The Long-Term Strategy for the Sustainable Development of the Cypriot Economy, also known as "Vision 2035," will be updated, according to Takis Klerides, President of the Cyprus Economy and Competitiveness Council and former Minister of Finance.

The Strategy comprises a set of actions, reforms, and institutional changes aimed at establishing a new development model for the Cypriot economy. The central message of the plan is to transform Cyprus into one of the best places in the world to live, work, and do business.

Speaking at a press conference on Tuesday, Klerides announced that the Council has decided to update the Strategy and will submit a request to the European Commission for financing the project.

In his statements, Vice-President of the Council Andreas Ashiotis recalled that the Long-Term Strategy began in 2020, was submitted for public consultation, and was ratified by the Council of Ministers in 2022.

Ashiotis also mentioned that some provisions of the Strategy have already been implemented and included in the Recovery and Resilience Plan.

Additionally, he noted that the Strategy includes a provision for updates every five years.