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Next PtD: We will emerge stronger from the current crisis HOME • INSIDER • CYPRUS • PtD: We will emerge stronger from the current crisis
On Friday evening, the President of the Republic, Nikos Anastasiadis, was optimistic about the future of the Cypriot economy, during the 10th CIPA Investments Awards ceremony, expressing the certainty that Cyprus will emerge stronger from the current crisis.
In his greeting, the President mentioned that the last few years can be characterized as unpredictable and uncertain, as after the end of the pandemic and the known socio-economic consequences and the return to normalcy, stability and growth, we now face new challenges with the Russian invasion of Ukraine, concerning increases in fuel and inflation.
“At the same time, the sanctions imposed at the European level on Russia also have another negative impact on economic activity on the island, particularly in tourism, banking and tourism services, considering our relationship with Russia in them the sectors”, he added.
However, the President of the Republic expressed his optimism that, based on a prudent fiscal management as well as the continuous formation of our development model, we will be able to face this challenge as well.
He also referred to the measures of the Government to increase the competitiveness of the Cypriot economy, with the aim of attracting foreign investment and implementing a more business-friendly environment.
In this context, he pointed to the new package of tax incentives for foreign investors, expressing the hope that this will be approved, next week, by the House of Representatives.
Among other things, he said that the Government attaches particular importance to areas such as technology, shipping, innovation, research and development.
Regarding the Recovery and Resilience Fund and the “Cyprus – The Tomorrow”, the President of the Republic indicated that this will strengthen the strength of the Cypriot economy and the prospects of the country, referring in detail to the provisions of the Plan.
He also said that the Government has progressed and is progressing with reforms that will face the challenges that Cyprus has before it and which, as he said, will support the competitiveness of the business environment.
Indicatively he pointed out, among among others, that through reforms the increase in the efficiency of the Public Service and Local Authorities is achieved, the improvement of the quality and adequacy of the justice delivery system through acceleration procedures, the opening of the electricity market and the facilitation of the licensing of projects involving renewable energy sources and the digitization of all public services.
Underlining that the improvement of the business environment remains one of the most important priorities of the Government, President Anastasiades stated that the attraction of foreign investment is one of the main drivers of economic development, especially in periods of intense competition and growing n challenges.
He expressed his gratitude and thanked all those who trust Cyprus and its economy.
