Cyprus is revising its current national industrial policy to align with the European approach, stated Marios Panayides, Permanent Secretary at the Ministry of Energy, during a recent EU Competitiveness Council meeting held in Brussels.

According to an official announcement, the council adopted the conclusions “on a competitive European industry as a driver of our green, digital, and resilient future”.

In his intervention, Panayides welcomed and supported the conclusions, emphasising the urgent need to establish a robust framework to enhance the competitiveness of European industry.

He informed that Cyprus is revising its current national industrial policy to align with the European approach. He also stressed that Cyprus, as an isolated island nation with a small market, faces additional obstacles and challenges.

Therefore, tailored policies and strategies are required to overcome these barriers and effectively achieve the goals for all member states.

During the council’s proceedings, the conclusions on “a Single Market for the benefit of all” were also adopted.

Panayides supported the text, stating that a fully functional Single Market must be based on common EU rules that create a clear, coherent, and harmonized legal framework.

Additionally, he mentioned that reducing administrative burdens, achieving the 25 per cent reduction target in reporting obligations for companies, and implementing the “once-only” principle and “think small first” approach should be priorities.

Furthermore, Panayides agreed with the reference in Enrico Letta’s recent report that the Single Market must be redesigned to respond to the current geopolitical landscape.

He emphasised Cyprus’ commitment to the goal of removing existing barriers and implementing the necessary reforms so that the Single Market continues to serve the needs of the EU and remains a factor of security, unity, and prosperity.

During the informal working lunch, attended by EU Competition Commissioner Margrethe Vestager, views were exchanged on the topic “towards a successful, competitive, and accelerated green transition for energy-intensive industries”.

Lastly, it is noted that Panayides represented the Republic of Cyprus at the high-level meeting regarding the Net-Zero Industry Act and the “Net-Zero Europe” platform, which aim to enhance the attraction of clean industries to the EU.