President of the Republic Nikos Christodoulides outlined on Friday his vision for Cyprus to become an attractive destination for foreign investors. 

"My vision for Cyprus is to become a modern state for attracting investments and cultivating entrepreneurship, a country that implements bold reforms and becomes more competitive, by fully exploiting the benefits of technology and innovation," the President said Friday in a pre-recorded video at the start of the Economist "Cyprus Investment Summit", that is being held at the London Stock Exchange.

He added that the goal is for Cyprus to be able to respond quickly and effectively to future challenges and noted that the Cypriot economy has proven its resilience during the pandemic.

The ambitious government program ensures that Cyprus is well equipped to face the challenges, he stressed.

"Our goal is to strengthen the competitiveness and extroversion of the Cypriot economy on the basis of a new modern growth model, remaining committed to fiscal discipline within the framework of our European obligations," he added.

Referring to the recent secondary sanctions by the US and the UK, the President pointed out that the government is determined to fully investigate the cases and take all necessary action.

In this context, he said, the government has fully cooperated with the relevant US and UK authorities and is proceeding with the establishment of a fully developed sanctions enforcement unit with technical support from the UK government. The purpose, he explained, is dual, on the one hand to act proactively when relevant information is provided by competent foreign authorities and on the other hand to ensure that the imposed sanctions are properly implemented.

He added that in recent years, Cyprus has taken important steps to strengthen the rules against money laundering and  financing of terrorism.

The President also referred to the government's reform agenda, including comprehensive tax reform, as well as reforms in public administration, justice and local government, as well as exploiting EU funding opportunities for green investments.

Furthermore, he referred to Cyprus' multifaceted foreign policy, which focuses on strengthening international partnerships and highlighting Cyprus' strategic position.

"This multithematic policy can contribute to the reunification of Cyprus with a comprehensive solution, in full agreement with international and European law, in a sustainable, functional and modern state that will give impetus to economic development and prosperity", he concluded.

The Economist event examines the geopolitical data in the Cyprus region and mainly the economic and investment environment in the country. The energy strategy of Cyprus will be presented by Minister of Energy Giorgos Papanastasiou.