Limassol: The Cyprus Government and the House of Representatives are making concerted efforts to ensure that the nation remains a dependable and secure location for investment and business activities, as stated by Minister of Energy, Michael Damianos, and President of the Parliament Annita Demetriou during the 31st Annual General Meeting of the Cyprus International Businesses Association (CIBA).
According to Cyprus News Agency, the General Assembly of CIBA, which has seen a 30% increase in its membership over the past year, convened in Limassol with the participation of the former President of the Republic, Nicos Anastasiades. Representing President of the Republic, Nikos Christodoulides, the Energy Minister highlighted that despite global challenges, Cyprus continues to exhibit strong economic performance and resilience. The country's economy maintains a growth rate projection of approximately 4% for 2025, surpassing the European Union average, coupled with low inflation, near full employment, and a declining public debt, indicating a thriving and dynamic economy.
The Minister noted that Cyprus's economic progress has received international recognition, with major credit rating agencies restoring the country to 'A' category status, reflecting confidence in its economic direction. He emphasized that Cyprus is a stable and credible place for investment, especially amid global uncertainties due to geopolitical tensions and ongoing regional conflicts. The focus remains on building a modern, innovation-driven economy to tackle technological transformation and environmental sustainability.
Vision 2035, the strategic plan for sustainable growth, aims to prioritize digital and green transitions, support research and innovation, and implement structural reforms. The Minister acknowledged the growing regulatory burden across Europe, including Cyprus, and mentioned efforts to accelerate digital transformation, simplify procedures, and reduce bureaucracy to save time and resources for businesses and individuals.
Energy remains central to Cyprus's long-term vision, with investments in renewable energy, energy storage, and emerging technologies like green hydrogen. Strategic infrastructure projects, such as the Great Sea Interconnector, are progressing alongside the development of the natural gas program in collaboration with international partners. The goal is to enhance Cyprus's attractiveness as an investment destination by ensuring speed, transparency, and certainty.
Minister Damianos reiterated that Cyprus, as part of the European Union and the Eurozone, offers a transparent regulatory framework, a strong legal system based on English common law, and a competitive tax environment. Recent reforms, including the 2026 tax framework and a commitment to digitalization, are facilitating business operations. He commended CIBA's substantial contributions to promoting Cyprus as a leading international business center.
President of the House of Representatives Annita Demetriou praised CIBA members as ambassadors for Cyprus, highlighting their role in supporting important legislation. She stressed the need for Cyprus to maintain its position as an attractive investment gateway to the EU and high-growth markets by acting with clarity and strategic direction amidst geopolitical uncertainties.
Demetriou acknowledged Cyprus's resilience in absorbing external shocks and emphasized the importance of consistent planning, institutional alignment, and stakeholder cooperation. She called for CIBA to have a stronger voice in regulatory developments and policy shaping to enhance the investment environment. The challenges ahead include navigating geopolitical tensions, safeguarding financial stability, and reinforcing Cyprus's reputation as a safe investment destination.
In his keynote address, CIBA President Vassilios Demetriades highlighted the organization's unprecedented membership growth and strategic initiatives, including joining the European Confederation of International Trading Houses Associations (CITHA). This move aims to enhance CIBA's influence at the EU level and engage actively in policy discussions and legislative developments affecting its members.
Demetriades emphasized the need for Cyprus to develop faster reflexes in maintaining competitiveness, benchmarking against advanced jurisdictions, and accelerating the digitalization of government and public services to ensure continued growth and attractiveness as an investment hub.