‘Cyprus needs to commit to economic reform’

Cyprus needs to commit to comprehensive economic reform to enhance its competitiveness and facilitate the green and digital transition, President Nikos Christodoulides said on Tuesday.

“We are committed to economic reform, enhancing our competitiveness and achieving sustainable growth,” he said.

He was speaking at the Economist’s 19th Annual Cyprus Summit focused on a range of economic and regional topics.

The commitment Christodoulides referred to “includes modernising the tax system and improving access to financing for small and medium-sized enterprises.”

He also proposed the establishment of a business development organisation to facilitate economic reforms and emphasised the need to improve the efficiency of public administration.

“We aim to create a modern state capable of efficiently addressing long-standing issues,” the president said.

Transparency, justice and anti-corruption efforts also featured prominently in his speech.

“We are working to expedite the judicial process, promote mediation, and ensure transparency in political, social and business life,” he added naming the establishment of the anti-corruption authority and the ongoing judicial reform as examples of this.

Christodoulides also added that Cyprus has ambitious goals for the green and digital transition, underlining the importance of renewable energy, circular economy advancement and green taxation reform.

“Our commitment is to ensure that citizens remain at the centre of policies, promoting employment, upgrading the labour market, and enhancing social protection measures.”

The Cyprus problem was another significant focus of Christodoulides’ speech.

He emphasised the government’s priority to reunify the island according to UN Security Council resolutions, European law and principles.

Christodoulides highlighted the importance of EU involvement in the peace process, saying the EU can play a vital role in facilitating a resolution.

“It all starts with the appointment of a UN envoy, and we hope for a positive response from the Turkish side.”

Turning to regional cooperation and migration, the president acknowledged the substantial impact of the ongoing migration crisis. He stressed the importance of addressing the root causes of crises and the need for deeper cooperation between the EU and regional countries to find sustainable solutions.

In conclusion, Christodoulides emphasised the importance of careful planning, strategic foresight, and collective commitment to continuous reform.

“The government’s efforts align with the goal of a prosperous, sustainable, and peaceful future for Cyprus,” he said.

At the same conference, president of the Cyprus Economic Council Takis Clerides highlighted the role that the Vision 2035 programme will play for Cyprus.

“The holistic plan for an economic reform will be a driving force for the country to become a one-stop-shop to facilitate the smooth and swift establishment of companies in Cyprus,” Clerides said.

“The goal of Vision 2035, a realistic plan, is to transition into a new modern economic model with specific objectives.”

Clerides explained that the aim of the programme is “to transform Cyprus into a global model state with effective governance, justice, and an open, transparent, and fair market for all.

“It will also focus on building a sustainable and thriving economy, increasing productivity, advancing digitalisation at an accelerated pace, supporting the primary and secondary sectors of the economy, and transitioning to a greener economy more rapidly,” Clerides said.