President Nikos Christodoulides received members of the Cyprus Defence Industry Council at the Presidential Palace on Monday, in the presence of Defence Minister Vasilis Palmas.
Reviewing one year of progress
Speaking at the meeting, Christodoulides said the council had been formally established last year and emphasised the need to review achievements over the past twelve months. “We set targets, and today I want to see what has been implemented and what has not,” he said, highlighting the importance of a registry of Cypriot companies to enhance international outreach.
Supporting Cypriot companies
The President expressed confidence in the sector’s potential: “You know very well how much I believe in your capabilities. I make public references because I truly believe the Cypriot defence industry is very promising.” He also noted opportunities arising from the SAFE initiative, including a 15% clause for equipment purchases from third countries and relevant exhibitions.
Economic and security potential
Christodoulides stressed that the Cypriot defence industry could reach double-digit contributions to the country’s GDP in coming years. “This is not an exaggeration. I know your capabilities well. It is a promising new sector of our economy, and it also aligns with our clear intent to strengthen the country’s deterrent power,” he added.
Next steps and support
The President concluded that the purpose of the meeting was to assess achievements, identify areas for improvement, and plan further actions. He confirmed his commitment to support the sector internationally, including participating in Athens to promote its development.
Also read: EU defense funding approved for Cyprus and seven other states
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