Press Releases

I am delighted to join you this evening at the Thanksgiving Gala Dinner, hosted by the American Chamber of Commerce in Cyprus.

Thanksgiving is a cherished American tradition, and at the same time it has been embraced worldwide, precisely because the values it embodies resonate universally. It is a heartwarming reminder to cherish the blessings in our lives and to celebrate all that unite us.

As we gather this evening to celebrate Thanksgiving amongst true friends and partners, I would like to seize the moment to reflect on the growing friendship and partnership between the Republic of Cyprus and the United States of America.

First and foremost, I wish to express my heartfelt thanks to Ambassador Fisher for her remarkable professionalism, and exceptional dedication to advancing the Cyprus-US partnership.

Ambassador, Dear Julie, your leadership and unwavering enthusiasm have been pivotal in the leaps we have taken in recent months in expanding and deepening our cooperation at the bilateral and regional level. You have worked tirelessly in bringing our two nations closer together –at the level of government and at the level of people –and for that we are deeply thankful.

Cyprus-US relations are at a historical high. This is the outcome of a clear, focused foreign policy path. Over the past 19 months we have set clear goals and roadmap on driving this strategic partnership forward in an array of fields including defence, security, economy and investments, energy, education and many more.

In 2023, our countries advanced their bilateral cooperation and undertook regional initiatives. 2024 has been a landmark year. Our strategic cooperation has been institutionalised and in last October the first strategic dialogue between the United States and the Republic of Cyprus took place in Nicosia. This meeting cemented our strategic relationship but also our joint vision for promoting peace, security and stability in our region. The strategic dialogue was the culmination of our flourishing cooperation but also marked a new chapter in our relations.

The strategic dialogue also paved the way for my visit to Washington DC on October 30th and my meeting with President Biden. This truly historic meeting, 28 years since the last visit of a Cypriot President to the White House, was of great importance both in substance and in symbolism. The Republic of Cyprus stands as a stable, reliable, predictable and trustworthy partner for the US in the Eastern Mediterranean and the greater Middle East.

The visit to the White House was also a celebration on what we have jointly achieved, and at the same time of the unlimited potential of this relationship. In this regard, the visit serves as a new beginning in further advancing our relations in a wide range of areas, based on a specific road map that has been agreed. We are committed and excited to build on this relationship with the incoming Trump administration and carry this relationship to new highs. And that was my clear message today during an excellent telephone conversation I had with President-elect Trump.

In a background of global challenges, the Republic of Cyprus has proven time and again to be a reliable partner and an enabler of security and stability. At the same time, and despite external pressures, our economy has demonstrated impressive flexibility and strength. Moody's announced a major milestone for the Cypriot economy at the end of November: a double upgrade that raised Cyprus' credit rating by two notches to A3, for the first time in 13 years. The upgrade is a clear vote of confidence in the government's policies and the positive trajectory of the Cypriot economy.

Our projected Gross Domestic Product (GDP) growth places the Republic of Cyprus among the top-performing economies in the eurozone, demonstrating that we are not just weathering storms but creating pathways to sustainable development. This robust performance provides a solid foundation for attracting investment, particularly in emerging sectors like renewable energy, innovation, and digital transformation.

From our skilled workforce to our strategic location at the crossroads of three continents, the Republic of Cyprus offers unique advantages for businesses looking to expand into Europe, the Middle East, and North Africa.

Through our Vision 2035 strategy, we are implementing reforms that enhance transparency, efficiency, and competitiveness. This vision is complemented by targeted initiatives like the revamping of our investment strategy and the promotion of the Republic of Cyprus as a hub for innovation and sustainable development.

At the same time, we are implementing the revised strategy to attract investment and talent, aiming to position the Republic of Cyprus as a global hub for business and innovation. Key initiatives include the implementation of competitive tax policies and the simplification of regulatory procedures, and the creation of specialised incentives for industries such as technology, finance, and energy. The Government is also investing in digital transformation, infrastructure development, and the establishment of innovation centres to foster a vibrant business ecosystem. This strategic approach aims to strengthen Cyprus' appeal as a destination for high-value investments and skilled professionals from around the world.

As a result of our overall approach, the Republic of Cyprus has been witnessing a steady and remarkable rise in Foreign Direct Investment, with over €3.5 billion invested in the country in 2023 alone.

Moreover, it is very encouraging to see a growing diversification in the sources of these investments. Countries such as the United States of America, the United Kingdom, Ireland, the State of Israel, and the Republic of Lebanon have significantly increased their participation, highlighting the expanding international confidence in the Republic of Cyprus as a leading investment destination.

As we ensure responsible financial policies and forge ahead with continuous improvement of our investment climate, we are equally committed to addressing any reputational challenges and ensuring that the Republic of Cyprus continues to be viewed as a credible and trustworthy international business and financial centre.

To this end, we are working very closely with the United States on matters related to anti-money laundering, sanctions compliance, and combating corruption. The FBI team is in the Republic of Cyprus ‒I will meet them in person next week‒ working with our teams, having responded immediately to my request. These efforts underscore our unwavering resolve to uphold the highest standards of integrity and accountability and we are grateful for all the support provided by the US administration also in this respect.

Another important component is people-to-people contacts; a prerequisite element to enhance ties of the two countries across the board. Recognising this, we have prioritised efforts to include the Republic of Cyprus in the US Visa Waiver Program. I am aware that this initiative holds particular importance for the business community and I am optimistic that through the dedicated efforts of all stakeholders, this goal will soon be realised in the beginning of 2025, marking yet another milestone in our flourishing partnership.

The economic ties between the United States of America and the Republic of Cyprus are further strengthened by the role of organisations like AmCham Cyprus. Your dedication to fostering collaboration between our business communities is commendable, and your efforts instrumental in promoting bilateral trade and investment. I extend my appreciation to the leadership and members of AmCham Cyprus for your invaluable contributions to the Cyprus-US partnership.

As we celebrate Thanksgiving tonight, let us take a moment to reflect on the shared values that underpin our relationship with the United States of America— those values of freedom, democracy, opportunity, and innovation. These principles form the foundation of our cooperation.

In concluding, I would like to express my sincere appreciation to everyone present here tonight. Your commitment to strengthening the ties between the Republic of Cyprus and the United States of America is a source of inspiration and optimism.

(ΡΜ/ΑΣ/ΕΑθ)