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We are very proud of the
industry of chartered accounting in Cyprus, we know very well how important
it is for the Cypriot economy and, as the new Government, I assure them that
we will stand by their side and work together.
It is with pleasure that I
address tonight’s event in the presence of distinguished professionals,
members of the Institute of Chartered Accountants in England and
Wales and of course the Institute’s Chief Executive.
Tonight’s event coincides with
the very first months of our term as a new Government, during which we are
working on enhancing the foundations of our economy, through implementing our
five-year economic plan as part of the long-term strategy “Vision
2035”.
My vision is for Cyprus to be a
model state, with favorable conditions for attracting investment and
promoting entrepreneurship; a reliable, credible business and financial
center, free from mistakes of the past; and a social, fair state that
safeguards a high standard of living for its citizens. A country that takes
determined, bold steps forward, utilizing the potential of technology. A
country that innovates and sets the bar high for the digital and green
transition. A country that can respond to global geopolitical, economic and other
challenges quickly and efficiently.
To achieve this vision, we have
developed a Governance Program that is already on implementation track and
includes specific interventions and actions.
The long-term strategy that I
have referred to, “Vision 2035", is a key axis of our policies, through
which we aim to expand and diversify the productive base of our economy. The
overarching aim is to support the traditional sectors of the economy, so that
they become more dynamic and resilient and, at the same time, to encourage
the development of emerging sectors.
In this framework, we will
continue on the path of implementation of important reforms, such as the
public service, justice and local government reforms, which directly affect
the daily operation of businesses. At the same time, we are working on
actions to support businesses for digital and green investments and for
research and innovation, utilizing European funding opportunities.
Another important priority is
the reform and modernization of our tax system. The core aim here is to
strengthen the competitiveness of Cyprus and reduce the administrative burden
for taxpayers and businesses, while ensuring a fairer redistribution of the
tax burden. At the same time, we will ensure alignment of the tax policy with
the objectives outlined of the European Green Deal.
Digital transformation is
another area of focus, as we work on strengthening the country's digital
infrastructure, promoting the use of digital technologies and stimulating the
digital economy.
Another core element of our
strategy is green transition. We will continue to invest in renewable
energy, renewables storage, sustainable transport and energy efficiency,
which are vital to reducing our country's carbon footprint, in full
compliance with the Paris Agreement on climate change. During this
transition, it is important to ensure adequate support for businesses, while
creating growth opportunities for them.
Underpinning our endeavors and
reforms is a steadfast commitment to nurturing and supporting the human
capital of Cyprus. We recognize that our highly skilled labor force – a lot
of them are UK trained – is one of our nation's most valuable assets. It is
therefore imperative to continue investing on our labor force, by
prioritizing education, professional development and continuous learning.
Through targeted initiatives, we aim to connect our educational system with
our economy and to attract and retain top talent, while also fostering a
culture of inclusivity and diversity.
I am delighted to note how these
values resonate with the modern chartered accountancy profession, which plays
a vital role in our country’s growth. The Institute of Certified Public
Accountants of Cyprus (ICPAC), our national body, has enjoyed a strong and
positive collaboration with the Institute of Chartered Accountants in England
and Wales (ICAEW) since its establishment in 1961. Many Chartered Accountants
have served as Presidents and council members of ICPAC, highlighting the
profession's commitment to excellence and leadership.
Within this context, allow me
to acknowledge and celebrate the ICAEW's remarkable 30 years of presence in
Cyprus. With 130 authorized training employers, 3,000 ICAEW Chartered
Accountants and 700 trainees, the profession serves as a vital pillar of
support for the Cypriot economy. Through their expertise, they support and
represent some of our country's strategic leaders, helping drive economic
growth and ensuring financial stability. Moreover, the profession's
dedication to nurturing young talent ensures a robust pipeline of future
professionals, securing the continuous growth and prosperity of our country.
At times of complex challenges,
collaboration between the public and private sectors is key to achieving real
and sustainable progress. The ICAEW has a long-standing collaboration with
the Cyprus Chamber of Commerce and Industry and the Treasury of the Republic
of Cyprus, working together on matters concerning public finances. It is my
firm belief that by combining our efforts, we can foster an environment where
businesses thrive, the economy prospers and society flourishes. In this
regard, the ICAEW's collaboration with state and private universities in
Cyprus is instrumental in supporting the attractiveness of educational
programs in our country, contributing to our aspirations of becoming a
regional education hub.
At the same time, it is true
that trust in institutions has been put to the test worldwide. It is crucial
that we uphold the integrity and credibility of our institutions,
particularly professional bodies, to ensure the continued service of the
public interest. The ICAEW, as a trusted professional body, plays a pivotal
role in upholding ethical standards, promoting transparency, and maintaining
the highest levels of professionalism in the field of accountancy. Their
dedication to fostering trust is commendable and aligns with our Government's
commitment to strengthening institutions for the benefit of society.
Before concluding, I would like
to refer to the recent sanctions imposed by the UK and the US on Cypriot
natural persons and legal entities. This development hinders the reputation
of our country and is an additional challenge that we must collectively
address. This issue is a top priority for my Government. From the first
moment, we are taking all the necessary actions, in cooperation with all the
national supervisory bodies, including the Institute of Certified Public
Accountants of Cyprus, as well as the British and U.S. Authorities, to fully
restore the credibility of our country.
In concluding, I wish to
underline that safeguarding the credibility and reputation of Cyprus as a
financial centre is a sine
qua non for this Government. Developments in recent weeks
have been received as an opportunity by this Government to take concrete
actions, always in close cooperation with our partners and the relevant
national supervisory bodies.
We count on and welcome the cooperation
with ICAEW and ICPAC, ensuring that the accountancy profession continues to
serve public interest and be a contributing driving force for economic
growth.
(RM/AP)
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