Cyprus banks are accused of prioritizing profits over societal welfare, hoarding cash, and offering limited loans. The disparity in interest rates compared to the euro area average exacerbates wealth inequalities, hindering economic growth and equality, prompting calls for policy changes and the creation of alternative financial institutions like an independent Development Bank.
In a bid to tackle economic challenges, Cyprus has ratified ‘Vision 2035,’ aiming to boost birth rates, transition to green practices, improve competitiveness, innovate pension systems, and enhance housing solutions. Spearheaded by President Takis Clerides and Andreas Assiotis, this strategic plan emphasizes the need for sustainable economic development with a robust monitoring mechanism in place.
The Cyprus Chamber of Commerce & Industry celebrates its 97th anniversary, showcasing its pivotal role in shaping Cyprus’s economic landscape through institutional reforms and infrastructure projects like the Cyprus Stock Exchange and industrial zones. Keve’s enduring influence as the government’s primary economic advisor highlights its commitment to fostering a resilient economy and societal wellbeing for the people of Cyprus.
Sir Stelios HajiIoannou, founder of easyJet, has joined The Hellenic Initiative’s board, supporting Greece’s economic recovery through entrepreneurship and job creation. His Stelios Philanthropic Foundation enhances THI’s impact with strategic guidance and financial assistance, showcasing a powerful collaboration for positive change.
Cyprus’ economy is thriving within the EU, with Finance Minister Makis Keravnos implementing targeted measures totaling nearly €300 million to support vulnerable groups and strengthen the middle class. These fiscal policies are contributing to Cyprus’ resilience and longterm economic stability, outperforming many European counterparts.
Cyprus is facing a development dilemma as it grapples with balancing economic ambitions and environmental preservation. The Akrotiri casino resort and Akamas road expansion pose threats to delicate ecosystems and protected areas, sparking debates on sustainable growth and ecotourism alternatives. Conservation groups are advocating for a harmonious balance between progress and the preservation of Cyprus’ natural heritage, highlighting the need for a more thoughtful and sustainable approach to development.
The Invest Cyprus annual general meeting, held in Nicosia, aims to unveil the strategic roadmap for sustainable investment and economic development, reinforcing Cyprus’ position as a prime location for business and innovation. Notable figures, including the Deputy Minister to the President and the Minister of Finance, will be in attendance, and the CEO of Invest Cyprus will present on investable projects and key criteria for investment in Cyprus.
