Press Releases

I am delighted to join you today at the 3rd Capital Link Cyprus Business Forum here in New York City (NYC) – a city that has given me so much personally.

This is a city very close to my heart. For some of the most formative years of my life, I was a proud New Yorker. It is here that I was blessed to study and work, a city that is still home to family. New York is also the great city that instilled in me the notion that we can and must always dream big.

In this sense, NYC also holds the essence of the American dream: that you work hard, with decency and ingenuity, seizing all the opportunity the United States (US) has to offer, and you will succeed. That is to me the meaning of the American dream. And it is a dream that is still alive and continues to inspire.

It is no coincidence that I am joined in this trip by several cabinet members. We are here to make the case for Cyprus as a bold investment destination.

The visit also comes at a moment when the Cyprus and US relations are thriving. Our countries’ ties are robust, ever expanding, and ripe with opportunity.

Above all, they are solidly founded on shared values of mutual respect, democracy, and a joint commitment to fostering economic cooperation and prosperity.

Cyprus has proven time and time again that it is a stable, reliable, predictable, trustworthy partner to the US, as well as to the US’ closest allies in the challenging, yet exceptionally promising, region of the Eastern Mediterranean and the greater Middle East.

And so, as a new US administration has taken office, opening a new, exciting chapter in our bilateral relations, and at a time when the world is undergoing remarkable shifts, I am particularly excited to engage with each and every one of you; a distinguished group of business leaders, investors, and members of the vibrant Cypriot diaspora, which we are very proud. Your continued engagement and collaboration are vital in enhancing Cyprus' global standing and economic footprint.

Dear friends,

Possibly more so than any other place on earth, NYC also encapsulates the idiom “location, location, location”. And that is precisely one of the key elements that renders Cyprus such a promising investment partner.

Geography is destiny, but it is in our hands to form it. Cyprus lies at the crossroads of the Middle East, Europe, Africa, and Asia. A stable European Union (EU) member state with longstanding, excellent relations with all its neighbours – Israel, Egypt, Lebanon, Jordan, United Arab Emirates (UAE), Saudi Arabia, Qatar. These relations have not been built overnight, but rather have flourished anchored on historic, cultural, political ties that go a very long way back.

At the same time, Cyprus brings unique value; it serves as a natural bridge between Europe, the Middle East, the Gulf, and the US. This positioning is not only geographical; it is also geopolitical. And in this regard, it is strategic. It is a characteristic that served as the springboard that allows us to foster mutually beneficial cooperation and build partnerships that serve a common vision of peace, resilience, and prosperity.

Through the most challenging of times, when our partners and our region have needed us the most, Cyprus has risen to the occasion. “A friend in need, is a friend indeed”. Cyprus has consistently acted as a true friend, and in doing so has acted as a pillar of stability and security. We are an active contributor to peace, a credible and consistent partner, firmly anchored to the West. Time and time again, Cyprus has delivered. Not merely reacting to crises, but shaping solutions that are mutually beneficial. And we have been a consistent, reliable safe harbour for our partners in the region – including the US – at times of security crises. That is the kind of partner Cyprus is to its region and to the United States.

We are fully cognisant of the geostrategic importance of our region, of the Eastern Mediterranean and the greater Middle East. It is this potential and opportunity that we are determined to harness, because we believe in a very different narrative for our region than the prevailing one of a region in turmoil. It is up to us to transform it – and economic cooperation is the key component – into a region of opportunity and prosperity. This is our vision, this is the vision of our friends in the region. This is a vision that can yield immense benefits also for the US.

Dear friends,

In what is an increasingly complex geopolitical landscape, the deepening of strategic alliances, always in a mutually beneficial manner is not just desirable, but it is essential.

Against this backdrop, the partnership between Cyprus and the US has taken on even greater significance. Throughout my diplomatic and political career – first as a Government Spokesperson, then as Minister of Foreign Affairs and now as President of the Republic of Cyprus – I have been a steadfast advocate for strengthening this relationship, because I have always believed that Cyprus and the US, two countries bound by shared democratic values and a common commitment to regional stability and prosperity, are natural partners.

