President: We have prepared the road for the post-COVID growth model

The COVID-19 pandemic has drastically altered our way of life with a devastating blow to our economies and societies and this new reality offers us the opportunity to focus on reinvigorating our economy and further diversify and strengthen our growth model so to be able to immediately adapt to any unforeseen crises and to successfully tackle the challenges of the new era, Cyprus President, Nicos Anastasiades, has said.

Addressing on Friday evening the Annual Christmas Gala Dinner of the Cyprus Chamber of Commerce and Industry and the Cyprus-Russian Business Association, in Limassol, he noted that Cyprus has prepared the road for the post-COVID growth model, the plan titled “Cyprus tomorrow", adding that this plan provides absorbing 4.4 billion euro for the period 2021 – 2026 and is expected to generate an additional 7% in Cyprus GDP, while it is estimated to create over 11,000 jobs.

He extended the sincere appreciation of the Government and him personally for the Association`s invaluable contribution in strengthening the economic ties between Cyprus and Russia, as well as its vital role in creating new investment synergies and promoting Cyprus as a competitive business centre.

He also highlighted the important role of the active and ever-expanding Russian community in Cyprus, particularly in Limassol, forging a dynamic link in the socio-economic ties between our countries.

"It is indeed no exaggeration to say that the strong interpersonal links between Cypriots and Russians constitute a fundamental pillar of our bilateral relations and have been at the epicentre of efforts to advance our mutually beneficial partnership", the President noted.

He referred to the projects in the plan "Cyprus tomorrow" which include actions regarding the strengthening the resilience and competitiveness of the economy, investments and reforms to widen the productive base of the primary and secondary sectors of the economy, boosting research and innovation and improving the business environment through expediting licensing procedures and providing incentives for relevant investments.

"This plan is complimented by our national strategy to attract businesses for setting up or expanding their activities in Cyprus, with the provision of new incentives, which include, amongst others the simplification of the policy employment of third country nationals and for granting Long Term Resident Status, the introduction of Digital Nomad Visa and new tax incentives to existing or new non domicile employees", he noted.

President Anastasiades underlined that building upon the close cooperation between Cyprus and Russia "we have developed these two national policies will boost commercial activity between our business communities once again, particularly in new areas of beneficial collaboration such as High Technology, Innovation, Research and Development".

"On our behalf, I wish to seize this opportunity and assure you that - despite the lack of geographical proximity and differences in size - Cyprus will continue being a reliable partner of the Russian business and investment community, as part of our concerted efforts to further advance our economic partnership", he concluded.