President tells foreign investors: “We approach you as our partners”

President Nikos Christodoulides told foreign investors in the country that the government approaches them as its partners, who will help it navigate a landscape marked by challenges and opportunities alike.

He was addressing the “Foreign Investors Dialogue with Government: From feedback to action” at the Presidential Palace, organised by the government and Invest Cyprus, which was a follow-up to the roundtable that was held with investors back in June. The new meeting was arranged so some of the government’s key ministers could present the actions they have taken to address the concerns investors raised in the previous meeting.

“In the first meeting, just three months after assuming office, we had a discussion with a smaller group of foreign investors,” said the President. “Today, five members of my government will update you on what we have achieved, what we plan to implement and most importantly, continue our dialogue and listen to your suggestions.”

Christodoulides said the government approached the country’s foreign investors as partners, whose opinions are valued as they have first-hand experience of how the country’s procedures and policies work. “You have the ability to help the government navigate a landscape marked by challenges and opportunities alike,” he said.

The government is very optimistic about the trajectory of the Cyprus economy, he added, citing the successive upgrades of the international rating agencies, “which are now all placing Cyprus in investment grade.” He said this was the result of the policies being promoted as well as a significant vote of confidence in the country.

“But we are by no means complacent,” President Christodoulides added. As he said, the 2024 budget is of broad parliamentary approval, growth-driven, focused on reforms, fiscal balance, and aims for the creation of a new economic model focused on productive investments, the green and digital transition and the knowledge economy.

Disruptive developments have unfortunately become the norm, the President added, so it is imperative that Cyprus has a clear strategy in place and steers clear of policies of the past that have hampered the island’s reputation. “(There is) zero tolerance for practices that expose our country internationally,” he stressed, adding that the government has been taking specific actions to address this issue. These include strengthening the institutional framework, bringing in experts from abroad to help with the implementation of sanctions, and focusing on measures to combat money laundering. The government is also implementing an integrated communication plan to promote these improvements.

The President concluded with his main message to the investors: “The government greatly values your presence and commitment to Cyprus. We are dedicated to going above and beyond to foster an economic and business environment that induces you to accomplish your goals, develop, and grow. This dialogue is a steadfast commitment by our government. We will regularly engage with you. Your participation in this journey is pivotal.”