House president and ministers attend CIBA’s general assembly

Former Shipping Deputy Minister Vasilis Demetriades has been elected president of the Cyprus International Business Association (CIBA), during its general assembly held in Limassol this week. 

According to a statement from the association, the event was attended by House president Annita Demetriou and the Minister of Energy, George Papanastasiou, representing the President, Nikos Christodoulides. 

In his address, Demetriades laid out his vision for the future of CIBA, placing emphasis on stronger engagement from members and more active involvement in shaping EU policy.  

He also pointed to the importance of closer cooperation between the public and private sectors, along with a more strategic effort to promote Cyprus as a top international business hub. 

At the same time, he emphasised the international business community’s vital role in supporting the island’s economy and called for more forward-looking and effective policymaking from the government.  

“Our voice will remain strong, our positions always based on principles, with strong legal documentation, focused on what really matters, that Cyprus remains attractive and competitive for the international business community,” he said. 

Demetriades also spoke of promoting innovation, equality and sustainability, attracting new members, and closing the gap between education and the labour market. 

Outgoing president Doxia Nikia Hadjivassiliou, now serving as Ex-Officio President, reflected on the association’s impact during her term, noting its crucial role in shaping policy at both the national and European levels.  

In her speech, she called on the government to pay particular attention to three key developments that could affect Cyprus’ competitiveness — the foreign direct investments (FDI), the implementation of the OECD’s Pillar Two global minimum tax, and the proposed national tax reform. 

“These are three developments to which CIBA contributes substantially with constructive proposals aimed at maintaining and strengthening the competitiveness of Cyprus as an international business centre,” she said. 

Demetriou congratulated Demetriades on taking over the presidency of CIBA and thanked Hadjivassiliou for her contribution.  

Responding to concerns raised over provisions in the upcoming tax reform, she said these would be conveyed to the government. 

“We must keep our economic stability away from policies and issues that are not related to the benefit of the entire country,” Demetriou said.  

She added that “In these difficult times of increased uncertainty, geopolitical tensions, digital transformation, climate change and an extended tariff war, strengthening adaptability, competitiveness and resilience is even more essential.” 

She called for a stable and competitive regulatory framework, with accelerated reskilling to meet labour market demands.  

“Protectionism and tariffs can never be the right solution to address the economic slowdown,” she added, “as the cost is ultimately passed on to businesses and consumers.”  

She also noted that Parliaments have a role to play in reducing bureaucracy and streamlining procedures.  

“For me personally, this is the main obstacle facing businesses,” she said, while assuring that the House of representatives “remains committed to enacting sound legislation that will facilitate entrepreneurship, strengthen investor confidence and support sustainable economic growth.” 

Papanastasiou said Cyprus aims to remain a leading destination for international business and foreign investment.  

“In today’s dynamic global economy, it is very important for our country to remain competitive, resilient and innovative,” he said, adding that reforms are already underway to create a high-quality, investment-friendly environment. 

He referred to the country’s double credit rating upgrade in 2023, the profitability of Cypriot banks, and the success of the Investment and Talent Attraction Strategy launched in 2022. 

 Since then, over 2,640 companies have registered with the Business Facilitation Unit. According to the minister, efforts are also focused on rebranding Cyprus and emphasising improvements in compliance, transparency and governance.  

“Our strategy for attracting investment and talent is constantly evolving,” he said, “ensuring that Cyprus meets the needs of both current and future investors.” 

He also pointed to key priorities including the green and digital transition, access to finance and sustainable energy.  

Cyprus, he concluded, will continue strengthening trade ties both within and beyond the EU, with a focus on the Middle East, Africa and Asia. 

The new board brings together senior representatives from major international companies operating in Cyprus.  

Alongside Demetriades and Hadjivassiliou, it includes Xanthos Kyriakou of Columbia Shipmanagement and Kirill Korneychuk of Exante as vice presidents.  

Other board members are Pavlos Varnava (Bernhard Schulte Shipmanagement), Andreas Pisias (Geevo), Marios Fotiou (Avanti), Dimitris Aletraris (EMMA Capital), Mikaella Pillakouri (Enalian Consulting), and Marios Souroullas (Kendris).  

Valentinos Stelios of Mintra will continue as general manager, with Margarita Alexandrou serving as assistant general manager.