Cyprus economy remains resilient amidst regional challenges, president says

President Nikos Christodoulides this week underlined the government’s commitment to building a resilient economy, with a focus on modernity, justice, transparency, and the green and digital transition at its core.

Christodoulides’ remarks were made during his address at the International Investment Funds Association (IIFA) Gala Dinner on Tuesday evening.

The 36th Annual International Investment Funds Association (IIFA) Conference kicked off in Limassol on Tuesday, welcoming delegates from major Funds and Asset Managers worldwide.

According to an official statement, President Christodoulides highlighted the fact that the IIFA is one of the world’s largest associations of its kind and plays a crucial role in the global investment fund industry.

He stressed that through the association’s contributions, it has transformed the investment landscape in Cyprus, creating a robust regulatory framework and promoting the country as an ideal investment destination.

The president also underscored the significance of hosting the International IIFA Conference for the first time in Cyprus, showcasing the crucial role the nation can play on the global stage and its potential for significant international connections and collaborations.

Even in challenging times, such as the present, Cyprus has experienced positive developments in strengthening its economic landscape.

The president also acknowledged the exceptional relationships Cyprus maintains with neighbouring countries in the Middle East and its role as a stabilising force in the region, ensuring the safe movement of citizens.

What is more, President Christodoulides noted that the Cypriot economy continues to demonstrate resilience, as well as signs of ongoing recovery, underlining the country’s recent upgrade by Moody’s to investment grade after 12 years.

It was noted that this upgrade translates into increased investment prospects and opportunities, as well as the creation of new jobs, further boosting the domestic labour market.

He explained that the centrepiece of the government’s “human-centric governance programme is to ensure a resilient economy, modern, just, participatory governance founded on transparency, and the promotion of green and digital transformation”.

“This aligns fully with the Vision 2035 programme, which seeks to transform Cyprus into one of the world’s best places to live, work, and operate in,” the statement concluded.

At the same event, Andreas Yiasemides, president of the Cyprus Investment Funds Association (CIFA), hailed the decision to hold the conference in Limassol, describing it as a vote of confidence in Cyprus’ investment ecosystem.

Moreover, he highlighted the country’s rapid emergence as one of Europe’s fastest-growing investment fund hubs, attributing this success to a harmonised regulatory framework, competitive costs ideal for SMEs, an efficient tax regime, and an extensive network of double taxation avoidance agreements.

Finally, Yiasemides expressed assurance about Cyprus’ safety as an investment destination, even amidst regional challenges, such as the volatile situation in neighbouring Israel.