Nicosia:The Minister of Finance, Makis Keravnos, emphasized the dynamic development of Cyprus's defence industry as both an industrial and export sector during a meeting held at the Ministry of Finance with the Board of Directors of the Cyprus Defence and Space Industries Association (CyDSIC).

According to Cyprus News Agency, the delegation briefed Minister Keravnos on the activities of Cypriot companies within the defence and space industry, discussing the current state, recent advancements, challenges faced, and future growth prospects. They highlighted Cyprus's participation in European defence and space programs and the use of EU financial instruments like SAFE to enhance the sector's competitiveness, innovation, and global presence.

Keravnos praised the sector's recent growth, noting its significant contribution to economic development, job creation in specialized fields, and investment attraction. He indicated that it also plays a crucial role in improving the country's current account balance.

The Minister underscored the importance of supporting start-ups and emerging sectors focused on knowledge, research, and innovation. He remarked that the advancement of high-technology sectors leads to a more productive, competitive, and resilient Cypriot economy. Keravnos added that both national and European policies and reforms supported by the Finance Ministry aim to bolster business competitiveness and facilitate access to financial instruments and investment resources.