President Nikos Christodoulides is championing robust business cooperation in Cyprus by supporting local businesses and advocating for public-private sector synergy. He is implementing policies to address high energy costs and labor shortages, while promoting economic growth projections and maintaining fiscal stability.
What measures is President Christodoulides taking to support business growth in Cyprus?
President Nikos Christodoulides is advocating for robust business cooperation in Cyprus by:
– Pledging government support for local businesses and economic development.
– Promoting public and private sector synergy, including direct dialogue initiatives.
– Implementing policies for resilience and competitiveness amid geopolitical challenges.
– Enhancing economic growth projections and maintaining fiscal stability.
– Addressing high energy costs and labor shortages through strategic plans and training programs.
Government’s Commitment to Business Growth
In a significant move to bolster the business landscape of Cyprus, President Nikos Christodoulides has emphasized the government’s unwavering support to local businesses. Addressing the Cyprus Employers and Industrialists Federation (Oev) during their annual general meeting, the President has articulated a clear vision: the full potential of the economy can be realized only through the active engagement and collaboration of businesses.
President Christodoulides asserted the critical role of businesses as the bedrock of economic progress and pledged to cultivate a conducive environment conducive for their expansion and success. In his words, “Businesses are the driving force behind economic development,” highlighting the government’s duty to systematically back their growth initiatives.
Public and Private Sector Synergy
The President underscored the importance of a “genuine and substantial cooperation between the public and private sectors” to construct an advantageous milieu for businesses that fosters innovation, entrepreneurship, and ultimately results in sustainable economic growth. Citing a recent event in London aimed at promoting Cyprus and drawing quality investments—a collaborative effort with Oev—Christodoulides exemplified the kind of synergy he seeks to achieve.
This commitment extends to the institutionalization of direct dialogue with the business community, a move the President announced during the meeting. He is setting the stage for a late May gathering at the Presidential Palace which will include the federation, Keve (Cyprus Chamber of Commerce), and the Association of Cyprus Banks. This dialogue intends to pool expertise from all fronts, including the Council of Ministers, to devise plans that reflect the collective input and direction.
Overcoming Geopolitical and Economic Challenges
President Christodoulides also touched upon the geopolitical instability in the Middle East and the broader implications, which introduce uncertainty affecting markets and trade. He acknowledged the unique challenges faced by Cyprus, stemming from external dependencies and its geographical reality as an island, causing increased costs for goods and energy.
In the face of these uncertainties, the President called for the adoption of robust policies that promote resilience and competitiveness while protecting the social fabric of the country. This plan involves clear strategic planning, maintaining fiscal discipline, ensuring a stable financial sector, and pursuing bold reforms that are imperative for the economic policy of the government.
Fostering Economic Growth and Stability
Despite the challenges, Cyprus’ economy is showing promise, with projections from the European Commission indicating it will have one of the highest growth rates in the eurozone in 2024. The President also highlighted the importance of maintaining credibility for stability and the achievement of shared objectives. Measures like the establishment of a National Sanctions Implementation Unit and a Unified Supervisory Authority for administrative services providers have been taken to reinforce this credibility.
In collaboration with international entities such as the FBI, initiatives are underway to strengthen the Economic Crime Unit. Additionally, there’s a concerted effort to reposition Cyprus’s international image through strategic rebranding efforts.
Addressing Key Business Concerns
Addressing specific challenges faced by businesses in Cyprus, President Christodoulides acknowledged the pressing issues of high energy costs and the scarcity of suitable human resources. The long-term strategy for the energy sector embraces the green transition, with a commitment to work collaboratively on immediate challenges that lead to strengthening the country’s resilience and competitive edge.
In the realm of energy, the President cited the approval of a scheme promoting renewable energy and energy savings for households for 2024-2025, the development of a national hydrogen strategy, and support for business energy upgrades through financial schemes. Another key objective is to complete infrastructure for natural gas delivery and to establish electrical interconnections with neighboring countries.
Enhancing Labour Market and Professional Training
The issue of labor shortages is being addressed with initiatives to streamline processes and facilitate business operations. For instance, the government is working with external partners to review application procedures, focusing on the genuine needs of the business community and labor market. In the hospitality sector, since December 2023, the government has launched training programs to enhance the skills of hotel employees, thereby improving the tourism offering of Cyprus.
Lastly, to attract highly skilled workers, the President referred to the progress of the Blue Card bill, which, upon approval, will help fill skill gaps in critical sectors. This ties into the larger mission to bolster entrepreneurship in Cyprus by focusing on high-value sectors and research and innovation potential. This strategy will be equipped with actionable steps and performance indicators to track the effectiveness of policies and make necessary adjustments.
In sum, while challenges persist, the President’s resolve remains steadfast: the government will continue to work with determination so that, in partnership with businesses, Cyprus can transform these challenges into tangible opportunities.
What measures is President Christodoulides taking to support business growth in Cyprus?
President Nikos Christodoulides is advocating for robust business cooperation in Cyprus by:
– Pledging government support for local businesses and economic development.
– Promoting public and private sector synergy, including direct dialogue initiatives.
– Implementing policies for resilience and competitiveness amid geopolitical challenges.
– Enhancing economic growth projections and maintaining fiscal stability.
– Addressing high energy costs and labor shortages through strategic plans and training programs.
How is the government showing commitment to business growth in Cyprus?
President Nikos Christodoulides has emphasized the government’s unwavering support to local businesses by cultivating a conducive environment for their expansion and success. The government is actively engaging and collaborating with businesses to realize the full potential of the economy.
How is President Christodoulides addressing geopolitical and economic challenges in Cyprus?
President Christodoulides is adopting robust policies to promote resilience and competitiveness in the face of geopolitical instability, high energy costs, and labor shortages. By maintaining fiscal discipline, strategic planning, and pursuing bold reforms, he aims to protect the social fabric of the country and ensure economic stability.
What initiatives are being implemented to address key business concerns in Cyprus?
To address challenges like high energy costs and labor shortages, the government is focusing on renewable energy schemes, energy savings initiatives, and infrastructure improvements in the energy sector. Additionally, efforts are being made to enhance the labor market through streamlined processes, training programs, and attracting skilled workers using initiatives like the Blue Card bill.
