07.07.2022
Cyprus’ long-term strategy for a new growth model called “Vision 2035” links the present to the major challenges facing the economy in the coming years and is based not on theories and wishful thinking but on concrete actions, Finance Minister Konstantinos said on Wednesday. Petrides.
The Vision 2035 strategy developed by the Cyprus Economic and Competitiveness Council (Ecompet) was presented to the Council of Ministers.
In press statements, Petrides said that green growth policies are prominent in Cyprus’ new sustainable growth model.
“Based on this strategy, we will face future challenges,” said Petrides, adding that this is the only long-term strategy that includes a governance structure with specific actions that have been included in the Cyprus medium-term budget with a specific official in each of them. Ministry.
Stating that this endeavor is not limited to the current government, Petrides stressed that “the state and society must take responsibility for meeting these long-term challenges for the future of our children.”
Thanking the Council for its research, Petrides said that we have presented to the Council of Ministers “a concrete long-term strategy that is not based on theories or wishful thinking, as we have seen in the past.”
The strategy was introduced by Council Chairman Takis Clerides and presented by Andreas Assiotis, Vice Chairman of Ecompet and Head of the Steering Committee, which led the drafting of the plan.
“Vision 2035 outlines a growth path for Cyprus over the next 15 years, aiming to move towards a new modern economic model,” said Clerides, highlighting the emphasis on green and digital transition, as well as the Strategy’s link to the recovery and restoration of Cyprus. Resilience Fund, through which the implementation of the strategy began.
Stating that the study revealed the benefits that Cyprus can take to achieve sustainable long-term growth, Clerides added that the study is not theoretical, but is linked to practical proposals that are being implemented in this year’s budget in accordance with the directive of the Minister of Finance.
According to him, for the first time in the history of Cyprus, a comprehensive long-term study and a complete model of the growth of the Cypriot economy is planned.
For his part, Assiotis informed the Council of Ministers that the new Strategy contains more than 240 recommendations for horizontal and sectoral changes that must be implemented in order to achieve sustainable growth while maintaining the well-being of all citizens.
He added that the Strategy includes Key Performance Indicators (KPIs) and an overarching governance framework to monitor implementation.
He added that a new element of the strategy is that funds are added to it either from the state budget or from funds provided by the EU.
“This is not a theoretical exercise, as part of this strategic plan, specific funds must be mastered,” continued Assiotis, noting that the second important element of the strategy is that actions are proprietary and limited in time.
Asked if the high energy price crisis could put the strategy on hold in the short term, Petrides said the opposite, adding that “this strategy will protect the economy and society from these problems as it includes actions and elements of growth.” » . in their priorities, such as the environment.”
This Vision 2035 is the result of a two-year economic analysis with key stakeholders. According to Ecompet, the strategy is based on three pillars, namely the model of a world state, a dynamic and sustainable economy, and a just society without any exceptions. Vision 2035 entails making Cyprus the “European Center for Sustainable Business and Trade”.
Each strategic goal will be monitored based on specific KPIs.
