President Nikos Christodoulides has said significant new US investments in Cyprus will be announced in the near future, while also saying he does not rule out important developments towards the resumption of Cyprus settlement talks.
Speaking at a meeting with members and officials of the Federation of Cypriot American Organisations in New York on Sunday evening, September 20, Christodoulides said the Cyprus issue was dominating his meetings during a “full week” in New York.
“Despite the climate, particularly in Cyprus, that there will be no developments, I do not rule out developments, including significant developments, towards the resumption of talks,” he said.
The President said he would discuss the developments in greater detail with the diaspora on Friday evening, when he plans to review the week’s activities.
Focus on US economic ties
Christodoulides said Cyprus had become known in the United States again for positive reasons, citing the country’s regional initiatives and its EU Council Presidency.
He highlighted a significant increase in US investments in Cyprus, particularly in the technology sector. He said he would return to the US at the end of November to participate in a Financial Times conference on Cyprus in New York.
The President also announced plans for a campaign in New York aimed at attracting Cypriot talent back to the island, saying the government’s “brain gain” efforts were already producing results.
He said his upcoming US contacts would also include companies interested in investing in Cyprus in Ohio, Boston and Florida.
“The immediate next period we will also have some very important announcements for new investments by American giants,” Christodoulides said.
Economy and defence
Christodoulides also referred to Cyprus’ recent credit rating upgrade by S&P Global Ratings from A- to A, with a positive outlook. The upgrade marked Cyprus’ return to the A category for the first time since 2011.
He said public debt had fallen from around 80% of GDP when his administration took office to 48%, with a further decline expected, while unemployment stood at around 3.6% to 3.7%.
The President also pointed to increased defence spending in the 2027 state budget, alongside investment in education, healthcare and social spending.
He said Cyprus had also recorded a reduction of more than 90% in migrant arrivals and an increase of more than 85% in returns.
Cyprus-US relations
Referring to Cyprus-US relations, Christodoulides said he believed there was scope for further strengthening bilateral ties following his recent meeting with the new US ambassador.
He said he would keep the Cypriot diaspora informed so that their efforts could be aligned with the government’s initiatives.
The President also held a discussion with members of the Cypriot diaspora and answered their questions.
Also read: Cyprus issue takes centre stage in New York: President to meet Guterres and Holguín
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