Finance Minister Makis Keravnos is dedicated to enhancing Cyprus’s economic model through sustainable growth and increased investments, with a focus on sectors like agriculture and tourism. He aims to create synergies across sectors, implement reforms, and transition towards a green and digital economy, projecting stable inflation rates and reduced public debt by 2026.
What is the focus of Finance Minister Makis Keravnos’s economic strategy for Cyprus?
Finance Minister Makis Keravnos is focused on enriching Cyprus’s economic model by promoting sustainable growth and maintaining investment levels. Key strategies include:
1. Supporting both new and traditional sectors, including agriculture and tourism.
2. Creating synergies across sectors to encourage joint investments.
3. Implementing reforms in public services, tax systems, and addressing labor market challenges.
4. Transitioning to a green and digital economy with a stable inflation rate of 2.5% by 2024.
A Pledge for Sustainable Growth
Finance Minister Makis Keravnos recently emphasized the critical need for Cyprus to enrich its economic model. At the 14th Nicosia Economic Conference, Keravnos highlighted the importance of maintaining investment levels to support the government’s economic agenda. Looking ahead, he proposed a development model that promotes sustainable, long-term growth rather than short-term gains.
Keravnos mentioned the need to focus on both new and traditional sectors. “The primary sector – agriculture and animal husbandry – must not be overlooked,” he said. He advocated for modern production methods and export-oriented initiatives, suggesting that growth should stem from diverse sources.
Synergies and Sector Support
Creating synergies across sectors is key, according to the finance minister. He stated that the government aims to foster environments conducive to joint investments by both Cypriot and international investors. These investments should lead to new infrastructural developments, production units, and employment opportunities with a strong export focus.
Support will continue in traditional economic strongholds such as tourism, shipping, and professional services. The goal is to enhance their competitiveness further. Keravnos also revealed strategies to establish Cyprus as a hub for international businesses and financial services, particularly in attracting investment funds.
Strategic Investments and Reforms
The government’s commitment to reforming public services, including the national health scheme and justice system, was reaffirmed by Keravnos. He disclosed that tax reforms are underway to create a system that balances business stimulation with social fairness, thereby mitigating tax evasion and avoidance.
Keravnos acknowledged the challenges of transitioning to a green and digital economy, as well as securing affordable energy. There is a sense of urgency to address labor market distortions, particularly labor shortages. Despite these challenges, he expressed optimism about the economy’s prospects.
Economic Outlook and Prospects
Keravnos projected an encouraging economic forecast, with inflation expected to stabilize at around 2.5% by 2024. This financial stabilization is bolstered by a promising fiscal performance, anticipated to reduce public debt to 60% of GDP by 2026.
The minister concluded with an assurance of the government’s steadfast approach to prudent economic policymaking. This approach would steer clear of short-term populism, aiming instead to provide long-lasting security for citizens and investors alike. The focus remains on upholding policies that will underpin the nation’s economic fortitude.
What is the focus of Finance Minister Makis Keravnos’s economic strategy for Cyprus?
Finance Minister Makis Keravnos is focused on enriching Cyprus’s economic model by promoting sustainable growth and maintaining investment levels. Key strategies include:
1. Supporting both new and traditional sectors, including agriculture and tourism.
2. Creating synergies across sectors to encourage joint investments.
3. Implementing reforms in public services, tax systems, and addressing labor market challenges.
4. Transitioning to a green and digital economy with a stable inflation rate of 2.5% by 2024.
What are the key points highlighted by Finance Minister Makis Keravnos at the Nicosia Economic Conference?
Finance Minister Makis Keravnos emphasized the need for sustainable, long-term growth over short-term gains. He stressed the importance of supporting both new and traditional sectors, particularly agriculture and tourism. Additionally, he highlighted the creation of synergies across sectors, strategic investments in key economic strongholds, and ongoing reforms in public services and tax systems.
What are the projected economic outlook and prospects provided by Finance Minister Makis Keravnos?
Finance Minister Makis Keravnos projected stable inflation rates of around 2.5% by 2024 and a reduction in public debt to 60% of GDP by 2026. He expressed optimism about the economy’s prospects, despite challenges in transitioning to a green and digital economy and addressing labor market distortions. The government remains committed to prudent economic policymaking to ensure long-lasting security for citizens and investors.
How does Finance Minister Makis Keravnos plan to create synergies across sectors in Cyprus?
Finance Minister Makis Keravnos plans to create synergies across sectors by fostering environments conducive to joint investments by both Cypriot and international investors. These investments are expected to lead to new infrastructural developments, production units, employment opportunities, and enhanced competitiveness in traditional economic strongholds like tourism, shipping, and professional services. The goal is to establish Cyprus as a hub for international businesses and financial services.
