During the Economist's 19th Annual Cyprus Summit held on Wednesday, economic stakeholders deliberated on revitalizing Cyprus' growth model, addressing challenges, and seizing opportunities for a sustainable and innovative future.

Christodoulos Angastiniotis, President of the Cyprus Chamber of Commerce and Industry (CCCI), discussed the regional conflict's uncertain effects on sectors such as investment, tourism, and Israeli real estate purchases. He also raised concerns about inflation, exacerbated by high international oil prices, potentially straining Cyprus' economy.

Yet, Angastiniotis pointed to opportunities, like Israeli companies setting up in Cyprus and Israeli families moving for safety, potentially boosting residential rentals and education. He underscored the need for economic model adaptation through reforms, digital advancement, and new sector engagement.

Confident in the EU's Recovery and Resilience Plan, Angastiniotis believes Cyprus can modernize its economy and secure sustained growth.

Andreas Yiasemides, President of the Cyprus Investment Funds Association (CIFA), highlighted the investment fund sector's crucial role in Cyprus' economic evolution, noting its resilience with €3 billion invested locally. He advocated for a diverse economy, resistant to global shocks and conducive to sustainable growth. The "Vision 2035" Plan and EU funds present a unique chance for transformative change, he added.

Yiasemides called for a resilient path to tackle rising interest rates and inflation, focusing on adaptability, innovation, and diversification to rejuvenate Cyprus' growth model.

Hila Ehrenreich, Chief Executive of the Israeli National Centre for Blue Economy and Innovation, observed a boom in Israel's Blue Tech startups. These enterprises, transitioning from sectors like cybersecurity, aim for environmental betterment.

The Israeli National Centre, a collaboration between Israel and the EU, aims to foster a sustainable tech and entrepreneurial ecosystem. With the blue economy's value at €2.5 trillion and growing, Ehrenreich emphasized sustainable human-marine activity integration to protect ecosystems.