Dear Mr Hallkvist, President of OverHorizon,
First of all let me welcome you and your team to Cyprus and thank you for joining us in this event.
Ladies and Gentlemen,
I would like also to welcome all of you and the representatives of the media.
We are very proud for succeeding to establish an excellent telecommunications infrastructure. The fixed and mobile infrastructures are constantly being upgraded and developed to ensure that coverage and quality are optimized. At the same time, we make every effort to exploit our strategic location, since Cyprus is at the crossroads of Europe, Asia and Africa. Our excellent satellite and submarine cable infrastructure is not only used to connect the Island with our neighboring countries and the rest of the world, but also to transfer traffic between continents.
Cyprus has always shown a keen interest in satellite communications. As you already know, together with Greece, we have authorized in 2001 one satellite system. Today, the Government is granting to OverHorizon (Cyprus) PLC the rights of use of the orbital resources that have been allotted to Cyprus in the Plan in Appendix 30B of the Radio Regulations of the International Telecommunication Union (ITU). As prescribed in the legal framework, we reached this decision following a very transparent and open process. Specifically, the first step of the process was to invite expressions of interest to commercially exploit these rights. Only OverHorizon responded to our call. As a result, after ensuring that OverHorizon has the financial means and the technical know how to implement the project, we entered into a negotiation phase where we agreed the terms and conditions of the license.
Without getting into the details, I believe that this agreement is balanced and provides OverHorizon with ample time to establish its presence on the market before having to fulfill certain financial obligations. At the same time the agreement ensures significant long term benefits for Cyprus.
In addition to financial benefits, we give the opportunity to the people of Cyprus to access some new and innovative services. Also, this new company will be based in Cyprus, which means more job openings and the attraction of foreign investments and capital.
Moreover, we are in the process of signing an agreement with the European Space Agency. This is a very important development, as it opens new doors and prospects for Cyprus. Through our cooperation with different institutions and taking advantage of the expertise of our newly established partners, we endeavor to attract funds for research, organize meetings and seminars, thereby creating job opportunities for our citizens and providing international visibility to our country.
OverHorizon is a new dynamic company which plans to launch an innovative satellite system. Through this system they aim to provide various services to our region. Mr Hallkvist will tell you more about OverHorizon, the project and the spectrum of services they will offer.
Together with OverHorizon, we will work hard to achieve the frequency coordination of the system which on one hand will enable Cyprus to register frequencies in its name in the Master Register of the ITU and on the other hand will allow OverHorizon to operate in a stable regulatory environment.
Finally, I wish to tell you that we are looking forward to a long term and mutually beneficial partnership with OverHorizon. The grant of this license will clear the way for the company to move ahead with their plans to procure and launch the first satellite of the system and we are all looking forward to observe this from the launch pad in a few years time.
Once again, I will like to thank you all for your presence here.