While Cyprus might not be a global power in the world of football, there are other areas in which it has lots of influence. For example, it is one of the world leaders in the field of sea going vessels. It’s shipping registry is very well regarded and very competitive on the world stage. This article offers a very good overview of the history and positioning of the registry.
It makes sense that relatively small island nations (especially those in strategic locations) should be involved in the transportation sector and should do so in a way that enables them to grow their market beyond their own limited national borders.
This is certainly an approach shared by other small island nations. Malta, for example, also has a very well regarded and successful shipping registry. It has been a mainstay of the Maltese legal profession for many years and earlier in 2012 it was announced that it is the largest in the EU.
For this reason, Malta is trying to emulate that success in another sector – aviation. There is now a small but growing aircraft registry and a number of law firms (such as http://www.AircraftRegistrationMalta.com) have opened their doors just to specialise in this field. In years to come, it seems likely that small countries such as Cyprus and Malta will be doing battle in this arena as well to win the lucrative contracts and consulting work that is available.