The Cyprus government remains “steadfast in our determination to forge ahead” with the transformation journey of the country, President of the Republic Nikos Christodoulides said on Wednesday, noting that this journey is marked by challenges and opportunities.

“Our target is clear: a thriving and resilient economy characterized by high competitiveness, ease of doing business, and sustainability. An economy that is adaptable to the continuous changes demanded by our very complex global system,” Christodoulides added addressing the 12th Invest Cyprus International Investments Awards held yesterday in Nicosia.

The President said his government’s economic policy is anchored on three core pillars, ensuring a stable macroeconomic environment, which is the foundation of a successful economy, we adhere to a responsible fiscal policy, which constitute the first pillar.

“Particularly at times of growth, the implementation of a responsible fiscal policy allows us the flexibility to take corrective measures when external shocks have an impact on the economy,” he said.

The second pillar, he added, is associated with the stability of the financial sector, recalling that an important step towards that direction was taken in December 2023, regarding the bolstering of the foreclosures framework which enables banks to reduce non-performing loans and to attract new capital.

According to the President, the third pillar, concerns “our policy which is the continuous implementation of structural reforms.”

Recalling to the long-term strategy “Vision 2035”, which focuses on the green and digital transition of the country, as well as on established and new sectors that hold prospects to support strong and diversified economic activity on the island, Christodoulides added that in this framework, our government focuses on key reforms and policies that enhance the competitiveness of the economy.

Inter alia, he cited the revision of the tax system, aiming to reduce the administrative burden for taxpayers and businesses and ensure a fairer taxation, the recent adoption of a new spatial policy for renewable energy sources, which together with the one stop shop for energy projects will simplify the relevant licenses through an integrated digital platform and the launch of the strategic projects law through which licensing will be streamlined.

“Our coordinated continuous efforts, as outlined, have significantly bolstered the performance of the Cypriot economy. This is underscored by recent upgrades from two - three major international rating agencies,” he stressed, adding that “a clear indicator of our economic strength was the successful issuance of a €1 billion seven-year bond last week in international markets.”

He also recalled the fact “that the European Commission’s projections show Cyprus as one of the frontrunners in economic growth in the years to come.”

Furthermore, Christodoulides said the government recognizes that maintaining continuous and direct communication with foreign investors on the island, at the highest level, is very crucial.

In this light, he said the Presidency, again in collaboration with Invest Cyprus, has organized two flagship events with investors in the past year, which have resulted in the revision of the Strategy for Attracting Business and Talent.

“We are committed to continuing this open dialogue with you, in order to gain valuable insights into bottlenecks and challenges that we face and to address them swiftly, ensuring that our economic environment remains conducive to growth and innovation,” he went on to say.

He furthermore noted that recognising the need to increase awareness for the changes that are taking place in our country and its immense potential as a business and investment destination, the Presidency in collaboration with Invest Cyprus has launched an international campaign for the branding of the country and he invited investors “to join us as key partners, leveraging your firsthand experience of what Cyprus has to offer.”

“Your unique insights make you the ideal ambassadors and representatives for this campaign. We believe that your support and active participation will be invaluable in showcasing Cyprus's strengths and opportunities to the global business community,” he concluded.