At a time when the Cypriot economy is shaping its new identity through innovation, extroversion and sustainable development, the role of banking leadership is becoming even more important. The challenges of the era, from digital transformation to the transition to a green financial system, require vision, stability and a strategic approach.
Within this context, the CEO of Bank of Cyprus, Panicos Nicolaou, made the closing remarks at the 9th Business Leaders Summit, which took place at the Hilton Nicosia, bringing the elite of the Cypriot business and financial community together.
Nicolaou emphasised Cyprus's upgraded role in the region. At a time when the economy is at a strong point, the country has the opportunity to examine its own internal affairs, strengthen its flexibility and capitalise on emerging opportunities. "We have shown that, as a people, we overcome crises, we stand on our feet and we prosper. We have enviable reflexes to new data and we seize opportunities," he noted, explaining the dynamics of the recovery.
Nicolaou also referred to the importance of Cyprus' presence at international meetings and the President's message of preparedness, as proof of the country's ability to respond quickly to economic data. He underlined two fundamental elements that Cyprus protects: stability and predictability, underlining the importance of the state's strategy.
He made particular reference to the toxicity in the public sector, which he said undermines trust and makes understanding difficult. He stressed the need for full transparency, but also the careful use of social networks, noting that Cypriots are much more dependent on them than the rest of Europe.
Nicolaou commented on the delay in implementing solutions by the public sector, which stems from a phobia about taking responsibility and hesitation, with an impact on the competitiveness and digitalisation of the state.
Nevertheless, he noted optimistic messages, such as the agreement in the Middle East.
Referring to the tax framework, he stressed that "now is the time to shield it", not only to avoid delays, but also to strengthen competitiveness, along with the full digitalisation of the state for the benefit of citizens and businesses. The judicial framework also needs to be reshaped with the right digitalisation moves, as investors are carefully evaluating it, he warned.
Nicolaou concluded that this is the time to examine our own affairs. The calm of the times provides the opportunity for critical decisions, while credibility and the ability to make choices must be used now, before solutions are imposed by external factors, he concluded.
The Business Leaders Summit was presented by the Bank of Cyprus.
(Source: InBusinessNews)
