Nicosia: President of the Republic Nikos Christodoulides announced on Wednesday the inauguration of a Business Service Center set for May 26th and the launch of a Brain Gain campaign on May 25th in London. These initiatives aim to streamline business services and encourage Cypriots working abroad to return to their homeland.
According to Cyprus News Agency, President Christodoulides addressed the General Assembly of the Cyprus Employers and Industrialists Federation (OEB) in Nicosia, revealing that over 550 Cypriots working in London have registered for the event, indicating their interest in returning to Cyprus. The Business Service Center is expected to reduce bureaucracy and enhance services for businesses and investors.
The President emphasized the importance of strong businesses for a resilient economy and sustainable development, highlighting Cyprus’s upcoming Presidency of the Council of the EU as an opportunity to showcase its role as a reliable EU partner. He also outlined the government’s commitment to fiscal responsibility, a robust financial system, and continuous reforms.
In 2024, Cyprus achieved a growth rate of 3.4%, among the highest in the Eurozone, with a forecast of around 3% for 2025. Unemployment rates have fallen below 5%, and employment has reached 80%, with youth unemployment seeing significant decreases.
The President noted that Cyprus’s primary surplus for 2024 exceeded 4%, and public debt has been significantly reduced, aiming to fall below 60% of GDP by 2026. Continuous upgrades in Cyprus’s credit rating to investment grade “A” reflect confidence in its fiscal policy, with the IMF recognizing the economy’s flexibility and growth potential.
President Christodoulides also mentioned the positive outcomes of his recent trip to the US, with delegations from Amazon and Plug and Play visiting Cyprus to explore opportunities. Companies like Microsoft and Google are expected to follow, looking to establish research and innovation centers in the country.
He asserted that a robust economy enables the state to pursue targeted social policies and invest in crucial sectors such as Health, Education, and Digital Transformation. The ultimate goal is to build a sustainable, resilient, and competitive economic model that incorporates innovation, knowledge, environmental responsibility, and social cohesion.
Newly elected OEB President George Pantelides addressed the AGM, expressing confidence that Cyprus can achieve triple A credit ratings. He highlighted the need to invest in human resources, quality and innovation of products and services, and enhancing business competitiveness.