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Cyprus will emerge stronger from the current crisis

Cyprus will emerge stronger from the current crisis


Cypriot President Nikos Anastasiades said on Friday that he is cautiously optimistic that the island, as it did during the 2013 crisis and the Covid-19 pandemic, will emerge stronger from the new crisis caused by Russia’s invasion of Ukraine.

Referring to international investment awards, the President emphasized that after the Covid-19 pandemic, “we are now facing a new challenge as a result of the Russian invasion of Ukraine, high fuel prices and rising inflation.”

President Anastasiades also noted that the sanctions we have imposed on Russia at the European level have also had another negative impact on economic activity on the island, especially tourism, banking and service exports, given our ties with Russia in these areas. .

“However, we remain optimistic that through prudent financial and economic management, as well as continuous differentiation of our development model, we will also be able to meet this challenge,” he added.

“We have proven the resilience of the Cypriot economy in times of crisis, both in 2013 and during the pandemic, and I have no doubt that we will emerge from the current crisis we are facing even stronger,” he said, adding: To this end each and every one of you here tonight is an integral part of this effort, especially in creating a secure and attractive business center in Cyprus, seeking to provide an environment under which any investor can thrive.”

In addition, Anastasiadis mentioned short- and medium-term measures aimed at attracting foreign investment, such as tax incentives and a new government strategy to attract international companies and enterprises, as well as for those already existing in expanding their activities on the island, with a focus on high-tech areas. , shipping, innovation, research and development.

In addition, he also referred to a government plan called “Cyprus of Tomorrow” with a total budget of 4.4 billion euros, including major European funds, namely the Recovery and Resilience Funds and the Cohesion Funds, with the key strategic goal of strengthening the economy’s resilience and capacity countries for economically, socially and environmentally sustainable long-term growth and prosperity.

Anastasiades concluded by reiterating that “improving the business environment remains one of our top priorities as we firmly believe that attracting foreign investment is one of the key drivers of economic growth, especially in times of intense international competition and great challenges.”

Source and photo:, Editor

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