President underlines reforms towards an innovative economic model for Cyprus

The President of the Republic, Nikos Christodoulides, said the 30th anniversary of the Cyprus International Business Association (CIBA) was as an opportunity to renew commitment to international business, innovation, and sustainable development, shaping a future where Cyprus thrives as a business hub.

Comprehensive reforms may establish Cyprus as a player in the future digital economy, he added.

Addressing CIBA's recent Annual General Meeting in Limassol, the President noted that "by collaborating, we have the potential to attract investments, generate employment opportunities, and enhance the welfare of our society."

In an era defined by rapid technological advancement, geopolitical complexities, and environmental concerns, it is vital to evolve by prioritising research and development investments, promoting collaboration between academia and industry, and cultivating a culture of twin transition, the President said, noting that embracing digitalisation and emerging technologies is crucial, as they catalyse economic growth and job creation.

"I would like to stress that our governance program prioritises these objectives driven by a vision for a modern and innovative economic development model. We are strengthening the competitiveness of the Cypriot economy through a targeted program that is primarily guided by Vision 2035 and the Recovery and Resilience Plan of the EU", President Christodoulides noted, adding that these encompass comprehensive structural reforms and targeted investments across all sectors of the economy and society, and it can establish Cyprus as a player in the future digital economy.

Referring to the reforms planned, the President mentioned the reform in the justice sector, generous subsidies to support businesses in their digital and green investments, substantial funding directed towards advancing e-governance, increased support for research and innovation through enhanced subsidies, tax restructuring, and skill enhancement programs for the workforce of Cyprus.

"CIBA is pivotal in steering Cyprus through these important transitions, and it can promote a favorable economic environment, facilitating investment opportunities", he noted, adding that CIBA can contribute significantly in encouraging businesses to adopt sustainable practices and embrace the principles of social responsibility. At the same time, CIBA has a role to play in supporting entrepreneurship, empowering innovation, and actively engaging with its members to identify and seize emerging opportunities in the global economy, he noted.

"For the past 30 years, CIBA has been at the forefront of promoting Cyprus as a premier destination for global business, serving as a beacon of excellence and fostering a vibrant business community. Your tireless efforts are an integral part of shaping the economic landscape of our country, attracting investment, creating jobs, and driving economic growth", the President said while addressing the meeting.

Expressing his appreciation to the members of CIBA, "for their tireless efforts and unwavering commitment", the President noted that their collective dedication has been a catalyst in establishing Cyprus as a trusted partner in the international business community. "Let us seize this moment to strengthen our collaboration, embrace new opportunities, and build a prosperous future for Cyprus and its global business sector", he concluded.

(Source: CNA)