Major success over time

The Cyprus Import Corporation Ltd, better known as CIC, that had connected its name with the Mercedes Benz car industry, is running through the 7th decade of its business life. Its founders were two innovative people ahead of their time, visionaries, with a business spirit, but also a sense of social contribution and sensitivities; Maria and Christofis Economides. In 1951 they established Cyprus Import Corporation Ltd and opened, both for them personally, as well as the country’s financial outlook, the door to a major business course.

A short history

There are a number of landmarks in the company’s history. Here’s a brief outline:

• 1951 Cyprus Import Corporation Ltd established by Christofis and Maria Economidou

The company started out as an exporter of citrus fruit to the Soviet Union. It also imported wheat and imported and distributed Tesla radios, the Veith vehicle tyres and the Bernina sewing machines from Switzerland.

The big step

• 1953 Cooperation is launched with Daimler Benz, the manufacturer of Mercedes-Benz
• 1954 The first two Mercedes-Benz 180 cars arrive in Cyprus. They are driven by two ladies, Aliki Chordovatzi and Maria Economidou.

• 1955 A Cyprus General Distributor contract is signed with Daimler-Benz

At its own home

• 1963 The company builds its own offices, as well as an exhibition hall and a repair garage at the Kantara Avenue in Kaimakli, Nicosia. The building is expanded in 1970 and yet again in 1990 and remains to this day, housing the central offices, the central spare parts warehouses and the company’s biggest repair garage.

It then opens offices in Famagusta and Limassol

The first blow

• 1974 The CIC office in Famagusta is lost in the Turkish invasion, as well as a number of new vehicles in exhibition halls both in Famagusta and Kyrenia.

The company’s main building and central warehouse were also very nearly lost as they were only a short distance from the Green Line. During that time, the corporation was forced to temporarily relocate its offices to the Christofis Economides home, while the new cars were taken to Limassol.

New activities

• 1976 Industrial machinery is imported from the USA. A new department is also established for the sale and technical service of machinery, drills, as well as air equipment and tools, followed at a later stage by forklifts.
• 1977 The computerisation of the company’s activities is launched and carried out firstly through the purchase of services from the Cyprus Computer Service and a year later through the purchase of computer equipment from NCR.
• 1992 The company imports computers from Taiwan, servers from the USA and printers from Germany. A computer department is established for the sale and service of computer equipment.

Buses and commercial cars

• 1997 A specialised sales and technical service department for commercial cars and buses is launched in Nicosia, at the former Bata shoe making facility in Kaimakli.
• 2008 A decade later, the Group takes over the general distribution of Mitsubishi FUSO pick-ups, later known as FUSO.

Second major step

• 2010 Affiliate company CiC Automasters Ltd is established and takes over the general distribution of Fiat, Alfa-Romeo and the Fiat Professional commercial cars. A year later Abarth and Jeep are added to this range.

Consistency, quality, competence, innovation

The CIC group has turned 70. It was established by Maria and Christofis Economides with the trademark being the representation of Mercedes Benz cars, including after 2010, the FCA group vehicles. Third generation Alexis Anninos is at the helm of the company today. He spoke to us about past, present and future.

How does it feel to lead a Group having a long and prestigious history, with predecessors such as the founder of the Cyprus Import Corporation Christofis Economides and your uncle Faidros Economides; Βut particularly your grandfather, a learned Cypriot with rich literary work, internationally acclaimed. So tell me, what’s it like in that chair?

The Cyprus Import Corporation is a business with obligations; to its associates, clients or personnel. My effort and responsibility, as anyone else’s, would be to fulfill these obligations in the best possible way, develop and evolve business activities, as well as protecting the company from major turbulence, either financial, political or sector wise, as the ones we’re intensely experiencing over the past 12 years, and in addition shield the Group so after a number of years, the one who takes my place, will be able to sit here and have the same discussion.
I feel that I am only just another company employee and working with the rest of the extremely competent managers and personnel, we are fulfilling our mission in the best possible way, so the Group will remain strong and move steadily forward with a prospect for the future.
It’s also important that we are in a position to cooperate with car industry giants, with the best and most well known brands in the sector, such as Mercedes Benz, Jeep, Alfa Romeo and Fiat.

