Cyprus’ top priority is securing the country’s credibility and reputation as a financial center, taking all necessary steps to deal with the US and UK sanctions, President Nikos Christodoulides said on Tuesday.

His address at an event marking 30 years of Cyprus’ participation in Institute of Chartered Accountants in England and Wales (ICAEW), described the sanctions as a development interfering with the country’s reputation, and yet another challenge that must be collectively tackled.

“This is a top priority for the government,” he said during the event, held at the British High Commissioner’s residence.

“We are taking all the necessary actions, in cooperation with all the national supervisory bodies, including the Institute of Certified Public Accountants of Cyprus, as well as the British and US authorities, to fully restore the credibility of our country.”

British High Commissioner Irfan Siddiq said the latest sanctions were a source of concern in connection with Cyprus’ reputation however he expressed his trust in the sector, as well as the government’s to ensure that both emerge stronger.

He highlighted this is an opportunity to set even higher standards of compliance and regulation and to ultimately enhance Cyprus’ attractiveness as a financial and business services hub.

Christodoulides described his vision is that Cyprus becomes a “model state, with favourable conditions for attracting investments and promoting entrepreneurship.

“A reliable, credible business and financial center, free from mistakes of the past; and a social, fair state that safeguards a high standard of living for its citizens.”

The president remarked his vision of Cyprus utilising the potential of technology, which also sets the bar high for the digital and green transition.

To this effect, the government has developed ‘Vision 2035’, a long-term strategy underscoring the aim to expand and diversify the productive base of Cyprus’ economy.

“The overarching aim is to support the traditional sectors of the economy, so that they become more dynamic and resilient and at the same time, to encourage the development of emerging sectors.”

Reforms are paramount to this, with a focus on the public service, justice and local government, he added.