The new expanded economic model promoted by the Government of Cyprus focuses on attracting productive investments and investing in the knowledge economy, President of the Republic Nikos Christodoulides said in a speech at the 14th Economic Congress in Nicosia.

“We are a country that does not have heavy industry. We are a country that must focus our efforts on attracting investment in specific sectors where as a country we have a comparative advantage and we must move away from a model of the past, where we presented our country as a ‘supermarket’ where you can invest in anything,” he said.

He added that only through such approaches can productive investments come to the country.

The President of the Republic said that they are focused on achieving Vision 2035, which aims to make Cyprus one of the best places in the world to live, work and do business.

At the same time, he said that the Government is working methodically and purposefully, taking decisions and actions based on fiscal seriousness and responsibility, a stable and sound financial sector and bold reforms.

Regarding the successive upgrades by rating agencies of the Cypriot economy, he said that this is a clear indication of the positive image that the Government has managed to create in terms of stability and the country’s prospects. He assured that they will continue in the same direction and that they will work methodically to ensure that this positive development translates into opportunities and prosperity for all the people.

President Christodoulides noted as a necessary condition for the creation of a stable environment, the strengthening of Cyprus’ credibility, away from the policies of the past. He added that the political will to demonstrate zero tolerance to practices that expose the country internationally is clear and a given, something that the Government is not negotiating.



Referring to energy, President Christodoulides said that the Government’s discussions with Chevron are well underway and he hopes that announcements will be made soon, while he expects the CEO of ENI to visit Cyprus in the coming days to present the development of the licensed fields.

He said the energy sector has always played a central role and continues to do so and that the countries of the Eastern Mediterranean, through synergies, can become part of the solution to ensure the much sought-after energy security of the European Union, through the transfer of natural gas and green energy to European markets.

“It is something we are discussing with the energy giants operating in our EEZ, we are well underway in discussions with Chevron. I hope there will be announcements soon”, he said.

At the same time, he added that he expects the CEO of ENI to visit Cyprus in the coming days to present the way to develop the deposits licensed to the company as soon as possible through synergies in the region.

He added that another concrete example of such cooperation is the Greece-Cyprus-Israel electrical interconnection project, the “Great Sea Interconnector”, for which Cyprus has expressed political support, waiting for some other studies to be completed before becoming more specific.



Regarding the creation of the maritime corridor for the transfer of humanitarian aid from Cyprus to Gaza, the Amalthea project, President Christodoulides expressed the view that despite the problems created by the condemnable attack against the members of the World Central Kitchen, the completion of the port by the United States in Gaza in the near future will give a boost to the Cypriot initiative. For this reason, he added, there was a ministerial visit from the UAE on Monday to coordinate and be ready to immediately start providing humanitarian assistance.

President Christodoulides noted that the motivation to develop the initiative was the need to contribute to the provision of humanitarian assistance, partially alleviating the needs of the civilian population in Gaza, and taking into account the proximity of the region and the excellent relations that Cyprus maintains with all neighbouring states.

“Initiatives like Amalthea can change the way the international community approaches our country. Cyprus is not just a problem. We are not only the Cyprus problem, but our country can be part of the solution to critical regional problems”,  he remarked.

Relations with the US


At the same time, the President noted that Cyprus as a member of the EU, adopts an active and constructive stance on European issues, in combination with its excellent relations with the United States “which have never been at such a level.”

He added that they are working to further strengthen them in specific areas and expressed hope that in 2024 there will be announcements. He added that the relations between the RoC and other countries with which there is significant potential, “allow us to look to the future with considerable optimism about the prospects of the Cypriot economy and the attraction of quality investments”.

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