The government is working to transform any challenges that arise into prospects and new opportunities for the country, President Nikos Christodoulides has said.
He was addressing the Annual General Meeting of the Association of Large Investment Projects, that took place in Nicosia on the evening of Thursday, 20 November.
Noting that the international context is characterised by instability, uncertainty and tensions, he said that it is very important that Cyprus has managed to establish itself as an attractive, reliable and stable investment destination, with a modern regulatory framework, a friendly business environment and a prudent and responsible fiscal policy.
He said that the country currently possesses all those internationally recognised comparative advantages, which also strengthen its position in the region, establishing Cyprus as a pillar of stability and a country “with a real, substantive prospect of becoming a hub of entrepreneurship, innovation and development.”
Referring to fiscal data, he said that the growth rate remains, despite the challenges, among the highest in the EU, with a public debt that is expected to be below 56% of GDP by the end of the year, full employment conditions for the first time since 2008, a low record unemployment rate of 4.3% for the first half of 2025.
“Our economy is protected through a productive base that is constantly expanding and with quality jobs increasing,” he pointed out.
He referred to the upgrading of Cyprus by all international rating agencies saying that the country is now in category A for the first time since 2011.
This, he said, “demonstrates the restoration of international confidence in our economy."
The President noted that reforms are the core of the government’s strategy for a changing Cyprus.
“Our goal is to change the state of 1960 and improve the everyday life of citizens, through bold reforms, such as the tax reform, the modernisation of the Audit Office and Law Office, the pension reform in 2026, with the aim of having adequate pensions, the evaluation of teachers,” he said.
The country’s digital transformation is also particularly important, he continued, adding that it is changing and completely modernising the way both citizens and businesses deal with the public sector.
In recent years, he said, the state has been promoting a series of targeted infrastructure projects and reforms, with the ultimate goal of further strengthening the competitiveness and resilience of the Cyprus economy and business environment.
President Christodoulides noted that in order to achieve "these ambitious goals, we need close cooperation with the private sector and the creation of synergies that capitalise on opportunities and respond effectively to any challenges we face.”
In this context, he concluded, the government recognises the large-scale development sector as one of the key pillars of economic activity in the country.
(Source: CNA)