So how do you consider, view this tremendous responsibility, given the history of the company?

It’s a responsibility to continue and implement the principles on which the company was built and keep evolving. I was lucky to some degree to have followed the development of these principles, not because anyone told me, but seeing them being implemented, observed them every single day. In the way my grandfather Christofis Economides and my uncle Faidros Economides behaved. How these two major personalities in the company, thought, stood up to challenges and took opportunities, how they treated personnel and generally how they acted both as business people and members of society. And all that combined, with what my parents taught me.

They were serious, hard-working, conscientious, consistent people. They did not have the need to promote themselves nor did they do so and were honest in everything they said-including their political convictions, being courageous during a time in the history of the Republic of Cyprus, when according to their accounts and my parents accounts, it was unwise to do so.

So 20 years following the death of Faidros Economides and 14 since Christofis passed away, I am truly happy that a great number of people will remember them in the best of light, talking about their character, their ability and work, particularly beyond business activities.
It goes without saying that I have a great responsibility-to all our main associates, as we mark 68 years of cooperation with the Daimler Group, namely Mercedes-Benz. Today we represent Daimler in all their range of products, from passenger cars to the heaviest vehicles, trucks and buses. Obviously today, the market is much more complicated, things are more demanding in comparison to the early years.

Fundamental corporate values

In your website you declare the following: «Our company continues on the same dynamic path forged by the previous generations with the same fundamental corporate values followed since day one’. What are these corporate values?

Consistency, quality, innovation. We want to be consistent to our clients, the quality of services we are offering. We try and fulfill the needs of our customers in the best possible way, always talking in business terms, of course. We are a car importer with distinguished customers that we aim to please, both during service on sale, but most importantly post-sale. We want to be able to conduct ourselves in the best possible and that has a lot do with the credibility and weight that the company carries since its establishment.
We are a company with a great number of customers and several different categories of customers. We don’t just sell to citizens but also have a number of commercial clients as well as social services; that’s quite a range of customers and each category requires its own specialised treatment, approach and management.

Through its historical course, an organisation marks its DNA and culture. If I asked you what the Group’s DNA is today and what shaped it, what would your answer be;

I will reiterate what I said earlier. In so many words, consistency, responsibility, quality, competence, service.

A family model

Which do you consider the most important moment or decision in the Group’s decades long course;

We are one of the companies that at a time in its history, had moved away from the family ownership model, but at the same time I believe we are one of the few that has returned to the family model and the family from which it originated.
I personally believe that there is not just one single major moment in the company’s history. There are quite a few significant times; let’s not forget that we’re talking about a 70 year course. If I could name the most important one, I would say it was the launching of our cooperation with Mercedes-Benz, with close behind being other major contracts that we secured, a new line of cooperation with firms that we worked hard to achieve, as well as awards and commendations that we have received and continue to do so.
We’ve also introduced new categories of customers, widening our range even further, particularly following the launch of our cooperation in 2010, with the FCA group representing FIAT, ALFA ROMEO and ABARTH, followed by Jeep in 2011.

Part of the company at an early age

On a more personal note. When was your first contact with the group?
At the tender age of four. I was crazy about cars since a young age and wanted to spend all my school breaks and holidays at the company. I used to virtually ‘fight’ my way into the company with my parents and roamed the offices and crews by myself. I used to go to the warehouses where the catalogues were and all the facilities.
Οne of the things I did every time was pass by the car repair facility, where Christis was in charge, the husband of my grandfather’s sister, Sophia. Ι remember him pulling up a straw chair and told me various stories about the accidents and the damages to the cars they repaired.
When on was on high school summer break, I helped one of the technicians, master Stavris, while one summer, along with my sister and our cousin, took over the company canteen, as the vendor had gone over to the Gulf countries. I basically wanted to work in the car business, just because it was something I enjoyed. But when I started to get involved with the company, I consciously attempted to focus that interest purely to a professional level. I simply didn’t want to get carried away into an image of child in a toy store.

Anything that stands out in your memory?

At a personal level, there were a number of moments I will never forget. One of these positive incidents one that I am particularly proud of, was the chance I was given to build a career at Daimler. At a professional level what stands out in my mind are the successes we had throughout this course and I am happy to say were not few and far between.

