President Nikos Christodoulides underscored the goal of establishing a stable and healthy fiscal environment in Cyprus during a roundtable discussion with the Cypriot business community on Thursday evening at the Presidential Palace in Nicosia.

This event marked the inauguration of a formal dialogue between the government and local business leaders, aimed at strengthening the country’s economic competitiveness and addressing various challenges faced by the business sector.

“We are all here, the Cabinet along with Keve, Oev, the Association of Cyprus Banks, and Povek, fulfilling a promise I made to institutionalise a dialogue between us, the government as a whole, and you,” the president said during his opening remarks.

Moreover, he said that the government sees the business community as its closest partners. “The business community in our country has always been a protagonist in the development of the economy and the realisation of Vision 2035, which seeks to make our country one of the best places in the world to live, work, and operate a business,” he said.

The president also stressed the importance of maintaining a consistent economic vision, regardless of government changes.

“The vision must be implemented consistently; changing our economic vision with every government change is a sign of unseriousness,” he said.

Roundtable discussion at the Presidential Palace

Additionally, he addressed the various challenges faced by the business community, including geopolitical instability, the situation in Ukraine, regional developments, energy costs, and connectivity issues.

“The challenges, in the end, are common,” he stated.

Highlighting the importance of this dialogue, President Christodoulides said that “today, I want to hear from you and discuss concrete actions.”

He expressed his commitment to implementing the outcomes of the meeting, both from the government’s side and the business community’s side.

“A thriving economy allows us to maintain the targeted social policies we are obligated to provide for our citizens,” Christodoulides said.

The roundtable discussion included the participation of eleven government ministers and deputy ministers, along with fifty business leaders from the Cyprus Chamber of Commerce and Industry (Keve), the Employers and Industrialists Federation (Oev), the Union of Small and Medium Sized Enterprises (Povek), and the Association of Cyprus Banks.

The president also highlighted the need for public-private cooperation. “The government alone cannot achieve optimal results; hence, collaboration between the public and private sectors is essential,” he said.

The roundtable discussion covered various issues including human resources, energy costs, Cyprus’ connectivity, tax reforms, and boosting economic outwardness. Specific measures and reforms to address these challenges were also discussed.

President Christodoulides also emphasised that the government recognises the significance of these challenges and is committed to working with the business community to overcome them.

“The economy of the country, when it is doing well, allows us to have the targeted social policies we are obligated to provide to our citizens,” he said.

He also acknowledged the critical role of the business community in this endeavour, stating “we know very well that we cannot achieve the results we want without your cooperation”.

What is more, Christodoulides reiterated the goals shared among the government and the local business community.

“Our common goals can be summarised by a stable and healthy fiscal environment in our country, and to provide you with the necessary tools to face global market challenges, enhance competitiveness, and move our economy forward.”

The meeting concluded with a commitment to regular future sessions to continue this collaboration.