President optimistic that entrepreneurs can lead to new Cyprus - Kazakhstan ties (pics)

President Nikos Christodoulides expressed optimism that entrepreneurs, investors and innovators can lead to new partnerships and long-term cooperation between Cyprus and Kazakhstan.

Addressing the Cyprus-Kazakhstan Business Forum in Astana on Wednesday, 3 June, the President noted that the strengthening relations between countries is not only about political dialogue, but also about strengthening economic ties, about building closer links between our business communities and creating new partnerships, new investments, new opportunities.

 

 

"Cyprus views Kazakhstan as a strategically important partner in Central Asia. A country of growing regional and international significance. A country playing an increasingly important role in strengthening connectivity between Europe and Asia and in advancing new trade and investment corridors across Eurasia", he said.

President Christodoulides noted that Cyprus recorded a growth rate of 3% during the first quarter of 2026, the highest in the European Union, adding that according to the European Commission’s Spring Forecast, Cyprus is also expected to remain among the fastest-growing economies in the EU in 2026, while unemployment is projected to decline to historic lows.

 

  

 

He spoke about the sound public finances, sustained fiscal surpluses and a steadily declining public debt trajectory, with public debt standing at approximately 52.2% of GDP in 2025. The President also noted that Cyprus is now rated within the “A” category by all major international credit-rating agencies.

In his remarks he said that Cyprus offers a highly competitive and business-friendly environment, including a 15% corporate tax rate - among the lowest in the European Union - as well as an extensive double-taxation treaty network covering more than 65 countries, including Kazakhstan.

"Cyprus today serves as a reliable business and investment hub within the European Union, offering international companies a stable and efficient base for operations across Europe, the Eastern Mediterranean and the greater Middle East. A bridge between Europe and wider Asia, including India, the Gulf region and Central Asia", he said.

The President also noted that Cyprus hosts one of the leading ship-management centers in the world and one of the most important maritime clusters within the European Union.

He said that the Trans-Caspian International Transport Route, the so-called Middle Corridor, is acquiring growing strategic importance and Kazakhstan is emerging as a central pillar of this new connectivity architecture between Asia and Europe, while Cyprus, at the crossroads of Europe, the Eastern Mediterranean and the wider Middle East, can serve as a complementary gateway into the European Union and the broader region.

 

 

The President noted that the government sees significant opportunities for closer Cyprus–Kazakhstan cooperation in areas such as, shipping and maritime services, transport and logistics, fintech and digital technologies, artificial intelligence and innovation, energy, including renewable energy, pharmaceuticals and healthcare as well as agriculture and food security.

"Cyprus can serve as an effective entry point for Kazakh companies seeking access to the European market, while also acting as a reliable partner for regional operations and investment structuring. At the same time, we welcome greater Kazakh investment interest in Cyprus and in the wider Eastern Mediterranean and greater Middle East region," he said.

Meanwhile, in a post on X, Christodoulides said, "When we started planning this historic visit to Kazakhstan - the first-ever visit of a President of the Republic of Cyprus – an inseparable part of this was for a Cyprus – Kazakhstan Business Forum to take place in parallel.   This is because strengthening relations between countries is not only about political dialogue.   It is also about strengthening economic ties.   It is about building closer links between our business communities.   It is about creating new partnerships, new investments, new opportunities."

 

 

Cyprus is a reliable partner, Kazakhstan's Prime Minister says

The Prime Minister of Kazakhstan Olzhas Bektenov said that the forum has reaffirmed the mutual interest in deepening economic cooperation between the two countries.

He described Cyprus as a reliable and forward-looking partner in the Mediterranean region, pointing out that Kazakhstan, under the leadership of President Tokayev, continues to pursue comprehensive political reforms to diversify its economy, foster innovation, and promote a knowledge-based development model.

The Premier said that investment policy and capital attraction serve as cornerstones for maintaining sustainable economic growth, modernising infrastructure, driving technological renewal, and enhancing productivity.

"The government is building a comprehensive architecture for engagement with investors, from strengthening the external track for attracting foreign capital to improving domestic project support. Guided by the constitutional principles of law and order, we attach particular importance to further improving the country's business climate and protecting investors' rights," he noted.

In his closing remarks the Prime Minister pointed out that last year, Kazakhstan's GDP grew by 6.5%, significantly exceeding the global average of around 3%,  FDI increased by 14.4%, reaching $20.5 billion.

He added that his country is attracting an increasing number of international partners, including from Cyprus.

"FDI from Cyprus into Kazakhstan since 2005 exceeded $5.4 billion. Notably, almost half of this amount was invested over the past five years," he pointed out.

 

 

Bektenov went on to say that they see significant potential to further increase bilateral trade and expand the range of goods supplied.

He referred to his country's strategic location at the heart of Eurasia, pointing out that it is emerging as a key regional trade and logistics hub.

"Our country accounts for more than 80% of all overland cargo traffic between China and Europe. In this context, Cyprus could play an important role as a logistics and distribution hub in the eastern Mediterranean. The launch of the Astana-Larnaka and Almaty-Larnaka direct flights creates new opportunities for passenger traffic and for more efficient cargo logistics, including the transportation of higher-value added and time-sensitive goods", he said.

The Premier noted also that in the face of climate change and global supply chain disruptions, agriculture plays a critical role in ensuring sustainable development and food security, adding that Kazakhstan is among the world's top 10 producers of grain, exporting to over 70 countries.

He added that Cyprus is globally recognised for the high quality and wide range of its agricultural produce, including olives, citrus, cheese, wine, vegetables and herbs.

"Given the geographic distance between our countries, digital technologies and innovation can become powerful drivers of bilateral cooperation", he said.

 

 

In his remarks, the Premier also referred to Kazakhstan's efforts in digital transformation, e-government system, pointing out that they have set a clear goal of transforming Kazakhstan into a fully digital and AI-driven state.

"To achieve this objective, we established the Ministry of Artificial Intelligence and Digital Development, launched 2 powerful supercomputers, and created the International Artificial Intelligence Center, ALIMPI. Astana Hub has become one of the largest technology parks in the Eurasian region, supporting startups, innovation, and advanced research. We stand ready to cooperate with Cyprus in the areas of IT, FinTech, GovTech, startup ecosystems, venture financing, and digital public services", he said.

The Prime Minister concluded by pointing out that, by leveraging our respective strengths and exploring new avenues of cooperation, we can create a mutually beneficial partnership.

(Sources: CNA, X)