President of Cyprus addresses economic cooperation and European integration at OEB annual meeting

The President of the Hellenic Republic, Mr. Nikos Christodoulides, participated in the annual General Assembly of the Employers and Industrialists Federation (OEB). He expressed gratitude for the cooperation and contributions of OEB to the Cypriot economy and beyond.

He highlighted recent European summits, including discussions on the Multiannual Financial Framework (MFF) for 2028-2034, emphasizing the goal of a Strategically Autonomous Union through investments in innovation, technology, and infrastructure. The President also addressed the importance of energy autonomy and the need for faster reforms in decision-making, innovation, and creating a business-friendly environment.

He discussed the progress on the roadmap for ‘One Europe, One Market,’ including 42 actions across five strategic pillars: simplifying rules, deepening the single market, strengthening trade policy, reducing energy costs, and accelerating digital transformation. These efforts aim to improve access to the single market for Cypriot and Greek businesses.

The President emphasized Cyprus’s role as a regional bridge, mentioning initiatives with Middle Eastern countries and trade agreements with India, Australia, and negotiations with the UAE. He highlighted Cyprus’s active participation in European foreign policy and regional relations.

Internally, he reviewed economic achievements such as a surplus of 2.6%, debt reduction to below 50% of GDP, a 3.8% growth rate for 2025, and full employment conditions after 18 years. These results have improved investment confidence, credit ratings, and economic stability, enabling targeted support measures and reforms.

The President also outlined ongoing efforts in digitalization, tax reform, energy sector restructuring, education, and labor market policies, including agreements with Egypt and India to meet labor needs. He stressed that competitiveness is a means to expand Cyprus’s productive base and foster a more extroverted economy.

He announced upcoming international missions to India, Kazakhstan, and the United States to attract investments and strengthen trade relations. Cyprus’s role as EU Presidency contributor was also noted, with a focus on policies enhancing Europe’s competitiveness.

He concluded by reaffirming the government’s commitment to a resilient, competitive economy, partnership with employers, and continuous reforms for societal prosperity.