President Nikos Christodoulides on Tuesday defended his government’s fiscal policy and outlined strategies to boost competitiveness through digital transformation, while highlighting the role of millennials in developing the country’s economy.
Speaking at the 15th Nicosia Economic Congress, Christodoulides said Cyprus had achieved 3.4% economic growth in 2024, one of the highest rates in the eurozone, with forecasts of 3.1% growth for 2025.
“Cyprus is changing – not at a theoretical level, not with statements, but in practice, through strategic planning, determination and measurable results,” Christodoulides said.
The president said unemployment had fallen below 5%, with youth unemployment showing the largest decrease among EU countries, while the primary budget surplus exceeded 4% and public debt was on track to fall below 60% of GDP by 2026.
Addressing global economic challenges, including new tariffs announced by the United States, Christodoulides said he opposed “a policy of continuous confrontation with the new American President,” arguing that the European Union has “strong tools to reach a mutually beneficial approach through dialogue”.
Christodoulides revealed that representatives from two Silicon Valley companies would visit Cyprus next week to explore investment opportunities, particularly in research and innovation centres, following his recent trip to the United States.
“I’m pleased to announce that next week we will have representatives from two companies we met in Silicon Valley to begin initial contacts regarding investing in our country,” he said.
The president announced the launch of a “Brain Gain” campaign in London on May 21, aimed at attracting talented Cypriots living abroad to return to the country.
He highlighted Cyprus’ first-ever ranking among the top 50 global startup ecosystems according to StartupBlink, and noted the country was among the first worldwide to introduce financial literacy classes in schools.
“Cyprus may be small in size, but it is great in potential,” Christodoulides said, adding that the country’s digital governance had improved by 16.3%, significantly exceeding the European average.
The president praised the decision to dedicate this year’s congress to millennials, describing them as “a leading force in technology, innovation and entrepreneurship,” and “the best guarantor of the future and one of our country’s most important advantages”.
