Toronto: Cyprus is on a clear path to development, President Nikos Christodoulides stated during a working lunch and roundtable discussion in Toronto. The event, which saw participation from entrepreneurs and investors across financial, innovation, technology, and real estate sectors, highlighted the comparative advantages of the island’s economy.
According to Cyprus News Agency, a press release issued by the Cyprus Presidency detailed the working lunch organized by Fairfax company. During his speech, President Christodoulides emphasized that this visit marked his first to Toronto, following previous visits to New York City, Texas, and Silicon Valley. He underscored Cyprus’s unique position as an EU member state located in the Middle East, offering investors access to a market of 450 million people.
Fairfax Founder and CEO, Prem Watsa, praised President Christodoulides, noting that a leader supportive of entrepreneurship ensures economic success for his country. The President highlighted Cyprus’s economic resilience, revealing a growth rate of 3.4% and a declining public debt expected to reach approximately 53% by year-end, with a surplus.
The President also introduced the “Minds In Cyprus” program, aimed at repatriating talents and scientists, with plans for further events in Birmingham, Greece, and New York. He noted Cyprus’s economic expansion beyond services and tourism into banking, investments, real estate, shipping, higher education, and energy sectors.
Furthermore, President Christodoulides emphasized Cyprus’s strategic proximity to regional countries and its cooperative relationship with India, referencing Indian Prime Minister Narendra Modi’s recent visit to Cyprus. He highlighted the burgeoning defense sector investments from Europe and collaborations with Indian companies.
He also mentioned the confidence shown by companies like Eurobank in Cyprus’s robust economy and discussed the upcoming Cyprus Presidency of the Council of the EU. A priority for the presidency is to enhance Europe’s business-friendliness.
President Christodoulides’s itinerary includes traveling from Toronto to New York City for a meeting with the United Nations Secretary-General and a tripartite meeting with UNSG and Turkish Cypriot leader Ersin Tatar on September 27.