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10th July 2023, Lotte New York Palace
Let me start by congratulating
the organisers for today’s Summit, which brings together a group of esteemed
guests. Although I am unable to attend in person, I am very pleased to
be joining you virtually and to have the opportunity to address the event for
the first time since assuming the Presidency of the country.
I have a very clear vision for
Cyprus. I want it to become a model for attracting investment and fostering
entrepreneurship, a country that implements bold reforms and becomes more
competitive, that fully reaps the benefits of technology and innovation, with
an ambitious plan for a swift green and digital transition. A country that is
well-equipped to respond to future geopolitical, economic and other challenges,
efficiently and effectively.
Located in the crossroads of
Europe, Africa and Asia, at the easternmost corner of the Mediterranean Sea
and close to one of the most vital maritime chokepoints, that of the Suez
Canal, the geostrategic location of Cyprus has been both a blessing and a
challenge throughout its history.
In recent years, Cyprus has
been taking decisive steps to establish itself as a reliable partner,
promoting stability and prosperity, in a region that urgently needs both. The
partnerships that we have developed with neighbouring countries in the eastern
Mediterranean and the wider Middle East, serve as a paradigm for
transnational cooperation and intensified diplomatic engagement.
One such example is the
trilateral Cooperation Mechanism between Cyprus, Greece and Israel, which
provides concrete benefits for our citizens. Our partnership ranges from
defence and security to energy, from innovation and science to culture and
from healthcare to education. All these entail a strong people-to-people element,
for which we are particularly proud. The positive geopolitical impact of
this format was soon appreciated and expanded in the three plus one, with the
participation of the US.
Our Government took office on
the 1st of March in turbulent times, with a disastrous ongoing war taking
place on European soil, with multiple challenges that require attention and
action. Energy and food security, climate change, migration and ageing
population, are but a few of the areas that require our immediate attention.
Additionally, persisting inflationary pressures undermine purchasing power,
disrupt economic activity and investment and hinder economic growth.
In recent years, the Cyprus
economy has proven its remarkable resilience. Despite the challenges as a
result of the illegal invasion of Russia in Ukraine affecting the global
economy, Cyprus continues to demonstrate above EU average growth rates. Yet,
we remain vigilant.
To ensure that Cyprus is
well-equipped to face all these challenges, we have developed a comprehensive
and ambitious government programme, which is already on implementation track.
Our aim is to strengthen the competitiveness and extroversion of the Cypriot
economy, on the basis of a new and modern growth model.
Furthermore, in our proposed
programme, a strong economy is pivotal. This will be achieved through our
full commitment to fiscal discipline, a strong financial system and the
continuous pursuit and implementation of structural reforms.
At the same time, we do attach
great importance on fostering a healthy and stable banking system and
financial sector, since we believe that a robust financial system is
essential for economic stability and growth.
Our reform agenda, which forms
the cornerstone of our programme, includes a comprehensive tax reform, as
well as the implementation of the public service, justice and local
government reforms, which directly affect the daily operation of businesses.
At the same time, we fully endorse digital and green investments and research
and innovation, leveraging European funding opportunities.
Regarding the recent secondary
sanctions by the US and the UK, our Government is determined to fully
investigate these cases and take all measures necessary, showing zero
tolerance. In this respect we have cooperated fully, since day one with the
US and UK authorities. The Council of Ministers approved, this month, a
series of concrete measures in this direction.
In the face of rapid global
changes and evolving dynamics, I firmly believe that Cyprus has the potential
to rise above, by turning challenges into opportunities.
The unequivocal commitment of
the Government is to create the conditions for a thriving, sustainable
economy, by continuing on the path of prudent fiscal policy, to promote bold
reforms and to maintain the stability and credibility of the banking and
financial system. This is reinforced by a multifaceted foreign policy, which
focuses on enhancing international partnerships and bolstering the
geostrategic role of Cyprus.
As it is stipulated in Vision
2035, our long-term strategy for a resilient economy for the country, we want
Cyprus to be one of the best countries to live, work and do business
in.
We will continue working
tirelessly, with a vision, for an economy that unlocks the potential of
foreign businesses and investment, driving economic growth and creating
mutually beneficial partnerships with international stakeholders.
Thank you for your attention.
(RM/NG)
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