Kreab to show the way for Cyprus’ rebranding and economic diplomacy

The need to improve the name and image, and by extension the reputation of Cyprus abroad, in recent years and for various reasons have indeed suffered a major blow, has been repeatedly emphasised and delineated from time to time as a priority of the Government by the President of the Republic, Nikos Christodoulides.

Indicating in various positions and interventions how this is a vital issue in our country's effort to attract foreign investment, and especially investments that will bring significant added value to the economy, President Christodoulides, as well as the Government as a whole, has set the rebranding of Cyprus high on the agenda, with the fact - among other things - that a special fund for the purpose has been included in the 2024 state budget, indicative of the importance attached to the whole project.

Through a series of specific actions that are already being implemented, this targeting is also being served by a study which, in the current phase, and following a relevant assignment made last July by the relevant Directorate of the Ministry of Foreign Affairs after a tender-calling process, is being implemented by the international house Kreab.

With headquarters in Sweden, Kreab is a global strategic communication, reputation management and public relations consultancy, specialising in global campaign execution.

Its clientele includes companies, individuals, governments and organisations, who use the company's international network of 400 consultants for integrated solutions and the achievement of their business goals.

This is a study, the conclusions of which will largely provide a clear direction in relation to the communication campaign that Cyprus must follow in the context of the attempted rebranding. At the same time that it should be noted that its action also falls under the general plan and design of the Ministry of Foreign Affairs for a substantial reorganisation and quality upgrade of its Directorates, through the acquisition of the required expertise on the part of its diplomats.

The study, which as a project falls under the responsibility of the Economic Climate and Cultural Diplomacy Directorate, which operates under the Directorate of Multilateral Security Relations and Global Agenda of the Ministry of Foreign Affairs, essentially aims to create and set a new framework for economic diplomacy, which help Cyprus face the challenges.

That is, facilitating the internationalisation of Cypriot businesses and their participation in global value chains, attracting productive and transformative Foreign Direct Investments (FDI) with positive effects on the economy, but also being precisely a tool for further strengthening the image of Cyprus.

It is worth noting that, after all, the attraction of FDI is among the main objectives of the Strategic Economic Diplomacy 21-23, "Building bridges for development and prosperity," which the Ministry of Foreign Affairs prepared about two years ago.

As regards the ongoing study by Kreab, it revolves around four main axes, which, as InBusinessNews is informed, include, in order the study of the perception of the existing situation in relation to the image of Cyprus, the drawing up of a plan management, the drawing up of a training plan for the diplomats and finally the formation of the communication campaign.

It is specifically built on the following four main pillars:

1. Perception study
2. Management plan
3. Training plan
4. Communication campaign

The study, as was competently told to InBusinessNews, essentially consists of an integrated action plan that covers the whole spectrum of prerequisites for the formation of a substantial and efficient campaign for the rebranding of Cyprus, and which upon its completion - as mentioned above - will come at the same time to place economic diplomacy on the part of the Ministry of Foreign Affairs on a new basis with the required expertise as a key component.

It is noted that Kreab, with which the contract to carry out the study on behalf of the Ministry of Foreign Affairs has been signed, already cooperates with the Central Bank and the Association of Cyprus Banks on issues related to the reputation of our country's financial system abroad.

(Source: InBusinessNews)