President to visit three US states to attract investments and improve ties

President Nikos Christodoulides announced that he will be visiting three US states in the immediate future, with a focus on attracting investments and strengthening diplomatic and economic ties through new diplomatic missions in selected countries.

He revealed the news at a meeting with a delegation from Alpha Bank Greece and Cyprus at the Presidential Palace, during which he also referred to the government’s international campaign to repatriate Cypriot professionals, starting from London. He described this initiative as crucial for the country’s economy.

Overall, Christodoulides told the delegation that the presence of Alpha Bank in Cyprus was a vote of confidence in the country and its financial system

Alpha Bank Group, operating in Cyprus through its subsidiary Alpha Bank Cyprus, has recently expanded its presence in the country by announcing an agreement to acquire AstroBank.

• Read more: New major bank deal: Alpha Bank to acquire AstroBank for €205m
• Read more: A closer look at Alpha Bank Cyprus' acquisition of AstroBank

During the meeting, President Christodoulides highlighted that the current economic climate in Cyprus is highly favourable, emphasising that the government is pursuing a responsible economic policy.

As he pointed out, "We do not take risks with the economy, especially in Cyprus, where we have unfortunately paid the price in the past for mistakes and oversights".

He further noted that Cyprus is among the EU countries with the highest growth rates, standing at 3.4%, while the public debt has seen one of the largest reductions, currently at 68%, with the goal of lowering it to 60%.

Additionally, he stated that Cyprus is experiencing full employment conditions, with the unemployment rate at 4.9%. However, he acknowledged that finding skilled labour remains a significant challenge.