The government has set the foundations to achieve sustainable economic, environmental and social growth, Cyprus President Nicos Anastasiades told the 17th Economist Summit taking place in Nicosia.
Addressing the Summit, Anastasiades said that due to the COVID vaccination programmes “we are before a new reality”, expressing hope that as vaccinations progress and given the developments in Europe we will not return to lockdown measures that have been implemented during the first waves of the pandemic. The President also noted that COVID will not be extinct while there are countries with vaccinations below double digits.
According to the President, the new reality “offers us the possibility to focus on reinvigorating the economy and on the further diversification and strengthening of the growth model, so that we could be able to immediately adapt to any unforeseen crises and to successfully tackle the challenges of the new era.”
In this effort, he added, the government has already placed the foundations for a sustainable economic, environmental and social growth, as registered in the European Commission’s forecasts for this year, which acknowledge the strong economic recovery with growth rates over the EU average.
At the same time, he added, the Commission is recognizing the Cypriot economy’s strong momentum, which is based in the road map for the post-COVID growth model, the plan titled “Cyprus tomorrow.”
This plan, Anastasiades went on, provides for absorbing funds of €4.4 billion for the period of 2021 – 2026 and is expected to generate an additional 7% in Cyprus GDP, while it is estimated to create over 11,000 jobs, noting that the plan includes 58 critical and structural reforms and 76 investments in five policy pillars.
According to the President of the Republic, the plan includes actions regarding strengthening the resilience and competitiveness of the economy, investments and reforms to widen the productive base through strengthening of the primary and secondary sectors of the economy, boosting research and innovation and improving the business environment through the digital transformation, while expediting licensing procedures and providing incentives.
Furthermore, he said that reforms aim to render the financial sector and the public finances more resilient, providing targeted support to start ups and innovative enterprises, while promoting green and circular economy and diversifying and strengthening the tourist product.
“The plan moreover aims to modernise public administration and local authorities, reforming and improving the efficiency of the judiciary and combat corruption and strengthening transparency,” he said, adding “we will continue actions to transform Cyprus into a sustainable business and commercial hub for the Mediterranean.”
He also referred to the national strategy to attract businesses for setting up or expanding their activities in Cyprus which is expected to contribute significantly to this target.
But he noted that regardless of the incentives provided, a solution to the Cyprus problem would significantly contribute to the country’s new growth model.
“Towards that end we have exerted and we will continue exerting efforts because with a Cyprus settlement surely growth prospects and capabilities would multiply. That would benefit not only the Greek Cypriots but of course Turkish Cypriots” he stressed.
A solution, the President added, “would assist not only Cyprus but Turkey and its relations with Europe and peace and stability in the wider region, a stability that is necessary for investments and growth through stability and certainty created by the conditions of peace.”
Concluding, the President furthermore assured that his government will proceed with the endorsed growth model, with a view to consolidating further economic growth and providing greater impetus to the excellent prospects created in the productive sectors for the benefit the businesses and citizens alike.
Source: Cyprus News Agency