Cyprus’ President Nikos Christodoulides announced on Tuesday the government's plan to institutionalize direct dialogue with the business community. The announcement was made at the 63rd General Assembly of the Cyprus Employers and Industrialists Federation (OEB) in Nicosia.

President Christodoulides shared that a meeting is scheduled for late May at the Presidential Palace, where key stakeholders, including the Cabinet, OEB, the Cyprus Chamber of Commerce and Industry (CCCI), and the Association of Banks, will participate.

The President also noted that the Cabinet will convene next Monday to discuss the implementation plan for 88 actions announced by the government earlier this year.

"My presence here today, along with almost the entire Cabinet, beyond the recognition by the State of the significant role you play, demonstrates, in the most tangible way, the importance we attach to continuous dialogue with the business community, so that our policies and actions are aligned to effectively address the challenges facing the business community in our country and to promote our common goals," stated President Christodoulides.

President Christodoulides highlighted the challenges arising from regional instability and global geopolitics and their impact on Cyprus' economy. He underscored the detrimental effects of these uncertainties on markets and trade, pointing to Cyprus' heightened vulnerability due to its island status, which leads to increased costs for goods and energy. In response, he stressed the importance of implementing policies to bolster the economy's resilience and competitiveness while ensuring citizens' welfare. The President emphasized the necessity of careful planning and constant vigilance to avoid the repetition of past crises.

In this context, President Christodoulides reiterated the need for fiscal responsibility, a stable financial sector, and bold reforms as the pillars of Cyprus' economic policy. He also emphasized the importance of enhancing Cyprus' credibility to create a stable environment for business. Addressing concerns about practices that could harm Cyprus' international reputation, he reiterated the government's "zero tolerance for such behavior." To rebuild the nation's reputation, the President stressed the importance of moving away from practices that have tarnished Cyprus' image, as this is crucial for attracting quality investments and creating new employment opportunities.

To strengthen Cyprus' international standing, President Christodoulides announced initiatives like the National Sanctions Implementation Unit and the Single Supervisory Authority for administrative service providers. Additionally, he unveiled plans for a coordinated effort to rebrand Cyprus internationally, signaling a significant shift from previous strategies. The President invited stakeholders to join in this collective effort to bolster Cyprus' global image.