Since the beginning of my Presidency, I have carried a clear vision for Cyprus-US relations. A vision that the potential is limitless, that is underpinned by a clear and deliberate foreign policy approach. It is guided by mutual trust, strategic alignment, and a shared understanding of the critical role Cyprus can play in advancing peace, security, and prosperity in our region, always through cooperation. And that this cooperation yields tangible benefits, for the US, for Cyprus, for the region, and by extension, for our common partners in the region, such as Israel.

Today, I am proud to say that our bilateral ties are at a juncture when they can be harnessed for remarkable achievements for both our countries. We have deepened our strategic partnership, covering critical areas such as defence, security, economy, investment, energy, education, and more.

The Strategic Dialogue launched has cemented not only our enduring partnership, but also our shared vision of promoting peace, stability, and security in our region. It represents the culmination of long-standing cooperation, and it is only the beginning of a new chapter in our relations.

In fact, it was during the first Trump administration that there was clarity of vision, on the US side, on what this partnership can deliver and that, in fact, can be groundbreaking.

I believe that in the second Trump administration, we can reach unprecedented, new historic milestones in our relations. I really believe that when it comes to US-Cyprus relations, the sky is the limit.

Cyprus is a fervent supporter of transatlantic relations. For Europe, the US is our greatest, most valuable ally. Amongst partners, there can always be points that require listening more, taking in grievances, and addressing them through dialogue in a way that addresses the concerns of all, always in a mutually beneficial way.

As a committed transatlantic partner, Cyprus is confident that we can work together in good faith to safeguard the prosperity of European and American citizens and businesses. We are ready to play that role in our capacity during our upcoming Presidency of the Council of the EU in the first half of 2026.

Ladies and gentlemen,

Stability is not just a matter of security; it is the foundation for sustainable growth, investor confidence, and long-term prosperity. Cyprus, positioned at the crossroads of continents, is not only navigating these dynamics; it is leveraging them. This is precisely what makes it such a compelling hub for business and investment today.

Through responsible governance, fiscal discipline, and the resilience of our people, I can state with certainty and confidence that we have turned the page.

Today, Cyprus stands not only as a symbol of resilience, but as a European success story, ready to embrace a new era of sustainable growth and international economic engagement.

In 2024, our economy grew by 3.4%, one of the highest rates in the EU, despite international geopolitical instability and the serious challenges faced by strong Eurozone member states. Our country's public debt has been reduced to below 66% of Gross Domestic Product (GDP), representing one of the most significant declines in the EU. For 2024, we recorded a robust fiscal surplus of over 4%. Cyprus has also been recently upgraded, after 13 years, to Category A by all major international rating agencies.

This represents a clear vote of confidence in our responsible economic policies. The International Monetary Fund (IMF) issued its concluding statement only last week, after its mission in Cyprus, praising the Cyprus economy, “for demonstrating impressive resilience”.

Equally positive are the results in the labour market. Today, for the first time since 2008, unemployment in Cyprus stands at 4.9%, achieving full employment conditions. The reduction in youth unemployment is the highest in the EU, with a rate of 6.2%, while job vacancies are increasing, reflecting a dynamic labour market.

Through our long-term Vision 2035 strategy, we are implementing reforms that enhance transparency, government efficiency, and competitiveness. This vision is supported by targeted policies and initiatives, such as revamping our investment strategy and positioning Cyprus as a global centre for innovation and sustainable development. Our strategy focuses on attracting investment and talent, making Cyprus a top destination for business and innovation. Key measures include competitive tax policies, regulatory simplification, and specialised incentives for industries like technology, finance, and energy. The government is also investing in digital transformation, infrastructure, and the establishment of innovation centres to foster a vibrant entrepreneurial ecosystem. This approach aims to strengthen Cyprus’ appeal as a destination for high-value investments and skilled professionals from around the world.

Today, you had the opportunity to hear from the Governor of the Central Bank of Cyprus and executives of Cypriot banks, as they spoke about the new very promising reality in the banking sector in Cyprus. Our banking sector is now characterised by strong capital and liquidity ratios. Beyond the transformation of the banking sector, Cyprus has earned international recognition for its effective implementation of sanctions, restrictive measures, and Anti-Money Laundering (AML) directives. At the same time, we remain firmly committed to further enhancing our anti-corruption framework through concrete structural reform with the support also of the US authorities.

