President of the Republic of Cyprus, Nikos Christodoulides, and Greek Prime Minister Kyriakos Mitsotakis Open the 2nd Greece Cyprus Summit – Advancing Together

The summit, co-organized by Invest Cyprus and Boussias Cyprus, took place at the Hilton Hotel.

President of the Republic of Cyprus, Nikos Christodoulides, was the first to take the floor, emphasizing the importance of the summit as a key institution for strengthening bilateral relations. He also highlighted the Greece-Cyprus summit, scheduled for later, as a means to enhance cooperation between the two countries, particularly in matters of internal governance that directly impact daily life.

Significant progress has been made in the relations between the two nations, demonstrated by the signing and implementation of 10 memorandums of cooperation. These agreements cover areas such as labor issues, the environment, research and technology, and shared challenges. The shared vision and strategic exploitation of opportunities underscore the dynamic enhancement of relations not only between Greece and Cyprus but also with neighboring countries.

Entrepreneurship, trade, and investment serve as essential tools for growth, prosperity, innovation, and ultimately, competitiveness in both countries. On a European level, discussions have already begun on the Draghi report, which must translate into concrete actions rather than remaining theoretical.

The collaboration between the business communities of Greece and Cyprus is a driving force for creating competitive economies and fostering prosperity. The forum serves as a platform for generating ideas and laying the groundwork for long-term partnerships. Notably, Greece recently made the largest investment in Cyprus, exceeding €1 billion, illustrating the benefits of joining forces.

As EU members, both countries possess a unique combination of advantages to attract investments and create jobs. The aim is to establish a stable framework and provide the business community with the necessary tools to address challenges, compete, and grow. Key prerequisites include fiscal responsibility, financial stability, and bold reforms.

Cyprus is projected to achieve the highest growth rate among EU countries at 3.8%.

At the European level, Cyprus shows remarkable performance, recording the third-highest growth rate in the EU, historically low unemployment levels, and a significant drop in inflation. A substantial primary surplus is forecasted for 2024, along with a notable reduction in public debt, marking the largest debt decrease.

This positive trajectory is affirmed by credit rating agencies, with Moody's upgrading Cyprus's economy to A3, signaling a vote of confidence.

Greece and Cyprus are emerging from a challenging period, emphasizing the importance of cooperation for economic stability, job creation, and improved quality of life. The three pillars of strategic policy – fiscal stability, economic growth, and reforms – lay the foundation for a better future.

The Greece-Cyprus partnership serves as a model of progress and prosperity, reaffirming the importance of excellent relations in an era of global challenges and opportunities.