Invest Cyprus to spearhead campaign to bolster country’s reputation

President Nikos Christodoulides this week expressed confidence in Cyprus’ ability to successfully the current global climate, dominated by uncertainty and instability, despite numerous regional and geopolitical developments.

He also stated that Cyprus aims to become one of the best places in the world to live, work, and conduct business, as outlined in the national strategy titled ‘Vision 2035’, while he also underlined the importance of bolstering the country’s reputation on the international stage.

Speaking at the 16th In Business Awards on Thursday evening, the president highlighted the importance of growing the country’s productive base through the creation of a new development model that ensures a more resilient, sustainable, and competitive economy.

He stressed that this model would leverage education, technology, digitisation, and green economy initiatives, all of which are high priorities for the government.

Moreover, Christodoulides pointed out that fiscal responsibility, a stable and robust financial environment, and continuous bold reforms are essential prerequisites for achieving ambitious goals.

In addition, he said that “these principles have guided the government’s decisions since the beginning of its tenure and will continue to do so”.

Furthermore, the president explained that Cypriot businesses are at the heart of the government’s efforts to achieve its goals.

He announced that following successful targeted meetings with foreign investors resulting in improved incentives to attract further quality investments to Cyprus, the government is initiating a structured dialogue with Cypriot entrepreneurs, including the Cyprus Chamber of Commerce, and the Cyprus Employers and Industrialists Federation, among others.

The aim, he said, is to capitalise on their extensive experience and expertise, presenting them with the sectors in which the state plans to invest. This collaborative effort will work towards specific goals and objectives.

The first meeting is scheduled for late May at the Presidential Palace, with the entire Council of Ministers in attendance.

He then highlighted that the government has embarked on an effort for the tax transformation of the country, aiming to enhance the competitiveness of the economy, ensuring fiscal neutrality and full alignment with the goals of the European Green Deal.

“Through the same rationale, the support we provide to our businesses through various schemes, incentives, and grants, utilising national and European resources, is significant,” the president said.

He added that the energy sector is particularly important, describing it as “perhaps the most significant challenge we face as a state, as a society, as an economy”.

At the same time, Christodoulides emphasised that the government is taking actions aimed at restoring Cyprus’ reputation and credibility on the international stage.

“We must acknowledge that there is an issue in this specific area,” he said, adding that last week, during a meeting with potential investors in London, the first topic that emerged from the discussions was the name, reputation, and credibility of Cyprus abroad.

He mentioned that the government acknowledges this problem and through strengthening the country’s diplomatic ties, it promotes Cyprus’ image as a reliable business environment, contributing to the international recognition of Cypriot businesses.

Additionally, he announced that within this framework, in the coming weeks, following a decision by the government, Invest Cyprus will launch a major campaign for the rebranding of the country.

“This is an action in which the government wants the business community to be a partner”, he stated.