Cabinet to green light agreement with TAIPED on Larnaca port, President says

The Council of Ministers is poised to authroise the Ministry of Transport to sign an agreement with TAIPED Fund of Greece regarding the development and upgrading of the marina and port of Larnaca, the President of the Republic, Nikos Christodoulides, said in his opening remarks at the beginning of the Cabinet meeting, at the Presidential Palace.

Addressing the Cabinet members on 20 May, he spoke of developments concerning the marina and port of Larnaca.

"You will recall that an extended meeting was held with all local stakeholders in the city of Larnaca. Today, we are authorising the Ministry of Transport to proceed with the signing of a relevant agreement with the Hellenic Republic Asset Development Fund (TAIPED) regarding the optimal development and upgrading of the marina and port of Larnaca. The role of the port is crucial, and we are moving forward today with this decision as agreed with the local authorities and stakeholders in Larnaca," he noted.

EC spring forecast confirms economic resilience

In addition, the President of the Republic said that the European Commission's spring forecast published yesterday is particularly important, even more so at this juncture.

"It is very important that the forecast confirms the resilience and stability, the positive momentum of the economy, reflecting our responsible policy, which we will continue to pursue in order to be able to implement targeted social policy and invest in education and health. It is important that growth is forecast to reach 3% in 2025 and 2.5% in 2026, significantly higher than the eurozone average and also higher than strong EU Member States at a time when there is instability and uncertainty, with two wars still going on," he said.

"We need to invest even more, and it was positive to hear that exports are continuing, strengthening and increasing. We have significantly reduced inflation and have a significant budget surplus that allows us to pursue social policies. The reduction of public debt to below 60% is a historic record for our country, compared to other countries with triple-digit public debt. Unemployment is at a historic low (in percentage terms) since 2008, and we will continue with the same responsibility so that we can pursue targeted social policy" he added.

Approval of talent repatriation action plan

Also, according to the President of the Republic, the Council of Ministers was about to approve the general action plan that will be made public on Wednesday in London, "in the first campaign we are launching for the return of talent, the repatriation of talent to our country, an event organised in collaboration with the Cyprus Chamber of Commerce and Industry and Invest Cyprus."

"I would like to thank everyone involved in the effort to develop this action plan with very specific criteria, which we will announce tomorrow. Our country is now in the fortunate position of being able to repatriate talent. We need people, we need scientific personnel, and our goal through this major effort is to repatriate talent to Cyprus. I am delighted that we have exceeded 750 participants. Unfortunately, we have had to turn down more applications, which is why the entire event will be broadcast online so that as many people as possible can watch it," he added.

(Source: CNA)