If my successor follows the same prudent management, we will be able to deal with the new crisis, says President Anastasiades

If the next President follows the same consistent and prudent management, we will be able to deal with new global crisis in a satisfactory way, said, on Friday evening President of the Republic, Nicos Anastasiades, who was speaking at a dinner hosted by the Limassol Chamber of Commerce and Industry.

During his speech, the President of the Republic also referred to numbers that confirm, as he said, , the growth path of our country, such as the growth rate of 6% for 2022, the return to surpluses of 460 million euros (1.7% of GDP) in 2023, the reduction of the public debt to 89.3% this year and to 83.3% in 2023, the reduction of the unemployment rate to 7% of the workforce, with a forecast for further reduction in 2023 to 6.4%”. In addition, he spoke about a “continuous upgrading of the long-term and short-term creditworthiness of Cyprus by the international rating agencies”.

It was this policy, he pointed out, that allowed the Government to present, for 2023, an increased budget of 520 million euros compared to 2022, with increased development spending by 12% and a boost in spending on social protection by 4%.

Saying that “through our plans we have laid the foundations for achieving sustainable economic and social development”, President Anastasiades stated that this fact is recognised both by the European Commission and the International Monetary Fund, as well as by international rating agencies, “which record at the same time the strong dynamics of the Cypriot economy”.

The most important thing, he underlined, is that the momentum created is reinforced by the implementation of the “Cyprus – Tomorrow” Plan, which as he noted, “constitutes the culmination, the completion of the work we have achieved, but also the legacy of Government for a modern European State, to all Cypriot citizens”.

With particular reference to the pillar of strengthening the resilience and competitiveness of the economy, the President of the Republic said that it includes investments and reforms aimed, among other things, at expanding the production base by strengthening the primary and secondary sectors of the economy, at digital transformation, expediting licensing procedures and providing incentives, supporting start-ups and innovative units and diversifying and further promoting the tourist product.

“Moreover, our main objective is to strengthen our policies so far regarding the transformation of Cyprus into a sustainable business and commercial centre of the Mediterranean”, he added.

He also stated that, in addition to the existing tax and other business incentives, the new national strategy for attracting companies to operate and/or expand their business activities in Cyprus is expected to make a decisive contribution.

A strategy that, he went on to say, that is already producing results, as recorded by the rise of Cyprus from 68th to 18th place in the Greenfield FDI Performance Index that records the performance of countries in attracting foreign investment, registering the highest rise of all countries.

He also noted that in the 1st half of 2022, foreign direct investment in Cyprus increased by 150% compared to pre-pandemic levels (1st half of 2019), while investments in software and information technology (IT) increased by 600 % (compared to 2019).

Source: Cyprus News Agency