Cyprus’ strong economic performance, including the registration of 2,300 new companies and the relocation of 12,000 employees, was emphasised by Finance Minister Makis Keravnos at an event in Athens, offering Greek businesses significant growth and investment opportunities.
Speaking at a Cyprus-specific business event, Keravnos acknowledged the resilience of both Cyprus and Greece’s economies amid geopolitical challenges.
“Cyprus’ economy is one of the region’s fastest-growing, with key sectors like tourism, financial services, and shipping driving this progress,” he said.
He also underlined the potential for investment in the green transition.
“Today, there is a lot of potential for investment and partnerships in the green transition effort and it can be a significant advantage for Greek companies where they admittedly have significant experience and expertise,” he explained.
Keravnos also mentioned that Cyprus’ credit rating has been reclassified in the ‘A’ category by all major international rating agencies after 13 years.
He credited the country’s stable, responsible, and balanced economic policy for this success, explaining that while Cyprus’ small size and openness could be seen as vulnerabilities, they also offer flexibility in responding to global changes.
“The Cypriot economy is currently ranked among the best in the EU in terms of economic performance, as a result of the implementation of a stable, responsible, prudent and balanced economic policy,” Keravnos said.
“These characteristics may be seen as disadvantages, but at the same time, through good economic management, they can also evolve as advantages, because they allow for flexibility in handling,” he added.
Furthermore, Keravnos outlined plans for a single supervisory authority for the financial services sector and a sanction committee, aimed at reinforcing Cyprus’ commitment to economic principles and tackling tax evasion.
“In 2025, we will implement the single supervisory authority for licensing and supervision of financial services, alongside the sanction committee in the Ministry of Finance,” he stated.
He explained that “these two institutions will reinforce the perception that Cyprus applies economic principles and sanctions effectively”.
Keravnos also stressed the importance of rebranding Cyprus as a welcoming destination for investors, with plans to foster joint ventures between Cypriot and foreign businesses.
These efforts, he said, would focus on infrastructure, new production units, and job creation, all aimed at boosting exports. He encouraged Greece’s business community to seize the opportunities Cyprus offers, including potential collaborations with local entrepreneurs.
“Economic management needs boldness, realism and a proper understanding of the challenges, initiatives and decisions,” Keravnos said.
He further mentioned that “ensuring sustainable growth and strengthening the resilience of the economy is one of the top priorities of both the Greek and Cypriot governments”.
Despite their distinct economic characteristics, Keravnos said that “Cyprus’ economy offers many opportunities worth exploring”.
“Cooperation between Cyprus and Greece can drive growth and prosperity for both nations, creating a future full of potential,” the minister concluded.
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