President launches US tour to attract investments

President Nikos Christodoulides is visiting the US for a series of meetings across three separate states this week, as part of the government’s strategy to upgrade Cyprus’ international image while showcasing the island’s significant investment opportunities and consistently positive economic outlook.

The President, accompanied among other by Deputy Minister to the President Irene Piki and Minister of Energy George Papanastasiou, will meet with various stakeholders aiming to attract investments in strategic sectors of the economy.

Irene Piki

Speaking to InBusinessNews about the trip from 4 to 9 April, Piki noted that the Republic of Cyprus, having made a strong recovery from past economic challenges, is now showing impressive growth rates. The country maintains a steady pace of GDP growth, which has been exceeding the Eurozone average lately and ranks among the highest.

"At the same time," she continued, "our country has made significant improvements in public finances and has successfully reduced unemployment, attracting foreign investment and strengthening the business climate".

The stops in the United States

According to Piki, the President’s visit to the United States includes stops in New York, Houston, and San Francisco (Silicon Valley), with a focus on attracting high-quality investments in strategic sectors of the economy, such as finance, technology, and energy.

He will hold meetings with representatives of leading financial institutions and investment funds. In these meetings, he will—among other things—highlight Cyprus’ importance as a financial hub in the broader Eastern Mediterranean region, as well as its strategic geographic location, which positions the country as an ideal gateway for business activity in the area.

At the same time, particular emphasis is being placed on the technology sector, with visits to Silicon Valley, where Cyprus is being promoted as an emerging destination for startups and innovation-driven companies.

"The favourable tax framework, advanced infrastructure, highly skilled human capital, and access to the European market make Cyprus an attractive choice for tech investments," Piki noted.

George Papanastasiou

In Houston special attention will be given to the energy sector, with a focus on Cyprus’ potential stemming from the discovery of significant natural gas reserves and its strategic cooperation with regional and international partners—contributing to the European Union’s energy security.

Meanwhile, during his stay in New York, President Christodoulides will, both symbolically and substantively, ring the opening bell of the New York Stock Exchange (NYSE), following an invitation by the company Safe Bulkers. This event, she said, highlights the outward mind-set of Cyprus enterprise and the strong presence of Cypriot companies on the international economic stage.

Visa waiver

Asked about the abolition of visa requirements for Cypriots entering the US, Piki noted that contacts between Nicosia and Washington are ongoing and intensive, with regular teleconferences taking place with the American side on various issues related to the matter.

“We are awaiting the final visit of a US delegation to Cyprus for discussions,” she added, pointing out that “everything is progressing satisfactorily so far”.

Asked when the issue is expected to be clarified, the Deputy Minister to the President said that “by September 30, when the US fiscal year ends, the matter is expected to be fully resolved”.

Direct flights

When asked about the issue of direct flights between Cyprus and the United States, Piki stated that, for now, there is no development on the matter, emphasising that "as you can understand, this is not an issue that depends heavily on the Government".

As she explained, what the Government can do is ensure, through its actions and initiatives, that more visitors arrive, more business delegations take place, and new business partnerships are formed.

"As a state and a government, all we can do is make every effort to position Cyprus as an attractive destination so that an airline may decide to include our country in its flight schedule," she added.

Nonetheless, according to the Deputy Minister to the President, "in various discussions we have with airlines, we encourage them in this direction—but, as you understand, whether an airline includes Cyprus in its schedule is purely a commercial decision".

"Certainly, the fact that the President of the Republic will be visiting the United States contributes in that direction," Piki concluded.