Christodoulides formally announces Cyprus' rebranding in the international markets

The implementation of a targeted Strategic Communication and Public Relations promotion of the Republic of Cyprus, i.e. rebranding, with a focus on international markets, which is expected to begin before the end of the year, has been announced by President Nikos Christodoulides.

In his speech at the 11th KEBE Business Leader Awards, he emphasised that, "the ultimate goal is to improve and strengthen the international reputation and attractiveness of Cyprus, to upgrade its image within the international business and investment community - upgrades help in this direction - but also to other, targeted communities related to important sectors of our economy, such as tourists and students, for example.

At the same time and referring to the upgrades of the Cypriot economy, President Christodoulides underlined that "the positive course of the economy is also reflected in the successive upgrades by the rating agencies."

"On Friday, and following the upgrade of Scope rating agency, Moody's rating agency, with a double upgrade, ranked Cyprus in the A category, after 13 whole years," he added.

"The upgrades", he underlined, "are, for all of us, a vote of confidence in the policies of the Government and in the economy of our country. I feel proud of the stable, upward course of the Cypriot economy and its prospects, with growth rates among the highest in the EU."

With regard to the new upgrade of the economy in particular, he explained that it opens the way for important prospects, underlining that the benefits translate for businesses and households into:

• Attracting quality investments that create new quality jobs.
• Lower interest rates, since in countries with good credit the interest rates tend to be gradually lower.
• Increased financial stability, job security and better wages.
• New trade deals, and most importantly, this is our goal,
• Increasing the standard of living, creating better conditions for housing, education, health and in general the quality of life and everyday life of the citizen which is our number one priority.

Read the President’s full speech below (translated from the original Greek):

It is with great pleasure that I participate, along with almost the entire Cabinet, in the 11th Cyprus Leaders Awards ceremony. This successful institution has deservedly established itself as a platform that recognises and rewards leading figures in the field of entrepreneurship. These are professionals of whom we are proud—individuals who have developed their businesses, pursued innovative strategies, and distinguished themselves through ethics and integrity of character.

Before I proceed, allow me to extend my heartfelt thanks to the Cyprus Chamber of Commerce and Industry, and especially to its President, my friend Stavros Stavrou, for the longstanding and constructive cooperation with the government on all business-related matters. Your contribution to shaping a dynamic and thriving business environment is invaluable. We consider and approach you as reliable partners and fellow travelers in our joint efforts to strengthen the economy and create opportunities for businesses and citizens alike.

I firmly believe in the power of public-private partnerships because your success is our success, and the results of your achievements are reflected in the overall prosperity of our economy. I want to assure you that this cooperation will continue and grow even stronger.

As a member state of the EU, Cyprus is influenced by developments in Brussels. Businesses, both in Cyprus and across Europe, serve as the driving force behind growth, innovation, competitiveness, and employment. The presence of competitive enterprises and robust business activity is essential for the advancement of our nation and Europe as a whole.

The Draghi Report on Competitiveness in the European Union, which has been under discussion at the European Council level, identifies three critical areas where Europe—and by extension, Cyprus—must act decisively to enhance productivity and competitiveness:

Large-scale capital investments and trade policy redesign: Emphasising applied research and technology to reduce the technological gap with major competitors, such as the United States and China.

A unified climate change strategy: Coupled with measures to enhance industrial competitiveness and investments. These must be addressed simultaneously, with particular focus on reducing high energy costs, a significant challenge for Europe.

Reduction of dependencies: Strengthening the EU's security, including energy and other sectors, alongside traditional defense concerns.

As a government, we are fully aware of the challenges outlined in the Draghi Report and the specific obstacles facing Cyprus. However, our role extends beyond merely managing these challenges; we aim to foster an environment that promotes growth, innovation, and global outreach.

We are developing a long-term plan to ensure that Cypriot businesses remain resilient in the face of emerging challenges. To achieve this, we are leveraging all available tools, including EU financial resources, technical expertise, and our international relations. These efforts are designed to create partnerships, enhance economic outreach, and attract high-quality investments to Cyprus.

In this context, we have initiated a strategic dialogue with the United States, touching on economic and investment-related topics. Similarly, we have institutionalized intergovernmental cooperation with Greece, as evidenced by the upcoming visit of the Greek Prime Minister, accompanied by a significant delegation of ministers. For the first time, Cyprus will host such a substantial presence. We are also opening diplomatic missions in Kazakhstan and Armenia to explore new economic opportunities.

Our vision is to make Cyprus one of the best places in the world to live, work, and conduct business. This is not just a slogan but a fully achievable goal. To realise this vision, we are focused on two main objectives: creating a stable and healthy fiscal environment and providing the business community with the tools it needs to compete and thrive in the international market.

Key indicators reflect Cyprus’s economic progress. The country is projected to achieve the third-highest growth rate among Eurozone nations in 2024 at 3.8%. Unemployment is expected to fall below 5% by 2025, inflation is forecasted to decrease to 2% in 2024, and public debt has dropped significantly, with further reductions planned.

These achievements have been acknowledged by international rating agencies, with Cyprus recently achieving an 'A' grade from Moody's after 13 years. These upgrades serve as a vote of confidence in the government’s policies and the economy as a whole.

The government’s policies have also enabled measures like housing plans, support for tackling low birth rates, and increased funding for health and education. At the same time, we are addressing the need for reduced energy costs and promoting renewable energy initiatives, including the recent approval of a plan to store electricity from renewable sources.

In terms of digital transformation, Cyprus is progressing rapidly. The new "Digital Citizen" application, set to launch soon, along with the gov.cy portal, will provide citizens and businesses with efficient, modern digital services. This initiative underscores our commitment to reducing bureaucracy and administrative burdens.

Lastly, I am pleased to announce the launch of a targeted strategic communication and public relations campaign to rebrand Cyprus internationally. This initiative will focus on enhancing Cyprus’s reputation and attractiveness to global investors, tourists, and students.

On the path to sustainable development and economic competitiveness, the role of competent business leaders is crucial. Their vision and determination drive our economy forward. I extend my warmest congratulations to those being honored tonight. Your leadership, innovation, and hard work are invaluable to our nation’s prosperity.

On the government’s side, we will continue to support Cypriot businesses and ensure that entrepreneurship thrives, creating a better future for all.

(Source: InBusinessNews)