Nicosia: The government is working to transform any challenges that arise into prospects and new opportunities for the country, President of the Republic, Nikos Christodoulides, said on Thursday addressing the Annual General Meeting of the Association of Large Investment Projects, that took place in Nicosia.
According to Cyprus News Agency, President Christodoulides highlighted the international context of instability, uncertainty, and tensions, while expressing pride in Cyprus’s ability to establish itself as an appealing and stable investment destination. He attributed this to the nation’s modern regulatory framework, business-friendly environment, and prudent fiscal policy.
He emphasized Cyprus’s comparative advantages, noting that these strengths bolster its regional position and contribute to its image as a hub for entrepreneurship, innovation, and development. The President also pointed out that Cyprus’s growth rate remains among the highest in the EU, with public debt expected to fall below 56% of GDP by year-end. Employment conditions are robust, with full employment for the first time since 2008 and a record-low unemployment rate of 4.3% in the first half of 2025.
President Christodoulides highlighted the recent upgrading of Cyprus by international rating agencies, marking the first time it has reached category A since 2011. This upgrade signifies restored international confidence in the Cypriot economy, he said.
Reforms are central to the government’s strategy, with President Christodoulides outlining plans for bold changes to improve citizens’ lives. These include tax reform, modernization of the Audit and Law Offices, and pension reform in 2026 aimed at ensuring adequate pensions and evaluating teachers.
Digital transformation is another priority, according to Christodoulides, as it aims to modernize interactions between citizens, businesses, and the public sector. The state has initiated targeted infrastructure projects and reforms to further enhance the competitiveness and resilience of Cyprus’s economy and business environment.
The President stressed the importance of cooperation with the private sector to achieve these ambitious goals, recognizing the large-scale development sector as a key pillar of economic activity.