Nicosia: Cyprus is charting a course towards becoming a competitive and credible nation, according to President Nikos Christodoulides. Speaking at the 13th Invest Cyprus International Investments Awards in Nicosia, the President highlighted the nation’s shift from economic management to institutional reform, aiming for sustainable and long-term growth.
According to Cyprus News Agency, President Christodoulides emphasized Cyprus’s strategic geographical position at the heart of the Eastern Mediterranean and its role as a stable partner in a region full of opportunities. He mentioned that Cyprus aims to leverage this position as the EU’s bridge to the region and will use its upcoming Presidency of the Council of the European Union in January 2026 to drive a stronger, more sovereign EU.
The President outlined Cyprus’s economic resilience, noting a GDP growth projection of 3.4% for 2024, a fiscal surplus exceeding 4% of GDP, historically low unemployment, and reduced public debt. International credit rating agencies have restored Cyprus to the A category, recognizing its fiscal discipline and commitment to reform.
Christodoulides detailed ongoing reforms, including the creation of a Single Supervisory Authority for fiduciary and corporate service providers and the establishment of a National Sanctions Implementation Unit. These initiatives aim to close regulatory gaps and ensure effective oversight.
The President also mentioned upcoming reforms of tax and legal frameworks, including the first comprehensive tax reform in over two decades, scheduled for implementation in January 2026. These efforts are part of a broader strategy to position Cyprus as a hub of stability and opportunity on the global investment map.