Cyprus has a new growth model that can adapt to changing conditions, Finance Minister Constantinos Petrides said on Monday evening, speaking at an event organised by the Cyprus-American Chamber of Commerce (AmCham Cyprus).

“We have proven the resilience of the economy when during the pandemic, I insisted that the solution is growth,” Petrides said, adding that the economy has diversified and there are investments from the US in the energy, tourism, education, health, shipping sectors and that “this was not by chance.”

For his part, Deputy Minister of Research, Innovation and Digital Policy, Kyriakos Kokkinos, said that the aim of the country’s economic policy, dubbed ‘Vision 2035’ is to create a future-ready society with a knowledge-based economy enabled by digital and emerging technologies that will lead to sustainable growth, social well-being and competitiveness.

These, he said, will come through the digitisation of public services, which has already begun, through secure and stable digital infrastructures, through the digital transition of businesses, and through a digitally literate population of highly skilled digital professionals.

Vice President of the Cyprus Economy and Competitiveness Council, Andreas Assiotis, said that Vision 2035 is an ambitious, realistic and comprehensive plan that takes into account current challenges. For the first time, he stated “we are linking this effort with money, with money from the Recovery and Resilience Fund, from the structural funds or the budget,” adding that 92 of the 240 actions have already been integrated into the budget.

Hellenic Bank’s Chief Banking Officer Phivos Stasopoulos stated in his address that the banking sector contributes to growth and that lending for 2016 to 2020 reached around €14 billion. He added that Russia’s invasion of Ukraine created inflationary trends in the energy sector, as well as in goods and services, but inflation had already started to show downward trends recently.

“For a resilient economy in Cyprus we need a long-term strategy,” Stasopoulos concluded.