of the Chinese is largely based on their history.

Professor Moisi also mentioned in his speech the current situation in nearby Tunisia and Egypt. He explained that the situation in Tunisia and the demise of Ben Ali should be compared to the past events of Spain in 1975 since the main reason of the rebellion comes from the creation of a middle class that can no longer accept the corruption of the regime as the people want both liberty and dignity. He further referred to the contradiction in the position of the Americans and the Europeans since even they sympathize with the rebellion of the people and the endorsement of democracy, they are also afraid that the unstable environment that has also spread to Egypt will endanger their interests.

Professor Moisi also pointed out the importance of the Euro in the survival of the Euro zone. He explained that Europe should find its competitive advantage to be able to survive the current global economic crisis that is not within its demographic field, its strategic field or its economic and financial field; its within the field of new ideas and in the field of ideals. Professor Moisi closed his speech with the phrase “Europeans have to learn to live with each other”.
The Forum also addressed, the former Minister of Finance of the Republic of Cyprus, Dr. Michalis Sarris who referred to the measures that must be incorporated by the European Union member states and Mr. Kenneth Wattret, Chief Eurozone Market Economist at BNP Paribas who pointed out that Germany has the largest growth and GDP because of the increased exports to Asia and the larger than expected economic growth of Europe within 2010.

The second part of the Forum, focusing on shipping, was moderated by Mr. Philip X. Larkos, Vice Chairman, Co-Founder and CFO of SFS Group.

Key speaker of the shipping session was Dr. Martin Stopford, Managing Director of Clarkson Research and Executive Director of Clarksons PLC who explained the shipping cycles and the shifts in the prices of vessels and charters. The Forum accommodated three panelists from the shipping industry; Mr. Ted Petropoulos, Founder and Managing Director of Petrofin Group who addressed the problems of shipping financing and the contribution of the European Banks, Dr. Demos Petropoulos, Head of the Shipping Department of SFS Group who pointed out the importance of shipping in the Global Economy and World Trade and lastly, Professor Andreas Merikas, Chairman of the Department of Shipping Studies at the University of Piraeus in Athens.

The Forum took place at Monte Caputo, in Limassol with the support of EDT Offshore, BNP Paribas (Cyprus) Ltd, Eurobank EFG Cyprus, Prudens Group and the media support of Fileleftheros, Cyprus Weekly και Economia TV.

The transport and residency of the speakers was sponsored by Cyprus Airways and St Raphael Resort respectively, the webpage was prepared by DotCy και Monte Caputo contributed the location for the event.

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