Over 550 Cypriots working in London show interest in government's Brain Gain initiative

So far, more than 550 Cypriots working in London have registered to participate in the government's Brain Gain campaign to attract Cypriots to return to the country.

Addressing the Cyprus Employers & Industrialists Federation's (OEB) AGM in Nicosia, President Nikos Christodoulides announced that a Business Service Centre will be inaugurated on 26 May, following the Brain Gain campaign's launch on 25 May in London.

Referring to the Business Service Centre, he said this was an important step in the effort to have less bureaucracy and better services, focusing on the needs of businesses and investors.

President Christodoulides noted that there can be no resilient economy without strong businesses and there is no sustainable development in any country without strong private initiative.

Moreover, he referred to the Cyprus Presidency of the Council of the EU in the first half of next year, saying that this is a unique opportunity to further highlight our role as an active member of the EU, "a truly reliable partner".

At the national level, he continued, the government continues with fiscal responsibility, a strong financial system and continuous and bold reforms.

In 2024, he said, we achieved a growth rate of 3.4%, one of the highest in the Eurozone, while the forecast for 2025 is around 3%.

"Unemployment fell below 5%, with youth unemployment showing the largest decrease among EU countries and employment reaching 80%", he noted.

President Christodoulides said that the primary surplus for 2024 exceeded 4% while public debt has been significantly reduced "with a target, which is achievable, of being below 60% of GDP by 2026".

Furthermore, he referred to the upgrades saying that " a vote of confidence in our responsible fiscal policy, are also the continuous upgrades of Cyprus' credit rating by rating agencies, which now classify us in the investment grade "A", while the IMF points out that Cyprus has an economy that is flexible, resilient and with significant potential for further growth".

"The upward trajectory of the economy and the continuous upgrades translate into specific results, tangible advantages for businesses, for households and for the entire Cypriot people", he noted.

The President of the Republic said that following his trip to the US, an Amazon delegation came to Cyprus in April and one from Plug and Play in the beginning of May and added that more companies will visit, such as Microsoft, Google, etc.

“They are coming very specifically to open research and innovation centers in our country, to employ our compatriots, and all of this is a result of responsible economic policy”, he pointed out.

President Christodoulides said that a strong, good economy enables the state to pursue targeted social policy and invest in sectors such as Health, Education, Welfare State, Digital Transformation and, more generally, policies for the benefit of all the Cypriot people.

“Our goal, and what matters, is to build a sustainable, resilient and competitive economic model. A model that incorporates innovation, knowledge, but also environmental responsibility and social cohesion”, he concluded.

(Source: CNA)