Press Releases

The speech was read by the Minister of Finance Mr Constantinos Petrides

I would like first of all to extend a warm welcome to this esteemed audience and thank you for being here with us.

As the world is more and more optimistic about exiting a prolonged period of uncertainty caused by the unprecedented COVID-19 pandemic, the Cypriot economy, proving its resilience, is rapidly recovering and demonstrating positive prospects for the upcoming quarters. The latest forecast of the European Commission predicts a growth for the Cyprus economy of 4.1% of GDP in 2022, which reaffirms the Cypriot economy's positive trajectory and prospects.

The economic sentiment is regaining confidence, and the state's ability to support macroeconomic stability is strengthened.

We are committed towards prudent fiscal policy, ensuring financial stability, and establishing a competitive, business-friendly regulatory environment of high standards so as to attract value-added investments.

Throughout the last couple of years, we managed to preserve jobs, maintain the income of our citizens, protect the rights of workers and provide the necessary support to companies to recover as quickly as possible. It is evident that our efforts yielded results. Now, it is time to turn the challenge into an opportunity. It is time to implement our strategy to become one of the best and most attractive countries to live, work and do business in.

The vision of our government is to transform Cyprus into a model, resilient and inclusive nation through a holistic growth plan. This vision is financed partly with an overall budget of €4.4 billion, comprising of European Funds, namely the Recovery and Resilience Fund and the Cohesion funds. Our efforts constitute a detailed roadmap with a long-term vision for 2035.

In order to address the challenges that we are facing, numerous reforms are being promoted, amongst others, in the fields of public and local administration, health, labour, educational and justice system, as well as green and digital transformation, research, and innovation.

The pandemic has proven the importance of creating resilient economies not during difficult times but during times of prosperity. Having a resilient and competitive economy is a catalyst for attracting corporations and investors that are looking for investment destinations which can provide high returns on their investments.

And it goes without saying that in today’s challenging economic environment, foreign investments are of paramount importance.

Over the years, Cyprus has evolved into a regional centre for international business and investments. The potential to enhance this position and become a world-class hub for doing business, today is greater than ever.

Becoming the next European business and trade hub is at the core of our efforts. To achieve this, we have formulated and we are implementing a comprehensive investment facilitation strategy.

In this context we are implementing a new government strategy for attracting international companies and talent in Cyprus. The Strategy consists of a dedicated business facilitation unit, targeted tax incentives, revised immigration policy for international businesses, foreign employees' family reunification and employment of family members, a very attractive digital nomad visa scheme, as well as simplified and digitalized procedures.

In this very competitive environment of attracting international business and Foreign Direct Investments, allow me to invite you to examine our investment proposal in vital economic sectors of the country.

UAE is an important political and economic partner for Cyprus. As we have showcased in the last months with our participation in the esteemed Dubai Expo, Cyprus has to offer numerous profitable investment opportunities in a variety of sectors.

A big delegation from Cyprus is here these days with one aim: to further develop the economic and business relations with the UAE and to identify new areas of further cooperation.

Let me reaffirm that our government stands ready to offer any necessary assistance to facilitate your business plans and investment initiatives. 

(RM/NG/ECHR)