In a recorded speech aired during the opening ceremony of the 2nd Financial Markets Forum hosted by Freedom Finance Europe, Cyprus’ Minister of Finance, Makis Keravnos, affirmed the government’s commitment to achieving fiscal stability and creating conditions that would render the country’s economy resilient to future shocks.

He emphasised the goal of maintaining Cyprus’s reputation as a reliable financial hub and an attractive destination for investments.

Keravnos stated that the government remains dedicated to fiscal stability and establishing an environment that would make Cyprus resilient to future economic challenges, all while focusing on the future without neglecting present challenges.

“We aim to establish ourselves as a regional hub for information and communication technology companies and as a gateway for international enterprises seeking to enter the EU market,” he noted, adding that, “thanks to well-coordinated initiatives, Cyprus has made significant progress in the field of innovation, positioning itself as a pioneer among EU member states.”

Efforts to strengthen Cyprus’s financial sector, he continued, are also a priority and align with the government’s main objective of maintaining Cyprus’s status as a credible financial hub and an attractive investment destination.

Makis Keravnos indicated that “the government actively supports a robust regulatory framework, aligning with global standards, primarily focusing on combating money laundering from illegal activities and terrorist financing.”

Furthermore, he added that Cyprus collaborates with international entities to stay informed about regulatory developments, ensuring transparency and a close relationship with the financial sector, while adapting to emerging challenges.

“In addition to our commitment to these international standards, Cyprus, as a member of the UN and the EU, is obligated to enforce and implement restrictive measures approved by the European Council through relevant decisions and regulations, as well as international sanctions through decisions adopted by the UN Security Council,” he concluded.

Highlighting that “the future ahead of us, both regionally and internationally, is undoubtedly complex and demanding,” the Minister of Finance stressed that “supporting simplistic approaches and policies is no longer sufficient for navigating successfully in the ever-evolving landscape of global markets and economies. Therefore, we must focus on flexibility and a robust supervision system.”

Cyprus experienced a slight increase in industrial activity in July 2023, on an annual basis, with a growth rate of 0.5 per cent, according to a report released this week by the Statistical Service.

Meanwhile, industrial activity surged beyond 8 per cent in the first seven months of the year, compared to the same period in 2022.

Specifically, in July 2023, the Industrial Turnover Index reached 206.9 units (base year 2015=100), marking a 0.5 per cent increase compared to July 2022.

For the period from January to July 2023, the index showed a significant increase of 8.5 per cent when compared to the corresponding period of the previous year.

In the manufacturing sector, the index reached 196.6 units in July 2023, reflecting an 8.4 per cent increase compared to July 2022.

Growth was also observed in the mining and quarrying sector, with a remarkable increase of 19.5 per cent, as well as in the water supply and material recovery sector, which saw a rise of 7.5 per cent.

However, a notable decrease of 21.6 per cent was recorded in the electricity supply sector during the same period.

The data suggests that while Cyprus experienced a moderate upturn in industrial activity in July, the year-to-date figures reveal a robust growth trend.

The Cyprus Stock Exchange (CSE) ended Friday, October 6 with minor profits.

The general Cyprus Stock Market Index was at 129.42 points at 12:19 during the day, reflecting an increase of 0.08 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 78.48 points, representing a rise of 0.08 per cent.

The total value of transactions came up to €377,673.

In terms of the sub-indexes, the main and investment firm indexes remained unchanged, while the alternative and hotel indexes rose by 0.26 per cent and 1.17 per cent respectively.

The biggest investment interest was attracted by the Bank of Cyprus (no change), Hellenic Bank (no change), Salamis Tours (no change), Demetra (no change), and Vassiliko Cement Works Public Company (no change).