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Vision 2035 to turn economy greener

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Cyprus’ long-term strategy for a new growth model titled “Vision 2035” seeks to transform the economy based on green sustainability, not wishful thinking, said Finance Minister Constantinos Petrides.

The “Vision 2035” strategy, drafted by the Cyprus Economy and Competitiveness Council (Ecompet), was presented to the Cabinet Wednesday.

Petrides said green growth policies feature prominently in Cyprus’ new sustainable growth model.

“Based on this strategy, we will face future challenges,” Petrides said.

“The state and society should assume ownership of these long-term challenges for the sake of our children’s future.”

He called it “a specific long-term strategy which is not based on theories or wishful thinking as we’ve seen in the past.”

The strategy was introduced by the Council’s Chair Takis Clerides and presented by Andreas Assiotis, Ecompet vice-chair and head of the steering committee, overseeing the plan’s drafting.

“Vision 2035 charts Cyprus’ growth path for the next 15 years, aiming at the transition to a new modern economic model,” Clerides said.

Emphasis is placed on green and digital transition and on connecting the Strategy with Cyprus’ Recovery and Resilience Fund.

The study highlights the advantages Cyprus could exploit to achieve sustainable long-term growth.

“This is the first time in Cyprus’ history that a comprehensive long-term study and a complete growth model for the Cypriot economy is being outlined,” Clerides said.

Assiotis briefed the Cabinet that the new strategy comprises more than 240 recommendations for horizontal and sectoral changes to obtain sustainable growth while safeguarding prosperity.

The strategy comprises Key Performance Indicators (KPIs) and a comprehensive governance mechanism for monitoring implementation.

A new element in the strategy is that it is attached to funds through the state budget or funds granted by the EU.

“This is not a theoretical exercise; there are specific funds to be absorbed through this strategic plan,” Assiotis said.

Petrides said this strategy will protect the economy and society from high energy prices “as it includes actions and growth pillars in its priorities such as the environment.”

“Vision 2035” resulted from a two-year economic analysis with key stakeholders.

“According to Ecompet, the strategy is based on three pillars: a model world state, a vibrant and resilient economy and a fair society with no exclusions.

“Vision 2035 entails the evolution of Cyprus into Europe’s sustainable business and trading hub.”