Christodoulides optimistic about Cyprus' inclusion in the US Visa Waiver Program from early 2025

President Nikos Christodoulides is optimistic about Cyprus being included in the US Visa Waiver Program within the first part of the new year.

"I am aware that this initiative holds particular importance for the business community and I am optimistic that through the dedicated efforts of all stakeholders, this goal will soon be realised, in the beginning of 2025," the President said, speaking at the AmCham (American Chamber of Commerce) Cyprus Thanksgiving Gala Dinner on the evening of 5 December.

Christodoulides also noted that, against a background of global challenges, Cyprus has proven time and again to  be a reliable partner and an enabler of security and stability and at the same time and despite external pressures, our economy has demonstrated impressive flexibility and strength, President Nikos has said.

The President praised Ambassador Julie Fisher's remarkable professionalism, and exceptional dedication to advancing the Cyprus-US partnership, adding that her leadership and unwavering enthusiasm have been pivotal in the leaps we have taken in recent months in expanding and deepening our cooperation, at the bilateral and regional level.

He said that Cyprus - US relations are at a historical high and this is the outcome of a clear, focused foreign policy path.

"Over the past 19 months we have set clear goals and roadmap on driving this strategic partnership forward in an array of fields including in defense, security, economy and investments, energy, education and many more," he said.

He said that the bilateral strategic cooperation has been institutionalised and in last October, the first strategic dialogue between the United States and the Republic of Cyprus took place in Nicosia, which cemented the strategic relationship but also the joint vision for promoting peace, security and stability in our region.

He referred to the meeting in  Washington DC with outgoing President Biden saying that it was of great importance both in substance and in symbolism.

"The visit serves as a new beginning in further advancing our relations in a wide range of areas, based on a specific road map that has been agreed.  We are committed and excited to build on this relationship with the incoming Trump administration and carry this relationship to new highs. And that was my clear message today during an excellent telephone conversation I had with President-elect Trump,"he added.

In his address the President also referred to the double upgrade by Moody's that raised Cyprus's credit rating by two notches to A3, for the first time in 13 years. "The upgrade is a clear vote of confidence in the government's policies and the positive trajectory of the Cypriot economy,"he said.

He added that Cyprus' projected GDP growth places the country among the top-performing economies in the eurozone, demonstrating that we are not just weathering storms but creating pathways to sustainable development.

"This robust performance provides a solid foundation for attracting investment, particularly in emerging sectors like renewable energy, innovation, and digital transformation. From our skilled workforce to our strategic location at the crossroads of three continents, Cyprus offers unique advantages for businesses looking to expand into Europe, the Middle East, and North Africa," he underlined.

He also spoke about key initiatives to attract investments that include the implementation of competitive tax policies and the simplification of regulatory procedures, and the creation of specialised incentives for industries such as technology, finance, and energy.

"The Government is also investing in digital transformation, infrastructure development, and the establishment of innovation centers to foster a vibrant business ecosystem. This strategic approach aims to strengthen Cyprus's appeal as a destination for high-value investments and skilled professionals from around the world," he added.

He also said that as a result of our overall approach, Cyprus has been witnessing a steady and remarkable rise in Foreign Direct Investment, with over €3.5 billion invested in the country in 2023 alone.

The Cyprus President noted that the government is working very closely with the United States on matters related to anti-money laundering, sanctions compliance, and combating corruption, adding that he will meet with FBI teams in Cyprus next week.

He spoke also of people-to-people contacts which is a prerequisite element, as he noted, to enhance ties of the two countries across the board.

"Recognising this, we have prioritised efforts to include Cyprus in the US Visa Waiver Program. I am aware that this initiative holds particular importance for the business community and I am optimistic that through the dedicated efforts of all stakeholders, this goal will soon be realised, in the beginning of 2025, marking yet another milestone in our flourishing partnership," he said.

(Source: CNA)