Major announcements on new investments by US giants are expected in the immediate future, President of the Republic Nikos Christodoulides said. In addition to New York, he will visit Ohio, Boston and Florida for meetings with companies interested in investing in Cyprus.
Speaking at a meeting with officials and members of the Federation of Cypriot American Organisations in New York on the evening of September 20, the President highlighted the significant increase in US investment in Cyprus.
He also expressed his satisfaction that, for the first time since 2011, the Cypriot economy had returned to the A rating category, following its upgrade by Standard & Poor’s on Friday evening.
“During a period marked by two wars, the Cypriot economy is growing. We inherited public debt of approximately 80% of GDP; today, it stands at 48% of GDP and is on a downward trajectory. We will reduce public debt further, and we have fiscal surpluses. As far as unemployment is concerned, we have been experiencing conditions of full employment since 2008, with unemployment at approximately 3.6–3.7%, and we are continuing,” Mr Christodoulides stressed.
Brain gain initiative delivering results
“I am pleased because a major effort we undertook, with your contribution, has delivered results, leading to a significant increase in US investment in Cyprus. You will recall that I visited three states last year. We have seen results, particularly in the technology sector.
“I will return to the United States at the end of November to participate in a Financial Times conference on Cyprus here in New York,” he said, among other remarks, noting that a campaign would be held in New York for the first time to bring Cypriot talent back to Cyprus.
“Our brain gain campaign is delivering results. In the past, people left Cyprus to come and work in the United States. Today, we want to bring people back to Cyprus,” he said.
In addition to New York, the President will visit Ohio, Boston and Florida for meetings with companies interested in investing in Cyprus.
“In the immediate future, we will also have some very significant announcements regarding new investments by US giants,” he said.
The President also stressed that the Cypriot economy was performing well.
“We are strengthening the country’s deterrent capabilities. Last Wednesday, the Cabinet approved the 2027 budget, with the largest and most significant increase allocated to defence.
“The fact that the economy is performing well allows us to invest more in the country’s defence, education and healthcare. We have increased social expenditure, while at the same time addressing challenges.
“I remember that when I took office in 2023, migration was Cyprus’s biggest problem. Today, we are a model country in terms of migration management, with arrivals down by more than 90% and returns from the country up by more than 85%,” Mr Christodoulides underlined.
