Christodoulides briefs US investment stakeholders on Cyprus' path to progress

Cyprus is on a path of progress, with a clear orientation and long-term planning, President Nikos Christodoulides has said.

He was speaking at a 4 April working breakfast with senior executives from investment banks, investment funds and venture capital organisations in New York, which is the first organised event in the context of the Cyprus Rebranding campaign.

According to a post by Government Spokesman Konstantinos Letymbiotios, the President reiterated Cyprus’ commitment to achieving a stable and competitive environment that encourages investment, supports innovation and creates opportunity.

During his remarks, President highlighted the steady upward trend of the Cyprus #economy. He referred to the GDP growth rate of 3.4%, the achievement of a primary surplus of more than 4% and the reduction of public debt to levels below 66% of GDP, with the aim of further reducing it to 60% by 2026. At the same time, it highlighted the reduction of unemployment to 4.9%, with a particularly positive performance among younger age groups.

The President of the Republic stressed that the restoration of #Cyprus to #investment grade (Cat. A) by all major rating agencies, as well as the positive conclusions of the recent IMF mission, confirm the dynamism and resilience of the economy.

Regarding Cyprus' strategic geographical position, President underlined the country's role as a bridge between Europe, the Middle East and Africa, which facilitates international trade and investment. He also referred to the deepening of ties with the USA at the political, strategic and economic levels, noting the importance of the Cyprus-USA Strategic Dialogue (2024) in promoting stability and strengthening economic synergies. Particular emphasis was placed on the attractive tax model and the upcoming tax transformation promoted, which aims to further encourage and facilitate entrepreneurship.

The President referred to the #incentives for attracting highly skilled professionals, as well as the fast-track and simplified procedures that have been adopted, accelerating the establishment and operation of businesses. In the banking sector, he noted that Cypriot banks remain among the most profitable in the Eurozone, with a non-performing loan (NPLs) ratio that has been reduced to 1.9%. Finally, he highlighted the operation of a Single Supervisory Authority and a National Sanctions Unit, which demonstrates Cyprus' commitment to good governance and cooperation with international bodies such as the US and the FBI.

In conclusion, President stressed that #Cyprus is following a clear strategic plan for progress and innovation, investing in digital infrastructure, human capital and sustainable policies. He underlined the Government's commitment to create an even more attractive environment for international investors, creating new opportunities for growth and strengthening the country's international position.