(Commonwealth_Europe) President Nikos Christodoulides delivered an optimistic and forward-looking address at the 15th Nicosia Economic Congress on Tuesday, where he passionately defended his administration’s fiscal approach while laying out a vision for enhancing Cyprus’ global competitiveness through digital innovation and strategic reforms. In a speech that balanced national pride and pragmatic planning, Christodoulides emphasized that Cyprus is undergoing a period of tangible transformation—not just through rhetoric but with clear strategies, deliberate policy choices, and measurable outcomes.
Reflecting on the country’s recent economic performance, the president announced that Cyprus achieved a 3.4% economic growth rate in 2024, placing it among the top-performing economies within the eurozone. Projections for the coming year remain strong, with expected growth of 3.1% in 2025. He noted that these figures result from a steady, responsible fiscal policy and ongoing structural reforms aimed at modernizing the country’s economy. He underscored that Cyprus’s success is not accidental but a product of careful planning and collective effort.
Christodoulides also highlighted the country’s progress in reducing unemployment, noting that the overall rate has dropped below 5%. Youth unemployment, in particular, has seen the most significant decline among all EU member states—a trend he attributed to targeted initiatives supporting education, skills development, and job creation. On the fiscal front, he pointed to the robust state of public finances. The primary budget surplus has now exceeded 4%, and the national debt is on track to fall below 60% of the GDP by 2026. These indicators, he stressed, position Cyprus as a model of economic stability in an increasingly volatile global environment.
Turning to the international stage, the president acknowledged the economic uncertainties facing the global economy, including the recent introduction of new tariffs by the United States. However, he cautioned against reactionary or confrontational policies in response. Instead, Christodoulides advocated for a cooperative approach, calling on the European Union to leverage its diplomatic and economic tools to foster constructive dialogue with the U.S., especially under its new administration. He emphasized that mutual benefit should remain the cornerstone of transatlantic relations.
In an exciting development for Cyprus’s technological aspirations, Christodoulides announced that representatives from two leading Silicon Valley companies would be visiting the island next week to explore potential investments. These visits are the direct outcome of his recent outreach efforts during a trip to the United States, and they signal growing international interest in Cyprus as a hub for research, innovation, and entrepreneurship. The president expressed hope that these engagements would pave the way for future partnerships that could elevate Cyprus’ standing in the global tech landscape.
The president also unveiled an initiative aimed at reversing the brain drain. On May 21, his government will launch a “Brain Gain” campaign in London, targeting skilled and talented Cypriots living abroad. The objective is to encourage them to return home and contribute to the nation’s ongoing transformation. Christodoulides emphasized that the country’s future depends on harnessing the skills and ambitions of its people—especially those with international experience and advanced expertise.
Further reflecting Cyprus’s upward trajectory, the president proudly cited the country’s first-ever inclusion in the top 50 global startup ecosystems, according to StartupBlink, a recognition that validates recent efforts to support entrepreneurship and innovation. Additionally, he noted that Cyprus is among the first countries globally to introduce financial literacy as a formal part of its school curriculum—an initiative designed to empower the next generation with the tools needed for economic success.
Another key point in the president’s address was the notable progress made in digital governance. Cyprus, he stated, has improved its digital performance by 16.3%—a figure that significantly surpasses the European average. This progress, according to Christodoulides, reflects his administration’s commitment to efficiency, transparency, and modernization across all levels of government.
In a gesture that resonated deeply with the audience, the president celebrated the decision to dedicate this year’s congress to millennials. He described them as the driving force behind technological change, innovation, and entrepreneurial growth. Millennials, he said, represent not just the future of Cyprus but one of its most vital current strengths. By embracing their creativity, energy, and digital fluency, the country can position itself as a competitive player on the global stage.
Ending on a note of confidence and pride, Christodoulides reminded attendees that while Cyprus may be small in geographic size, it holds immense potential. With strategic vision, unity, and continued investment in its people and digital future, the country is poised to achieve lasting prosperity and international relevance.
