Limassol: The government of Cyprus is steadfast in its dedication to enhancing the investment climate and drawing foreign direct investments, President Nikos Christodoulides affirmed during his keynote address at the EY Cyprus Attractiveness Forum 2024 in Limassol. In conjunction with the forum, he announced the launch of the new Digital Citizen app set for Thursday, underscoring the nation’s commitment to digital transformation.
According to Cyprus News Agency, President Christodoulides emphasized the importance of platforms like the EY Attractiveness Forum and Reports, which provide invaluable insights into investment trends and sentiments. These tools are crucial for shaping policies that boost economic competitiveness and foster sustainable growth by attracting investments and creating jobs. The President also mentioned that the 2024 EY report’s preliminary findings have been integrated into the government’s strategic plans.
Cyprus has seen a robust influx of Foreign Direct Investment, with over £3.5 bi
llion invested in 2023 across sectors such as ICT, renewable energy, and tourism. The origin of these investments has also become more diverse, with significant contributions from the UK, US, Ireland, Israel, and Lebanon, reflecting growing international trust in Cyprus as a top investment locale.
Predictions for 2024 indicate Cyprus will achieve the eurozone’s third-highest growth rate at 3.8%, with inflation anticipated to decrease to 2%. Fiscal performance is strong, with a forecasted surplus of approximately 4% and a notable reduction in public debt. Additionally, Moody’s upgraded Cyprus’ credit rating to A3, the highest since 2011, marking a significant milestone for the government.
President Christodoulides reiterated the long-term economic strategy, Vision 2035, which focuses on sustainable growth through green and digital investments, a knowledge-based economy, and structural reforms. The government also prioritizes reducing regulatory burdens by advancing digital transformation to streamline proces
ses and improve competitiveness.
Cyprus has made significant strides in digital governance, achieving a remarkable 16.3% improvement. The new Digital Citizen app, to be launched on Thursday, exemplifies this progress by facilitating electronic issuance and storage of official documents, thus improving administrative efficiency for citizens.
Further emphasizing Cyprus’ innovative strength, the European Innovation Scoreboard has recognized the nation as a leading innovator in Southern Europe. While energy costs remain a challenge, the government’s energy policy focuses on introducing natural gas, expanding renewable energy, and establishing electricity interconnections to enhance security and sustainability.
The President announced a forthcoming tax reform proposal aimed at making the tax system more competitive and attractive for investments. In combating financial crime, Cyprus is enhancing its capabilities through international cooperation and plans to establish a Single Supervisory Authority and a Nation
al Sanctions Implementation Unit by 2025.
In a bid to elevate Cyprus’ global standing, a re-branding campaign is set to launch next year, aimed at attracting high-value investments and positioning Cyprus as a hub of innovation and opportunity.