President Nikos Christodoulides has said that Cyprus is changing, purposefully, decisively, "from economic management to institutional reform, from regulatory credibility to global visibility", creating the conditions for sustainable, long-term growth.
Speaking at the 13th Invest Cyprus International Investments Awards held in Nicosia on Wednesday evening, he said this year’s awards take place at a time of growing complexity in the global landscape — economically, geopolitically, and inevitably socially.
Noting that Cyprus is accustomed to operating in the midst of complexity, being at the heart of the Eastern Mediterranean and the greater Middle East– a region of turmoil, but one of immense opportunity and potential, "Cyprus has embraced its geography, determined to convert it into a blessing – as the EU’s lighthouse and bridge to the region, as a pillar of stability, a predictable, stable, reliable partner in our region and beyond," he said.
That is precisely the vision that will drive the Cyprus Presidency of the Council of the European Union in January 2026, the President said, adding that it will be a Presidency with ambition, deeply committed to the European project, determined to be at the helm driving forward for a stronger, more strategic, more sovereign EU. A Union of opportunity, that becomes a space for brilliant minds to innovate and thrive.
The President said Cyprus has demonstrated and enhanced its resilience in the midst of turmoil, remaining on a firm and resilient economic footing. Our GDP growth is projected at 3.4% for 2024, with a fiscal surplus exceeding 4% of GDP, unemployment is at a historic low, and public debt has been reduced to 64%. All major international credit rating agencies have restored Cyprus to A category, recognizing not only our sound fiscal discipline but also our commitment to reform and long-term competitiveness.
These results are not an end in themselves, he remarked but "are the foundation on which we are building a more modern, open, and future-ready economy" and it is the result of "intentional, based on strategic planning" and "a deliberate and coordinated effort to modernise institutions, improve our business environment, and strengthen Cyprus’ standing in the world".
President Christodoulides further said the government is advancing a series of targeted reforms and is proceeding with the creation of a Single Supervisory Authority for fiduciary and corporate service providers, a long-overdue step that closes regulatory gaps and ensures effective oversight across the board.
At the same time, he added, the establishment of the National Sanctions Implementation Unit — now under discussion in Parliament — marks a significant institutional upgrade.
introduces a single, dedicated authority for the implementation of EU and international sanctions, replacing fragmented mechanisms with a structure that is timely, coordinated, and accountable.
Alongside these institutional steps, we are implementing a series of reforms to modernize our tax and legal frameworks, the President said, adding that the first comprehensive tax reform in over two decades is being finalized, with implementation scheduled for January 2026.
In parallel, we are reforming our legal infrastructure to support financial innovation and investment, he added.
"These efforts are part of a broader strategy to reposition Cyprus on the global investment map, not just as a place of stability and safety, but as a country of opportunity and ambition", the President said, adding "the sum of these actions — whether focused on domestic reform or international outreach — serve a single goal: to make Cyprus a more competitive, credible, and confident country".
CNA/EC/EPH/2025
ENDS, CYPRUS NEWS AGENCY