A personal relationship with Clerides

Your grandfather had a close relationship with an historic leader, Glafkos Clerides, and what’s more, your uncle Faidros, was a minister in his cabinet. Do you have any experience of that or through anything that your grandfather or uncle might have told you?

Christofis Economides was not the one to express himself frequently or easily; both him and Faidros were quite modest, discreet people. My grandfather had great appreciation for Glafkos Clerides both on a personal and political note. But he always communicated with all political leaders and conveyed his positions and ideas, mainly through letters (which he has published as books) as well as face to face discussions. He did however hold Glafkos Clerides in particularly high regard for his integrity and had a closer relationship with him. They did of course have disagreements. During his Presidency from 1993-2003, he would meet with Clerides and did not hesitate to have intense disagreements with him on many occasions, during his first five year term.

Faidros Economides worked closely with Glafkos Clerides both as a Democratic Rally official and finance minister in his cabinet and had particular appreciation for him.

Social contribution

You’re an organisation with social contribution. What is the Group approach on corporate social responsibility?

From the outset and a number of decades we did that quietly, out of the limelight. But in the past few years however following both relevant suggestions as well as pressure from the Group’s marketing department, we’ve become a bit more outward looking. But our discreetness was a policy that we followed for a great number of years; it was a conscious choice that any assistance must not be made public, as it wasn’t the purpose of our action.
For example, since the early 90s, we offer quite a significant sum of money through the Christofis Economides Educational Foundation, which he set up because he believed that everyone should have the opportunity of academic advancement. The Educational Foundation provides scholarships for students that don’t have the funds to begin or complete their studies. Hundreds of youths, definitely over a thousand have completed their studies through the financial assistance of the Christofis Economides Educational Foundation, a fact that was never widely made public, beyond a call to application statement. We have also assisted a number of families through the same programme, an effort that we continue to support with our own personal funds too, not just from company assets.
We also support various social contribution initiatives and organisations.

He sold cars but didn’t drive

Did your grandfather or uncle give you any advice on what to watch out for, how to proceed, when the time came to take over the company?

No it wasn’t the way they did things. Besides I took over management of the company several years after they passed away and just four months before the March 2013 financial collapse.

They weren’t the kind of people that would tell you outright what to do and how to go about your job. That’s why it was important to observe them at work. And that’s what I did, I shadowed them;to me that was an education in itself.

What was grandmother Maria like? Was the woman who established the company in 1951 along with her husband Christofis Economides, the strong personality on the ‘dark side of the moon’?

On the contrary. She was never on the sidelines, but the dynamic part of Cyprus Import Corporation. Without her support, Christofis Economides would not have the courage to start such a business, and besides its establishment was her own initiative. She was a dynamic, active and brilliant woman. She always tried to pass on life lessons to her grandchildren-we didn’t pay much attention, but over time she proved to be absolutely right.

I do remember something when I was 9 years old. She happened to be upset, fortunately not with me when she turned around and said; ‘spoilt and arrogant people are doomed to say nonsense and act the same’. That really stayed with me, as did the way she said it, and obviously she was absolutely right. I do have to say that Christofis Economides never had any interest in cars, but made sure he did his background work and was aware of the basics. Importantly, he never learnt how to drive. Granny Maria was always the one driving.

Ιδρυτές και συνεχιστές

The Cyprus Import Corporation Ltd, better known as CiC is running through the 7th decade of its business life. The founders were two innovative people ahead of their time, visionaries, with a business spirit, but also a sense of social contribution and sensitivities; Maria and Christofis Economides. In 1951 they established Cyprus Import Corporation Ltd and opened, both for them personally, as well as the country’s financial outlook, the door to a major business course.

Maria Economidou

Maria Economidou was born in Nicosia in 1915. She completed her studies at the Phaneromeni high school and worked as a teacher during WW2. She was a philanthropist, active in social contribution and culture. Along with her husband Christofis Economides, they founded Cyprus Import Corporation Ltd, which took on, among other business activities, the exclusive dealership and import to Cyprus of Mercedes-Benz cars.