Dear friends,

Cyprus enjoys a strategic geographic position as a trade and investment hub, providing access to global markets, linking Europe, the Middle East, and Africa. Cyprus’ familiar and transparent business-friendly legal framework, based on English common law, investor protection measures, strong professional services, and financial sector make it an attractive jurisdiction for expanding international portfolios. While tourism continues to be as one of the traditional sectors, achieved record-breaking arrivals and revenue in 2024, Cyprus’ value proposition extends well beyond these industries, with expanding opportunities in energy, tertiary education, innovation and technology.

Cyprus is also emerging as a thriving hub for technology, especially for fintech, regtech and gametech companies, offering an innovation-friendly business environment, strategic EU access, and strong financial incentives for global firms looking to expand.

Over the past decade, Cyprus’ technology and fintech sectors have expanded at an exceptional pace, now accounting for more than 13% of the country’s GDP. The government has actively facilitated this growth through favourable tax incentives, grants, and expedited licensing processes for fintech firms, positioning Cyprus as a prime hub for both startups and established enterprises.

Cyprus’ role in strategically reshaping its energy landscape and its role as a key energy player in the Eastern Mediterranean deserves special mention. A key part of this transformation is the development of several major projects and commercial opportunities. The presence of energy giants, including US companies such as Exxon Mobil and Chevron, is testament to the immense potential of the energy sector in Cyprus.

Another critical opportunity lies in Cyprus’ natural gas resources in its Exclusive Economic Zone. Cyprus together with neighbouring countries, especially Israel and Egypt, aim to create the Eastern Mediterranean Energy Corridor, which could include the transportation of natural gas, and eventually hydrogen and green energy from renewable sources. Cyprus is also advancing its efforts in Liquefied Natural Gas (LNG) imports through the development of the LNG terminal, with plans to regasify LNG for power generation. This is expected to drive further business opportunities in energy infrastructure and contribute to regional energy diversification.

These developments, combined with Cyprus’ strong push for renewable energy and storage, present a compelling environment for investors and energy companies to capitalise on emerging energy markets and infrastructure projects in the region.

Last but not least, we boast a proud maritime tradition spanning over 3,500 years. Since gaining independence in 1960, Cyprus has embraced shipping as a key pillar of its political and economic identity, evolving into a modern maritime state. With a strong sovereign flag and a well-established resident shipping industry, Cyprus offers high standards and quality services. Today, shipping contributes around 7% to GDP and supports over 60,000 jobs, both onshore and at sea. This progress was made possible through the close, constructive cooperation between public authorities and the private shipping sector.

Dear friends,

The economic progress we have achieved provides a solid foundation for looking outward with confidence, with ambition, and with a clear sense of purpose.

Cyprus is a leading destination for foreign direct investment, with net foreign direct investment (FDI) stock reaching €86.6 billion in 2023 – equivalent to approximately 275% of our GDP. This reflects not only investor confidence, but also the strength of our business ecosystem. In recent years, we have seen strong inflows from the US and across Asia, including the Middle East. Cyprus is increasingly chosen by international companies as a base for regional headquarters, offering access to both developed and emerging markets.

US companies are already demonstrating strong confidence in the potential of the Cypriot market. Notably, the financial services, technology, and real estate sectors currently represent the top three categories of FDI from the US into Cyprus. Building on this solid foundation, we are committed to further expanding and deepening these investment ties in the years ahead.

My visit to the United States forms part of a three-state tour – New York, Texas, and California – designed to highlight the growing potential of the Cypriot economy and to explore untapped economic opportunities in specific economic sectors, with one of our most valued partners, the US.

In each of these states – starting here in New York and continuing on to Houston and San Francisco – my delegation and I are engaging with business leaders, investors, and policymakers to strengthen the economic dimension of our bilateral relationship. We are here not only to showcase Cyprus’ dynamic and resilient economy, but also to identify areas where synergies between our economies and business communities can be expanded for our mutual benefit.

Dear friends,

As we bring this conference to a close, I want to express my sincere appreciation for the insightful exchanges and the spirit of partnership that has defined our discussions today.

The relationship between Cyprus and the US is one of remarkable potential. It is my firm belief that we can reach unprecedented new highs in this new chapter, always for the interest of our countries and peoples.

Special thanks to the organisers and to all of you for your attention, your engagement, and your continued interest in Cyprus.

As I have said, the sky is our limit.

Thank you.

(TG/NZ/GS/MS)