The government continuously improves incentives for shipowners to register their ships under the Cyprus flag. Communication & Works Minister Flourentzou pointed out Cyprus ranks among the largest international ship registries in the world, but unlike other open registries, he added, Cyprus is also a major base for international shipping operations and for other activities related to shipping. The Minister noted that “a maritime cluster has been developed, a large part of which was established with foreign investment. The nucleus of this cluster comprises ship owning and ship management companies which own or manage more than 2000 ships of 30 million gross tonnage which amount to more than 5 percent of the world’s merchant fleet.