Government Pledges Unwavering Support for Business Development
In a significant address to the Cyprus Employers and Industrialists Federation (Oev), President Nikos Christodoulides reaffirmed the government’s commitment to enhancing business communication and fostering a collaborative environment for economic prosperity. Emphasizing the pivotal role of businesses as the “driving force behind economic development,” the president outlined his administration’s dedication to creating a conducive atmosphere for business growth and innovation.
Christodoulides highlighted the importance of “genuine and substantial cooperation” between the public and private sectors, which is fundamental to achieving sustainable economic growth. He pointed out that such collaboration was instrumental in a recent promotional event in London, which aimed to attract quality investments to Cyprus.
The president announced plans to institutionalize direct dialogue with the business community, with a scheduled meeting at the Presidential Palace involving key stakeholders like Oev, the Cyprus Chamber of Commerce (Keve), and the Association of Cyprus Banks. This initiative aims to leverage collective expertise and feedback in shaping future policies.
Addressing external challenges such as geopolitical instability and Cyprus’s reliance on imported goods and energy, Christodoulides underscored the need for policies that enhance the resilience and competitiveness of the Cypriot economy. He stressed fiscal responsibility, stable financial sectors, and bold reforms as pillars of the government’s economic policy.
Despite these challenges, the president noted positive economic trends for Cyprus, with projections indicating it will have the second-highest growth rate in the eurozone in 2024. He also mentioned efforts to bolster Cyprus’s international reputation through initiatives like partnering with the FBI to strengthen the Economic Crime Unit and a national rebranding campaign.
Christodoulides addressed two significant challenges facing Cypriot businesses: high energy costs and human resource shortages. He assured that the government is working towards long-term solutions, including promoting renewable energy sources and improving energy efficiency as strategic pursuits for 2024. The president also mentioned support schemes for business energy upgrades and a national hydrogen strategy.
To tackle labor shortages, initiatives are being advanced to streamline application procedures and review foreign employment strategies. Training programs for hotel industry employees have been introduced to enhance skills and improve Cyprus’s tourism offerings.
The president concluded by emphasizing the need to focus on high-value sectors and research and innovation to strengthen entrepreneurship. He assured that the government’s new strategy would include actionable measures and performance indicators to ensure effective monitoring and adjustments as needed. Christodoulides expressed confidence in turning challenges into opportunities through systematic collaboration with all partners in the business community.
