The Cyprus Chamber of Commerce and Industry (Keve) on Tuesday welcomed the signing of a new strategic agreement between Cyprus and France.

In its announcement, the chamber said that the agreement “upgrades bilateral cooperation and creates tangible prospects for the Cypriot economy and business ecosystem” at a time of heightened regional and economic challenges.

The agreement, signed in Paris on December 15, broadens and deepens cooperation between the two countries, placing particular emphasis on defence and security while also extending into key economic and strategic areas with direct relevance for Cyprus-based businesses.

The chamber said the deal strengthens collaboration in energy and the green transition, with a clear focus on promoting investments in clean technologies, energy efficiency and smart infrastructure “that can enhance competitiveness and reinforce energy security“.

It also underlined the agreement’s importance for digital policy and innovation.

Specifically, Keve highlighted opportunities for technology transfer, research and development synergies, cybersecurity cooperation and the digital transformation of businesses, particularly small and medium-sized enterprises and start-ups.

At the same time, the framework introduces a renewed approach to civil protection and resilience, envisaging joint actions on risk management, crisis response and natural disaster preparedness through the exchange of best practices and the use of advanced technological solutions.

“The agreement sends a clear message of stability and confidence to investors, strengthens the export potential of Cypriot enterprises and creates new opportunities for productive and commercial partnerships across a wide range of sectors,” the chamber said in its statement.

It added that the deal opens the way for “joint projects of high added value“, building on France’s strong industrial base and Cyprus’ role as a regional hub for services, energy and innovation.

The chamber also stressed that successful implementation will be crucial, pointing to the need for clear timelines and monitoring mechanisms so that the provisions of the agreement translate into concrete benefits for Cypriot businesses.

“The next steps must be implemented with a clear timetable and effective follow-up mechanisms so that the provisions of the agreement are transformed into tangible opportunities for Cypriot enterprises,” the statement said.

In line with its institutional role, the chamber said that it “stands ready to work closely with the relevant ministries and French business organisations to ensure the immediate and effective utilisation of the agreement’s potential”.

It explained that this cooperation will include targeted information actions, business missions and networking initiatives aimed at connecting Cypriot and French companies and facilitating partnerships.

The Cyprus-France strategic partnership, as outlined by government officials earlier this week, also builds on growing cooperation in defence procurement, maritime security and regional stability in the eastern Mediterranean.

France has emerged as one of Cyprus’ key strategic partners in recent years, with cooperation expanding alongside major French investments and an increasing presence of French companies in sectors such as energy, infrastructure, defence and technology.

Against this backdrop, the chamber’s statement reflects a belief that the agreement provides a stronger institutional framework to support bilateral trade, attract investment and help Cypriot companies integrate into larger European value chains.