Nicosia: Cyprus aims to reach an agreement by the end of April for the exploitation of its natural gas resources by 2027, President Nikos Christodoulides announced on Wednesday. He emphasized that energy costs present a significant challenge for the government, highlighting the importance of developing natural gas resources and promoting Cyprus as an investment destination. These efforts, he noted, are high priorities for his administration. The President shared these insights during a roundtable discussion with business community representatives at the 16th Nicosia Economic Congress.
According to Cyprus News Agency, President Christodoulides expressed dissatisfaction with the current energy situation, stating that the government is actively working on plans to improve it. He mentioned forthcoming initiatives for renewable energy storage to increase the share of renewables in Cyprus's energy mix, which currently stands at 24%. Notably, the share has grown from 19% since his administration took office, but he stressed the need for further improvement.
On natural gas exploitation, the President noted that since the discovery of gas fields in Cyprus's Exclusive Economic Zone in 2011, progress has been slow. He announced upcoming discussions with energy giants ENI and Total to finalize an agreement by April, aiming to begin gas exploitation by 2027.
In terms of attracting investment, Christodoulides outlined a strategy focusing on international engagements with India, the U.S., and Kazakhstan. He detailed upcoming meetings in Mumbai, New Delhi, and Kazakhstan, as well as a new mission to the U.S., underscoring efforts to position Cyprus as an investment and technology hub.
Highlighting economic achievements, the President noted Cyprus's high growth rate in Europe and a reduction in unemployment to below 5% for the first time since 2008. Public debt is on a downward trend at approximately 55% of GDP, enabling the government to implement support measures, such as a recent £200 million package.
Increased spending on social policy, education, and health was also addressed, with investments in public hospitals, school expansions, and housing policy. Christodoulides emphasized the need for linking education to the labor market and maintaining stability in an unpredictable international environment.
The President concluded by expressing optimism for Cyprus's economic prospects, citing a solid foundation and clear strategy as key components for future success. He highlighted the potential benefits of resolving the Cyprus issue and the importance of strengthening the workforce to unlock further growth.