President praises foreign investors for their contributions to Cyprus’ economic growth (updated)

President Nikos Christodoulides used his address at the 12th Invest Cyprus International Investment Awards held in Nicosia, to highlight the crucial role of foreign investors in Cyprus’ economic growth.

The president said that the government views them as partners in unlocking opportunities, fostering innovation, and driving sustainable growth.

“Our target is clear: a thriving and resilient economy characterised by high competitiveness, ease of doing business, and sustainability,” Christodoulides stated.

The president also outlined the government’s economic policy, which is built on three core pillars. The first pillar, he said, is maintaining a stable macroeconomic environment through responsible fiscal policy.

“At times of growth, the implementation of a responsible fiscal policy allows us the flexibility to take corrective measures when external shocks impact the economy,” he explained.

H added that the planning for next year’s budget has already begun, with extensive discussions planned to ensure it reflects the government’s priorities effectively.

The second pillar focuses on enhancing the financial sector’s stability. An important step in this direction, he continued, was the bolstering of the foreclosure framework in December 2023, enabling banks to reduce non-performing loans and attract new capital.

“Through a prudent fiscal approach and supported by a robust financial system, we foster a resilient and dynamic macroeconomic environment that can support microeconomic activity,” he said.

The third pillar involves continuous structural reforms aligned with the long-term strategy ‘Vision 2035‘.

This strategy focuses on the green and digital transition of the country, enhancing economic competitiveness through key reforms and policies.

President Christodoulides also highlighted several initiatives, including the revision of the tax system to reduce administrative burdens and ensure fairer taxation, the adoption of a new spatial policy for renewable energy sources, and the launch of the strategic projects law to streamline licensing.

“Our coordinated continuous efforts have significantly bolstered the performance of the Cypriot economy,” he said, pointing to recent upgrades from major international rating agencies and the successful issuance of a €1 billion seven-year bond, which achieved a favourable interest rate reflecting strong investor confidence in Cyprus’ economic trajectory.

Moreover, the president stressed the importance of maintaining direct communication with foreign investors, citing two flagship events organised by the presidency in collaboration with Invest Cyprus over the past year. These events led to the revision of the strategy for attracting business and talent.

“This proactive engagement allows us to tailor and put forward policies that are not only impactful but also aligned with market needs and realities,” he said.

Reflecting on the comprehensive approach to boosting Cyprus’ competitiveness, Christodoulides underscored the importance of a robust foreign policy.

He highlighted the government’s efforts, such as the Amalthea Cyprus maritime corridor initiative in collaboration with international partners, which showcases Cyprus’ role as a strategic pillar of security and stability in the Eastern Mediterranean.

Additionally, the president mentioned deepening partnerships with countries like the USA and the UK and exploring investment opportunities with Gulf countries and the Indian market.

“Only last month, in Washington DC, Foreign Minister Kombos and the US State Secretary established a strategic dialogue with the USA, a milestone step in our foreign policy,” he said.

To increase awareness of Cyprus’ potential as a business and investment destination, the presidency, in collaboration with Invest Cyprus, has launched an international branding campaign.

“We invite you to join us as key partners, leveraging your firsthand experience of what Cyprus has to offer,” he said, encouraging investors to become ambassadors for this campaign.

Furthermore, Christodoulides expressed his gratitude to foreign investors for their “unwavering trust” in Cyprus and their contributions to the country’s economic resilience and growth.

“Together, we can ensure that Cyprus not only continues to thrive domestically but also stands as a beacon of stability, innovation, and leadership on the global stage,” he concluded.

PwC Cyprus: ‘Foreign Investments are crucial for the development of the Cypriot economy‘

Meanwhile, consulting and advisory firm PwC Cyprus again presented the 12th Invest Cyprus International Investment Awards.

The company said that “this prestigious event has established itself as the foremost platform for highlighting foreign investments in Cyprus, recognising international companies and investors who significantly contribute to the development of the Cypriot economy”.

On behalf of PwC Cyprus, the organisation’s Chief Executive Officer Philippos Soseilos, together with the Minister of Interior, Constantinos Ioannou, presented awards to MHV/Invel Real Estate, and their founder, Christophoros Papachristoforou.

Welcoming the event, Soseilos remarked on the strength of the economy of Cyprus and outlined his further thoughts on this under a number of pillars.

These, he said, include “potential, reorientation, reinvention, a sustainable approach and the perception gap, meaning bridging the gap that exists between the real image and the misconceptions that prevail in relation to the local business environment”.

Regarding the pillar of the sustainable approach, he underlined that “we need a systemic approach in all areas, and we must turn into a Cyprus national team in order to attract even more investors”.

Invest Cyprus remains “committed to continuing our efforts to attract investments”

In a statement on Thursday, Invest Cyprus said that the International Investment Awards “aim to recognise the achievements of businesses that have excelled in the fields of investment and entrepreneurship in Cyprus”.

Awards were presented to seven companies distinguished for their outstanding contribution to the local economy and society.

These companies include Oracle Cyprus, Criteo, MHV / Invel Real Estate, Monjasa, HELLENiQ ENERGY, Boutique Beverages Bottling International Ltd, and the American University of Beirut – Mediterraneo.

“These companies have demonstrated innovation, promoted the green transition, and supported digital transformation, enhancing the competitiveness and resilience of the Cypriot economy,” Invest Cyprus said.

In his speech, the president of Invest Cyprus, Evgenios Evgeniou, emphasised the importance of the awards as a means to boost investor confidence and attract new investments to Cyprus.

“This year’s event is an opportunity to celebrate and recognise the achievements of the past year,” he said, noting that “the awarded companies have significantly contributed to strengthening the Cypriot economy by promoting innovation and sustainable development”.

“We are proud of our work and committed to continuing our efforts to attract investments and promote Cyprus as a pioneering investment destination,” Evgeniou added.

Invest Cyprus also reiterated that it plays a key role in promoting Cyprus as a top investment destination.

“Through continuous effort and commitment, Invest Cyprus supports businesses at every stage of the investment process, providing comprehensive information and personalised support,” the agency concluded.