He noted that the Cypriot economy has shown remarkable durability and adaptability in the last two years
We are determined to strengthen the role of Cyprus as an international financial center, the President of the Republic, Nikos Christodoulides, said in his speech at the official dinner of the Eurobank Board of Directors on Wednesday night in Nicosia.
Welcoming the members of the Board of Directors of the Banking Club, President Christodoulides noted that their presence “is a reflection of the strong and expanding Eurobank footprint in our country but also proof of the role of Cyprus as a dynamic and reliable financial and business hub in the region”.
President Christodoulides said the Cypriot economy has shown “remarkable durability and adaptability” over the last two years, achieving one of the highest growth rates in the eurozone. This has been possible due to responsible fiscal policies that have produced tangible results, leading to full -time conditions, a strong budgetary surplus and a continuous decline in public debt, he added. “And we remain committed to maintaining economic stability and promoting a competitive business environment, recognizing that a strong economy is the foundation for sustainable growth and prosperity,” he said.
Looking into the future, he continued, “we are determined to strengthen the role of Cyprus as an international financial center.” “Our strategy is clear: budgetary responsibility, a strong financial sector and structural reforms through the acceleration of digital transformation and implementation of policies that enhance the country’s competitiveness in an ever -increasing and demanding global market,” he said.
In this context, he added, the banking sector is a critical pillar for investment, innovation and economic growth. “A well -capitalized and stable financial system is essential for business support, trade facilitating and unlocking new opportunities for development,” he added.
He noted that Eurobank “has played an important role in this effort”. The recent acquisition of the Hellenic Bank and the broader strategic position of Eurobank in Cyprus confirm the group’s confidence in the capabilities of our country and its financial system, he said.
President Christodoulides also referred to the government’s target to modernize the country’s tax system “to further strengthen the investment climate and to strengthen Cyprus’s appeal as a preferred destination for international businesses”. The reform, he said, will rationalize tax processes, reduce unnecessary complications and introduce measures that encourage entrepreneurship, attract direct foreign investment and support the differentiation of the economy.
At the same time, he noted, “it is vital that our economy’s success is translated into tangible benefits for our citizens and businesses.” A key priority is to ensure that the financial sector remains focused on enhancing access to funding for Cypriot businesses and individuals, he added. “Enhancing lending opportunities and promoting a more open credit environment will allow businesses to expand, create jobs and further economic growth,” he said. Similarly, he noted, the assurance that Cypriot households have the necessary financial support to invest in their future will enhance social prosperity. “In this way, Cyprus’s strong macroeconomic performance can gradually translate into broader prosperity and economic development,” he said.
In this context, the partnership between the public and the private sectors is essential, said President Christodoulides. “The financial sector, and especially institutions like yours, plays a decisive role in shaping Cyprus’ financial orbit,” he said. “Your know -how, investment and commitment contribute to the constant evolution of our economy, ensuring that we remain at the forefront of financial innovation and global economic trends,” he added.
He also said that “the steps we take today will determine tomorrow’s financial landscape and we are determined to ensure that Cyprus will continue to thrive as a leading economic and business destination.”
Noting that the leadership, vision and presence of Eurobank in Cyprus reinforce the country’s position “as a leading financial hub”, the president said that the group’s decision to expand his footprint here, “is fully aligned with our goals for attracting high quality investment and investment.”
Source: KYPE