President of the Republic of Cyprus, Nikos Christodoulides Cyprus is on a clear path to development, said President of the Republic Nikos Christodoulides, presenting the comparative advantages of the Cypriot economy at a working lunch roundtable discussion held in Toronto on Friday, with the participation of entrepreneurs and investors in innovation, technology, real estate development and the financial sector.
According to a statement from the Presidency, speaking at the working lunch, which was organized by the Fairfax Financial, the President of the Republic of Cyprus noted that "this is my first visit to Canada and is part of our broader effort to present Cyprus. I have visited New York, Texas and Silicon Valley for the same purpose to attract foreign investment in Cyprus".
"Our country," he said, "in which I have governed since March 2023, is on a clear path of development and transformation. We are an EU member state, but we are also part of the Middle East. So, by investing in Cyprus you are investing in a market of 450 million people and at the same time, in a large market in the wider Middle East."
For his part, Fairfax founder and CEO Prem Watsa said, while welcoming the President of the Republic, that "when you have a leader of a country who is so friendly to entrepreneurship, his country cannot but do very well", in the economic sector.
According to the announcement, in his speech, the President noted that "in these very turbulent times, not only from a political point of view but also from an economic one, the Cypriot economy has one of the highest growth rates with 3.4%, public debt is below 60% and by the end of the year it will be around 53%, while we have a surplus."
He also referred to the Minds In Cyprus program for the repatriation of various talents and scientists to Cyprus which the government commenced from London, adding that the effort will continue in Birmingham, Greece, and New York.
“At the same time,” he added, “we are working to expand the productive base of our economy. The Cypriot economy was based mainly on services and tourism. Now, however, the economy is changing, which is expanding into many sectors, such as the banking sector, investments, the real estate sector, shipping, higher education, energy and others,” he said.
President Christodoulides also pointed out the enormous proximity of Cyprus to the countries of the region, as well as Cyprus’ cooperation with India, highlighting the recent visit of the Prime Minister of India, Narendra Modi, to Cyprus, on his way to Canada.
He noted that Cyprus is developing the defense sector in terms of investments, adding that there is a lot of investment in this sector from Europe, while at the same time there is close cooperation with Indian companies in this sector.
He also said that many companies and organizations, such as Eurobank, give a vote of confidence to the Cypriot economy which, as he stated, is strong.
Finally, he referred to the upcoming Cypriot Presidency of the Council of the EU, noting that one of its priorities is to make Europe much friendlier in terms of business, because, as he noted, “we are not, and competitiveness in the EU must be strengthened. And Cyprus will play its role in this.”
According to a statement from the Presidency, speaking at the working lunch, which was organized by the Fairfax Financial, the President of the Republic of Cyprus noted that "this is my first visit to Canada and is part of our broader effort to present Cyprus. I have visited New York, Texas and Silicon Valley for the same purpose to attract foreign investment in Cyprus".
"Our country," he said, "in which I have governed since March 2023, is on a clear path of development and transformation. We are an EU member state, but we are also part of the Middle East. So, by investing in Cyprus you are investing in a market of 450 million people and at the same time, in a large market in the wider Middle East."
For his part, Fairfax founder and CEO Prem Watsa said, while welcoming the President of the Republic, that "when you have a leader of a country who is so friendly to entrepreneurship, his country cannot but do very well", in the economic sector.
According to the announcement, in his speech, the President noted that "in these very turbulent times, not only from a political point of view but also from an economic one, the Cypriot economy has one of the highest growth rates with 3.4%, public debt is below 60% and by the end of the year it will be around 53%, while we have a surplus."
He also referred to the Minds In Cyprus program for the repatriation of various talents and scientists to Cyprus which the government commenced from London, adding that the effort will continue in Birmingham, Greece, and New York.
“At the same time,” he added, “we are working to expand the productive base of our economy. The Cypriot economy was based mainly on services and tourism. Now, however, the economy is changing, which is expanding into many sectors, such as the banking sector, investments, the real estate sector, shipping, higher education, energy and others,” he said.
President Christodoulides also pointed out the enormous proximity of Cyprus to the countries of the region, as well as Cyprus’ cooperation with India, highlighting the recent visit of the Prime Minister of India, Narendra Modi, to Cyprus, on his way to Canada.
He noted that Cyprus is developing the defense sector in terms of investments, adding that there is a lot of investment in this sector from Europe, while at the same time there is close cooperation with Indian companies in this sector.
He also said that many companies and organizations, such as Eurobank, give a vote of confidence to the Cypriot economy which, as he stated, is strong.
Finally, he referred to the upcoming Cypriot Presidency of the Council of the EU, noting that one of its priorities is to make Europe much friendlier in terms of business, because, as he noted, “we are not, and competitiveness in the EU must be strengthened. And Cyprus will play its role in this.”
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