Nicosia: Economic stability is a fundamental prerequisite for sustainable development, maintaining social cohesion, and strengthening the confidence of citizens and investors, President of the House of Representatives, Annita Demetriou, said on Wednesday evening.
According to Cyprus News Agency, Demetriou emphasized the importance of remaining vigilant and ensuring macroeconomic stability, urging for timely measures to protect the economy from external risks. She made these remarks during her address at the 64th General Assembly of the Institute of Certified Public Accountants of Cyprus (ICPAC) held at the Municipal Theater of Nicosia. The event was attended by various dignitaries, including Ministers, MPs, and the President of the International Federation of Accountants (IFAC), Jean Bouquot.
Demetriou highlighted the challenge of making Cyprus and the EU truly competitive and stressed the importance of maintaining credibility to attract investments. She stated that a stable economy contributes to a predictable business environment, ensures the effective functioning of institutions, and strengthens resilience to external crises.
Outgoing ICPAC President Nicos Chimarides underscored the need for Cyprus to remain a stable and investor-friendly destination. He emphasized the importance of increasing the contribution of research and innovation to GDP to further develop a strong technology hub in the region. Chimarides noted that Cyprus has emerged as a significant player in the European technology sector, with one of the highest growth rates over the last decade.
Regarding international cooperation, Chimarides expressed optimism about deepening ties with countries like India and the US. He highlighted the progress made with large Indian groups starting operations in Cyprus and expressed confidence in expanding relationships with Middle Eastern countries, Greece, and other European markets.
Kyriakos Iordanou, General Manager of ICPAC, stressed the importance of strengthening the national economy and forming international partnerships to enhance Cyprus’s attractiveness to foreign investors. He pointed to opportunities like the Strategic Dialogue with the US and Cyprus’s upcoming Presidency of the Council of the EU in 2026 as key prospects for growth.
IFAC President Jean Bouquot praised ICPAC for its advancements in professional and regulatory frameworks in Cyprus, highlighting the country’s influence due to its high-quality human resources and strategic guidance. Bouquot commended Cyprus as a model of good practice globally.
The assembly also saw the formation of a new ICPAC board, with Odysseas Christodoulou appointed as the new president.