In a joint statement, Finance Minister Makis Keravnos and the new President of the Cyprus Chamber of Commerce and Industry (CCCI), Stavros Stavrou, emphasized the importance of dialogue in finding solutions to the challenges faced by the Cypriot economy, especially amidst external geopolitical upheavals.

The new CCCI President, accompanied by members of the Chamber's executive committee, met with the Finance Minister today. The agenda included current issues such as interest rates, foreign labor force, regional turmoil, and ongoing tax reform.

Following the meeting, Mr. Keravnos expressed satisfaction with the mutual understanding reached on approaches to addressing various problems. “Our relationship has been and remains productive in the context of a shared understanding of how we can improve the issues and challenges facing our economy today. This is crucial, especially in a period of numerous geopolitical upheavals, both around us and in our neighborhood,” stated the Finance Minister.

Mr. Stavrou highlighted the significance of exchanging views to solve critical problems and move forward. He brought attention to high interest rates, the impact of regional disturbances on our economy, and the upcoming tax reform, emphasizing the need for collective effort for the best outcomes.

He also mentioned discussions about new incentives for entrepreneurs to address the pressing issue of labor shortages. “We sought the minister's assistance on this matter and received a positive response within his jurisdiction,” he added.

Mr. Stavrou noted that ongoing meetings are constructive as they “aim for the same goal: a strong and healthy economy and a robust business environment.”

Responding to a question about pressing issues raised by CCCI, such as foreign labor, ATA, the bloated state payroll, and collective agreements, Mr. Keravnos said that some agreements are being made within the framework of implementing various policies. He added, “When we realize that corrections need to be made, they should be made.”

Regarding the ATA, Mr. Keravnos reiterated the well-known position that the ATA should now be linked to the productivity and competitiveness of the economy, among other aspects to be considered.

On the issue of interest rates, the Finance Minister acknowledged that they are currently at a high level, which does not help the economy and businesses to operate or households to meet their loan needs. “Therefore, everyone continues the dialogue with relevant parties to find a way out so that our economy can function effectively,” he added.

Mr. Stavrou agreed with the Minister's remarks on the ATA.

Reminding that CCCI's position was the abolition of the ATA, Mr. Stavrou noted, “Having different opinions and discussing without reaching anywhere is not an end in itself.” However, he pointed out the June 2025 timeline for a new agreement on the bases, as described by the Finance Minister. “We look forward to this dialogue to conclude on a substantiated formula for the ATA, but we cannot always be entrenched in positions and end up in labor unrest,” he mentioned. He added, “Labor peace is a significant and legitimate achievement, and to move forward, solutions must be found and progress made.”