The priorities Cyprus' MEPs have set for the economy

The priorities and the course of actions they intend to follow during their term of office, mainly in terms of economy and business issues, have been outlined and highlighted by five of the six Cypriot MEPs.

The five had responded to a joint questionnaire from InBusinessNews and their full interviews were recently published.

The questionnaire was not answered by independent MEP Fidias Panayiotou who cited a lack of time.

In this article, we sum up the basic philosophy that governs each of our MEPs, codifying the main points that govern the policies chosen by each of them, as they were reflected in their interviews.

From the energy strategy to investments and tax transparency, the Cypriot MEPs seem to demonstrate an understanding of the critical issues facing our country and, in this context, propose targeted solutions to deal with them based on the ideology they espouse, the alliances they have developed in European seats, as well as their personal perception of the issues at hand.

Loucas Fourlas: Energy strategy and autonomy

Loucas Fourlas highlighted the importance of energy security and autonomy of the European Union, with Cyprus having to play a central role in this new strategy.

" The contribution of Cyprus to the new European Energy Strategy is an important challenge to which we must respond quickly and adequately," he stressed.

The promotion of Cyprus' energy strategy and its upgrading as an energy hub can significantly strengthen the country's economy, according to the DISY MEP.

Also read: Loucas Fourlas: The energy autonomy of the EU and why Cyprus must become a secure energy centre

Michalis Hadjipantela: Investment attraction and tax transparency

Michalis Hatjipantela gives priority to attracting investments, with the aim of making Cyprus a more attractive destination for investors.

With his experience as a professional auditor, he seeks to promote measures against tax fraud and strengthen fiscal transparency through his participation in the Tax Affairs Committee.

His approach is aimed at improving the investment climate and strengthening the economic stability of our country.

Also read: Michalis Hadjipantela: The proposal for the Common Consolidated Corporate Tax Base is a red line for me

Giorgos Georgiou: SMEs and economic policy with a human face

Giorgos Georgiou focuses on small and medium enterprises and the development of an economic policy with a human face. He sees the narrow, monothematic nature of economic activity in Cyprus as a problem and proposes actions that will expand economic activity in new areas.

Through his interview, he supports the development of a healthy private sector that will work harmoniously with the public sector.

Also read: Giorgos Georgiou: Cyprus’ narrow economic activity is a problem for the country

Geadis Geadi: Energy ala Qatar

The need for a strategic planning in the energy sector, with an emphasis on the utilisation of renewable energy sources and natural gas of Cyprus, proposing a development model similar to that of Qatar, was emphasised the MEP Geadis Geadi.

He is focusing on reducing bureaucracy, improving the tax framework and utilising European funds to strengthen Cypriot businesses.

Geadi is also putting focus on improving Cyprus’ good name abroad.

Also read: Why MEP Geadis Geadi is working to reduce bureaucracy for businesses and improve Cyprus’ good name abroad

Costas Mavrides: Banking union and housing

Costas Mavrides emphasises the need to adapt the economic model of Cyprus to attract companies with a real physical presence, which will benefit the wider economy and society.

The compliance of the banking sector with European legislation and the completion of the banking union are also his priorities.

At the same time, it pays attention to investments in housing through the EU Recovery Mechanism. and in the energy sector.

Also read: Costas Mavrides: Cyprus needs to encourage the physical establishment of companies on the island

Red lines, political partnerships and the common line

The MEPs also maintained clear red lines in their policies, avoiding measures that they believe will harm the Cypriot economy. Their political collaborations in the European Parliament show the direction they will follow to achieve their goals, with the aim of strengthening Cyprus’ presence on the European stage.

A common element of all the MEPs is the emphasis on innovation and strengthening business access to finance.

They recognise that economic development goes through innovation first and promote the use of new technologies and methods in various sectors of the economy and business. This strategic approach is necessary to address the challenges facing the Cypriot economy.

They are being called to and must 'swim in deep water'

2024 remains a year full of challenges for the European Union. The economic and business dimension of the challenges facing the EU within it is important, with Twin Transition towards a green and digital society being a central goal of the decade.

At the same time, the EU's Recovery and Resilience Facility (RRF), under the Next Generation EU (NGEU) programme, provides significant funding for green and digital investments.

The successful implementation of these measures requires huge investments, with annual needs estimated at €522 billion for the green goals and €125 billion for the digital transition by 2030.

Public investment, acting as a catalyst for private financing, is critical to achieving these goals.

The successful implementation of the above is crucial, especially in light of tighter monetary policy and the limited fiscal resources of member states.

The Cypriot MEPs are being called on to and must ‘swim in deep waters.’ With an eye on 2025, which is only 90 days away, they are being on called to act without delay, with flexibility and acumen to promote Cyprus’ economy and social development.

The right partnerships and the utilisation of European resources can contribute to the prosperity of both Cyprus and Europe.

After all, the successful implementation of policies and investments will strengthen the competitiveness and resilience of the EU on a global level, creating the desired result that results from a goal we hear constantly: That of a sustainable and inclusive future.

(Source: InBusinessNews)