Ensuring macroeconomic stability and the rational management of resources and public financial obligations is a fundamental objective of the government, said President Nikos Christodoulides on Wednesday evening.

Speaking at the 63rd annual general assembly of the Institute of Certified Public Accountants of Cyprus (ICPAC) at the Nicosia Municipal Theatre, the president emphasised that these measures aim to enhance the competitiveness of businesses and improve the living standards of every citizen in the Republic of Cyprus.

Christodoulides stated that economic indicators “demonstrate beyond any doubt that our economy is on the right track, and we will continue this responsible policy without populism or wishful thinking, while never resting on our laurels”.

“We take into account the fluid geopolitical environment and the need for a strong economy that allows us to develop a targeted social policy, a priority for our government,” he added.

Within this framework, the president highlighted that “fiscal responsibility, financial stability, and continuous structural reforms are the triptych that defines our economic policy and the decisions made by the Council of Ministers”.

He added that “this has secured significant successive upgrades from international rating agencies, which you surely understand the importance of, and the results of today’s issuance on international markets”.

Deputy Minister of Research, Innovation and Digital Policy Nicodemos Damianou on Thursday set a forward-looking tone at the 3rd CITEA Digital Cyprus Conference, focusing on the potential and strategic importance of both Artificial Intelligence (AI) and data in shaping Cyprus’ digital future.

In a virtual address from Athens, Damianou reflected on his participation in a concurrent ministerial discussion in Greece on AI.

“Yesterday, we signed a binding Memorandum of Cooperation with the Greek Minister of Digital Governance Dimitris Papastergiou,” he announced.

This agreement focuses on exchanging expertise in digital transformation and aims to benefit citizens through joint projects, including the development of the Gov.cy Digital Citizen application and enhancements to the Gov.gr wallet.

These initiatives will pave the way for the further integration of digital services between Cyprus and Greece, enhancing accessibility and convenience for citizens.

Damianou’s speech highlighted the transformative power of AI and big data, advocating their integration across various sectors. He echoed Nvidia’s CEO, Jensen Huang, stating, “It’s very clear that AI is going to impact every industry. Every nation must ensure that AI is a part of their national strategy.”

A study conducted by the Cyprus Employers and Industrialists Federation (Oev) has highlighted the importance of digital transformation for businesses, emerging as a key factor for their long-term success, growth and competitiveness.

However, the study, whose findings were published this week, also revealed that although there is a recognised need to improve the digital skills of the workforce, businesses are not fully capitalising on opportunities to train their staff.

Specifically, 37 per cent of businesses stated they intend to provide their staff with digital skills training only when necessary.

Meanwhile, 25 per cent of respondents indicated they offer training every six months, and 14 per cent do so once a year.

Nevertheless, the study’s results demonstrate that Cypriot businesses acknowledge the benefits digital transformation can bring.

However, the costs associated with such a transition, the time required for implementation, and rapidly changing technological advancements act as deterrents.

The Ministry of Energy, Commerce and Industry, in collaboration with the Cyprus Trade Centre London, took part in the London Tech Week exhibition by hosting an informative booth.

Held June 10 to 12, 2024 at the Olympia Exhibition Centre in London, the event is widely regarded as the UK’s premier annual technology and innovation exhibition.

An official statement emphasised the significance of London Tech Week, noting that it is the most important event of its kind in the UK.

The exhibition featured a variety of informative events and presentations, both within the main venue and at satellite locations, providing ample opportunities for engagement and learning.

The Research and Innovation Foundation (RIF) this week announced the launch of a new programme titled “Enterprises Capacity Building in New Product Development.”

According to the announcement, this initiative aims to bolster businesses with 30 or more employees, enabling them to recruit qualified personnel and innovate with new products or services.

To streamline the process, RIF has introduced a simplified procedure for the submission and rapid evaluation of proposals.

The changes to the submission procedure are expected to significantly speed up the time it takes for enterprises to kick-start their innovative projects.

Importantly, the costs associated with these projects can be recorded as research and innovation expenditures in the financial statements of participating companies.

This accounting move will allow them to benefit from valuable tax reliefs, further incentivising participation in the programme.

With a budget of €930,000, the programme aims to support 31 enterprises in boosting their competitive edge.

The Cyprus Stock Exchange (CSE) ended Thursday, June 20 with profits.

The general Cyprus Stock Market Index was at 164.96 points at 13:33 during the day, reflecting an increase of 0.05 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 100.34 points, representing a rise of 0.06 per cent.

The total value of transactions came up to €209,079, until the aforementioned time during trading.

In terms of the sub-indexes, the main and investment firm indexes rose by 0.72 per cent and 2.58 per cent respectively. The hotel and alternative indexes remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (no change), Demetra (+3.48 per cent), Hellenic Bank (no change), Logicom (no change), and Petrolina (no change).