Press Releases

10^th July 2023, Lotte New York Palace

Let me start by congratulating the organisers for today’s Summit, which brings together a group of esteemed guests.  Although I am unable to attend in person, I am very pleased to be joining you virtually and to have the opportunity to address the event for the first time since assuming the Presidency of the country.

I have a very clear vision for Cyprus. I want it to become a model for attracting investment and fostering entrepreneurship, a country that implements bold reforms and becomes more competitive, that fully reaps the benefits of technology and innovation, with an ambitious plan for a swift green and digital transition. A country that is well-equipped to respond to future geopolitical, economic and other challenges, efficiently and effectively.

Located in the crossroads of Europe, Africa and Asia, at the easternmost corner of the Mediterranean Sea and close to one of the most vital maritime chokepoints, that of the Suez Canal, the geostrategic location of Cyprus has been both a blessing and a challenge throughout its history.

In recent years, Cyprus has been taking decisive steps to establish itself as a reliable partner, promoting stability and prosperity, in a region that urgently needs both. The partnerships that we have developed with neighboring countries in the eastern Mediterranean and the wider Middle East, serve as a paradigm for transnational cooperation and intensified diplomatic engagement.

One such example is the trilateral Cooperation Mechanism between Cyprus, Greece and Israel, which provides concrete benefits for our citizens. Our partnership ranges from defence and security to energy, from innovation and science to culture and from healthcare to education. All these entail a strong people-to-people element, for which we are particularly proud. The positive geopolitical impact of this format was soon appreciated and expanded in the three plus one, with the participation of the US.

Our Government took office on the 1st of March in turbulent times, with a disastrous ongoing war taking place on European soil, with multiple challenges that require attention and action. Energy and food security, climate change, migration and ageing population, are but a few of the areas that require our immediate attention. Additionally, persisting inflationary pressures undermine purchasing power, disrupt economic activity and investment and hinder economic growth.

In recent years, the Cyprus economy has proven its remarkable resilience. Despite the challenges as a result of the illegal invasion of Russia in Ukraine affecting the global economy, Cyprus continues to demonstrate above EU average growth rates. Yet, we remain vigilant.

To ensure that Cyprus is well-equipped to face all these challenges, we have developed a comprehensive and ambitious government programme, which is already on implementation track. Our aim is to strengthen the competitiveness and extroversion of the Cypriot economy, on the basis of a new and modern growth model.

Furthermore, in our proposed programme, a strong economy is pivotal. This will be achieved through our full commitment to fiscal discipline, a strong financial system and the continuous pursuit and implementation of structural reforms.

At the same time, we do attach great importance on fostering a healthy and stable banking system and financial sector, since we believe that a robust financial system is essential for economic stability and growth.

Our reform agenda, which forms the cornerstone of our programme, includes a comprehensive tax reform, as well as the implementation of the public service, justice and local government reforms, which directly affect the daily operation of businesses. At the same time, we fully endorse digital and green investments and research and innovation, leveraging European funding opportunities.

Regarding the recent secondary sanctions by the US and the UK, our Government is determined to fully investigate these cases and take all measures necessary, showing zero tolerance. In this respect we have cooperated fully, since day one with the US and UK authorities. The Council of Ministers approved, this month, a series of concrete measures in this direction.

In the face of rapid global changes and evolving dynamics, I firmly believe that Cyprus has the potential to rise above, by turning challenges into opportunities.

The unequivocal commitment of the Government is to create the conditions for a thriving, sustainable economy, by continuing on the path of prudent fiscal policy, to promote bold reforms and to maintain the stability and credibility of the banking and financial system. This is reinforced by a multifaceted foreign policy, which focuses on enhancing international partnerships and bolstering the geostrategic role of Cyprus.

As it is stipulated in Vision 2035, our long-term strategy for a resilient economy for the country, we want Cyprus to be one of the best countries to live, work and do business in. 

We will continue working tirelessly, with a vision, for an economy that unlocks the potential of foreign businesses and investment, driving economic growth and creating mutually beneficial partnerships with international stakeholders.

Thank you for your attention.

(RM/NG)