President vows to protect credibility of business hub

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Safeguarding Cyprus’ credibility as a business and investment centre is a personal goal for President Nikos Christodoulides.

This is what he told the 60th conference of the Pancyprian Public Servants’ Trade Union (PASYDY).

On US and UK sanctions imposed on Cypriot individuals and entities, the President said that proper handling is necessary to preserve the credibility of Cyprus as a financial centre.

“Safeguarding our credibility is a big stake for the government and my personal goal.

“The goal of moving forward and getting the matter over and done with once and for all is the highest priority of my government.

“Maintaining fiscal discipline, expanding the economy’s productive base and continuously promoting structural reforms contribute to strengthening the economy’s competitiveness and the welfare state.”

Referring to the national Recovery and Resilience Plan and the long-term development strategy “Vision 2035”, the President said it includes reforming the justice system, extensive subsidies to businesses for digital and green investments, increased subsidies for research and innovation, tax reform, employee training programmes, better-linking education with the labour market.

Christodoulides argued that it has become clear that reducing polluting emissions by 2030 is a major challenge for Cyprus and requires significant investment and transformation of almost the entire economy.

He also underlined the necessity for transforming the public sector into a more flexible and effective mechanism to make the most of technology and reward employees based on objective and measurable criteria.

“The digital transformation of our country concerns both the relations and transactions of the state with the citizen but also business in general, and for this purpose, we are promoting a number of specific actions.”