Maria and Christofis Economides had three children, Ersi Zachariades Economides, Faidros Economides and Lida.A.Anninou. They all founded the Christofis Economides Family Educational Foundation in 1992 which financially supports poor students, providing scholarships, along with many other activities.
Maria Economidou passed away in 2008.

Christofis Economides

The life and work of Christofis Economides is a huge chapter in itself. This was a man with a multi-dimensional contribution to his country-both social, literary, political and to be sure, a strong business presence.
Christofis Economides was born in Lefkoniko in 1908. He came from a prominent family which raised certain of the most distinguished personalities of Cyprus, such as Bishop of Kition Kyprianos Economides, the founder of the first banking establishment in Cyprus Ioannis H.Economides and the country’s national poet Vasilis Michaelides.

Christofis Economides was a graduate of Economics and Political Science from the University of London, a licentiate of the Bankers Institute of London and a partner of the Chartered Accountants Association of London. Ηe worked as the chief accountant of the Agricultural Bank of Cyprus (1929-1950), leaving in 1951 to establish Cyprus Import Corporation Ltd, becoming its long time President. For a period of 15 years (1957-72) he served as member of the Cyprus Chamber of Commerce and Industry central board.

Along with other Cypriot economists, he founded in 1962, the Cypriot Financial Studies Company (CFSC), serving as president from 1962 to 1979, when he was declared honorary president.

From 1968 to 1980, he was a member of the International Economic Association central board. What’s more, it was his proposal that led to the holding of a special conference in Blendt, Yugoslavia, entitled ‘How to bridge the gap between rich and poor’. His speech at the conference was included in the book ‘The gap between rich and poor countries’ (London, 1972).

In 1973, he published, in Oxford, the book ‘Earned International reserve units: the catalyst of two complementary world problems – monetary and development’, in which he proposed an innovative way of reforming the international monetary system and replacing gold with an international coin that would be issued by the International Monetary Fund and provide the funding for the economic development of the third world.

Despite the fact that his proposal was not adopted, the IMF, as a token of appreciation, invited Economides to its annual conferences as a special guest, from 1973 through to 1980.
In 1975 he was invited by the University of Oxford to work for a year as a visitor researcher-lecturer on economic and international monetary issues.
Back in Nicosia, in 1978 he founded and ran the Economides Centre for Economic and Political Research.

Countless studies

Countless studies

Faidros Economides

A special chapter at Cyprus Import Corporation Ltd was Faidros Economides, son of Christofis and Maria Economidou.
He was born in 1945 in Nicosia. He studied Engineering at the University of London and followed up with Economics and Business Administration.

He served as Managing Director at CiC and was a member of the Popular Bank’s Executive Board and the Cyprus International Institute of Management Board of Directors. He further served as financial administrator and president of the Democratic Rally’s Committee of Economic Studies.
In addition, he was President of the Federation of Employers and Industrialists (1988-1992), member of the Labour Advisory Body, the Advisory Economic Committee and the Advisory Committee of Commerce and Industry, member of the Technology Foundation Council and president of the Cyprus Automobile Association and the Car Importers Association.
On February 28 1993 he was appointed Finance Minister in the Glafkos Clerides government, but resigned on April 2nd 1994 due to health issues. He passed away on November 14, 2001.

Today’s leadership

Alexis Anninos is leading the CiC group today. Having worked in all of the company’s commercial activities and departments, he has been Managing Director since November 2012.

A value based company

The company takes on important action in the framework of Corporate Social Responsibility.

‘We are building various pillars of socially responsible action based on which we operate with a sense of accountability to our customers, associates, society, as well as the state and our personnel’.

‘We take on initiatives based on clearly defined standards, with absolute respect to the values that distinguish our culture and people’, the company says on its website, adding:

«Our main priority is respect towards our personnel at any given time. We strive to provide them with a safe and healthy working environment in which they can operate effectively’.

‘We are responding to our obligations towards all interested parties, while always aiming on developing constructive, functional and effective cooperation for everyone. We fully realise our responsibility to customers and the social fibre in which we are active. We work hard to grow supportive, awareness campaigns’.

As the company concludes:

‘We invest in the growth and strengthening of synergies with foundations, organisations and government services, aiming towards creating targeted actions that will benefit society as a whole’.