“I would like to express my satisfaction that, even with some delay, we have established this institution, which allows our ministers to develop a framework for regular cooperation with significant results. In the relations between Greece and Cyprus, the focus was predominantly on national issues. Now, we have developed a framework for enhancing the relations between the two states,” said Prime Minister Kyriakos Mitsotakis at the 2nd Cyprus-Greece Business Forum in Nicosia. “The collaboration and alignment of Cyprus and Greece form the cornerstone of our relationship,” he noted.
The Prime Minister emphasised that the excellent level of Greek-Cypriot relations is also reflected in the economic field and that Cyprus is one of Greece’s most important partners.
He expressed his admiration for Cyprus’ economic performance, stating that it demonstrates that Cyprus addressed the economic crisis with perhaps greater responsibility than Greece.
“Unfortunately, we experimented with populism, lost five years, and only after 2019 implemented policies that are now showing results,” he underlined.
Growth in Bilateral Trade
Mr Mitsotakis also referred to the upward trend in bilateral trade.
“The position of Cyprus on the global map has changed. Its traditional outward-looking approach is gaining momentum. Everything suggests that entrepreneurship on the island will significantly exceed its size. Meanwhile, we have regained investment-grade status, achieved the largest reduction in public debt within the OECD, and reduced unemployment. Fiscal responsibility is a non-negotiable priority of our economic policy. It allowed us to attract investments and achieve the goal of reducing the investment gap,” said Kyriakos Mitsotakis.
The Prime Minister highlighted Greece’s completion of its national strategy on artificial intelligence, aiming, among other objectives, to improve productivity in the public sector and establish a regulatory framework.
“Greece and Cyprus can play leading roles in European developments,” he stressed.
He congratulated those who worked to make the forum a reality and expressed his belief that progress in economic relations between the two countries will be evident by the next forum, which will take place in Athens.
“This is a very significant institution, held in parallel with the 2nd Greece-Cyprus Intergovernmental Summit,” said Nikos Christodoulides. The Cypriot President noted that “we managed to enhance and enrich our cooperation.”
Mr Christodoulides mentioned that ten memoranda of cooperation have been signed as a result of the first Intergovernmental Summit.
“There is genuine will to further strengthen our cooperation. Entrepreneurship, trade, and investments are key tools. At the European level, we are already discussing the Draghi report. The excellent collaboration between Greek and Cypriot entrepreneurs is a shining example of what we can achieve,” the Cypriot President said. He also noted that the largest investment in Cyprus comes from Greece.
“Cyprus and Greece are two healthy and stable economies. As EU members and pillars of stability, we possess a combination of advantages that can attract investments,” he emphasised.
Fiscal Responsibility and Reforms
He stated that achieving ambitious goals requires fiscal responsibility, a stable financial environment, and continuous bold reforms.
Mr Christodoulides also said that Cyprus is expected to achieve the 3rd highest growth rate among eurozone countries in 2024, and unemployment is projected to fall below 5% by 2025. He added that the positive trajectory of Cyprus’ economy is reflected in the upgrades by credit rating agencies.
“All this while we are between two wars and with the economies of strong EU member states facing serious challenges. Responsibility delivers results,” he stressed. He also highlighted that “we are not here to say that the numbers are flourishing. The benefits are translated into tangible improvements for businesses and households.”
The Cypriot President also referred to Cyprus’ technological and digital upgrades and thanked Greece and the Prime Minister for their assistance in this area.
Also read: Cyprus-Greece intergovernmental summit underway
Source: ANA-MPA
