Businesses should be outward looking

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President Nikos Christodoulides said enhancing Cyprus’ outward orientation by attracting more foreign investments and promoting integration with other ecosystems, leveraging the potential of the digital economy, is necessary.

Addressing Wednesday’s 15th In Business Awards 2023, he said both the state and businesses are called upon to respond successfully to the realities brought about by digital transformation and the green transition.

He urged political leaders and party representatives to cooperate in the House of Representatives so that “not a single cent is not lost from the assistance provided by the EU through the Recovery and Resilience Fund.”

“The state alone cannot achieve digital transformation.

“Therefore, we will publicly call upon companies dealing with this specific subject to collaborate with us, as was done in the case of Greece, to work towards digital transformation.

“I strongly believe that in the complex and competitive environment we are experiencing, we can successfully respond and find effective solutions if we join forces, work collectively, away from populist or narrow political interests, and strive for a better, stronger, more resilient, and more competitive economy.”

Christodoulides said his government see them as partners and fellow travellers in this effort.

“Through your business growth and the state’s contribution, it has shown dynamic progress in recent years, demonstrating its resilience and competitiveness.

“It is within this dynamic that we want to invest, to provide continuity and further impetus as a government, with policies aimed precisely at strengthening the competitiveness of the Cypriot economy, based on a broader vision for a new, modern, and expanded economic development model.”

He said the key objectives are increasing trade and employment and attracting productive and high-quality investments to create quality jobs.

President Christodoulides also acknowledged the country’s tax system needs modernisation and simplification, and one of the government’s first decisions was to initiate efforts for tax reform.

The main pillars of the tax reform are enhancing the competitiveness of Cyprus’ tax model, reducing administrative burdens for taxpayers, and providing fairer redistribution of the tax burden while maintaining fiscal neutrality.

He said “that successful examples of significant and innovative businesses that have chosen Cyprus as their base for international activity” are among the candidates to receive awards.