Limassol: Cyprus is poised to serve as a pivotal conduit between the Gulf Cooperation Council (GCC) and Europe, as expressed by Minister of Energy, Commerce, and Industry Giorgos Papanastasiou at the Investopia Global Mediterranean Forum. During a panel discussion titled ‘Bridging Prosperity: Unlocking GCC – Eastern Mediterranean Synergies,’ Papanastasiou emphasized Cyprus’s geographic and economic role as a natural gateway linking the Middle East with the European Union.
According to Cyprus News Agency, Papanastasiou elaborated on the longstanding partnerships between Cyprus and the Gulf region, particularly with the United Arab Emirates. He described these connections as robust partnerships built on mutual respect, shared goals, and a solid history of trade, investment, and cultural exchange. He highlighted Cyprus as a dependable partner and an ideal base for Gulf-based companies aiming to access the European Union while staying connected to the Middle East.
Papanastasiou underscored the importance of Cyprus’s diversified economy, which includes sectors such as professional services, tourism, ICT, education, energy, and shipping. He noted the significant rise in foreign direct investment, especially in technology and innovation, as a driving factor for growth. The Minister also mentioned Cyprus’s national development plan, Vision 2035, which aims to establish a green, digital, and resilient economy, focusing on high-value sectors like clean energy and information technology.
The Minister discussed the government’s strategy to enhance Cyprus’s appeal as an investment hub. This includes the establishment of a Business Support Centre (BSC) to offer streamlined guidance to investors, tax incentives for R and D, IP development, and technology-focused business activities, along with revised immigration policies to attract talent.
A noteworthy project in development is the Cyprus Science and Technology Park, which aims to foster a national hub for innovation by linking academia, industry, and startups. Papanastasiou emphasized the strategic alignment between Cyprus and the UAE, recognizing economic complementarity and shared geopolitical interests as foundational elements of their partnership.
Highlighting Cyprus’s potential as a strategic link between the Gulf and the EU, Papanastasiou pointed out the importance of sustainable energy and trade corridors to reduce regional dependencies and bolster energy security and economic resilience. Energy, he noted, remains a core pillar of economic cooperation, offering opportunities for both countries to pursue green growth and enhance their long-term independence.
During the forum, Papanastasiou noted the significance of hosting the Investopia event in Cyprus, acknowledging the UAE Minister of Economy’s decision to hold a Mediterranean edition in Limassol. The event attracted attention from the UAE, while Cypriot investors maintained a presence in the Gulf.
Minister Papanastasiou also held targeted meetings at the conference to highlight sectors where Cyprus offers unique advantages to UAE investors. He expressed gratitude for the UAE’s donation of desalination units to Cyprus and described his friendly relationship with the UAE Minister of Economy as a valuable asset for future economic collaboration.
The Minister confirmed a meeting with representatives of TAQA, a UAE-based fund keen to join the consortium for the Great Sea Interconnector (GSI) project. The fund is committed to the initiative, awaiting developments in the project’s next phase. Papanastasiou acknowledged the economic, technical, and geopolitical challenges facing the GSI project and noted Greece’s role in handling the geopolitical aspects.
Diplomatic efforts are ongoing to ensure the project’s progress, with Greece playing a crucial role as the implementation body is a Greek company owned primarily by the Hellenic Republic.