Opening remarks by the Minister of Energy, Commerce and Industry of the Republic of Cyprus, Mr George Papanastasiou, at Investopia Global Mediterranean conference’s panel discussion “Bridging Prosperity: Unlocking GCC – Eastern Mediterranean Synergies”

From:

Ministry of Energy, Commerce and Industry

10/06/25 13:08 | Speech / Address | Energy, Commerce and Industry

Firstly, I would like to convey my sincere appreciation to INVESTOPIA for organising this event in Cyprus. It is an honour to participate in this important panel and to be among valued partners from across the Gulf and the Eastern Mediterranean – regions that are uniquely positioned to jointly shape a more connected, prosperous, and resilient future.

Today’s global landscape is evolving rapidly. Against a backdrop of geopolitical uncertainty, shifting economic dynamics, and technological disruption, it is increasingly clear that no country can thrive in isolation. Growth in all markets now depends on being able to exchange knowledge, leverage comparative advantages, and build meaningful partnerships.

This is precisely where the synergies between the Gulf and Eastern Mediterranean countries become so vital.

The example of Cyprus’ longstanding ties with the Gulf region – especially with the United Arab Emirates – is reflective of this. These are more than diplomatic ties; they are partnerships built on mutual respect, shared priorities, and a strong track record of trade, investment, and cultural exchange. Cyprus has proven itself as a trusted partner and an ideal base for Gulf-based companies seeking access to the European Union (EU) while maintaining proximity to the Middle East.

We see our role as that of a bridge: geographically, economically, and strategically.

Over the past decade, Cyprus has embarked on a transformative journey. Despite the many global and regional headwinds, we have maintained robust economic momentum. In 2024, Gross Domestic Product (GDP) grew by 3.4%, significantly outperforming the EU average of 0.9%. Unemployment has fallen to just 4.6%, approaching conditions of full employment.

This growth is underpinned by a diversified and agile economy, with key sectors including professional services, tourism, Information and Communication Technology (ICT), education, energy, and shipping. We are also seeing a remarkable increase in foreign direct investment, especially in technology and innovation.

All major credit rating agencies have now upgraded Cyprus to Category A, reaffirming international confidence in our policy framework and future outlook.

I can assure you that we are not standing still. Our national development plan, Vision 2035, focuses on building a green, digital, and resilient economy. It prioritises sectors with high added value and sustainability, such as clean energy, information technology, healthcare, shipping, tourism, and education. Importantly, it emphasises regional cooperation and international partnerships as critical enablers of long-term success.

Towards this direction and fully aligned with our Vision 2035, the Government has adopted a comprehensive strategy to further enhance Cyprus’ appeal as an investment destination. Key components include:

A dedicated Business Support Centre (BSC), recently inaugurated by President Christodoulides, acting as a single point of contact for local and international investors, providing fast, reliable, and personalised guidance;
Targeted tax incentives to support Research & Development (R&D), Intellectual Property (IP) development, and tech-driven business activities;
A revised immigration policy that facilitates talent attraction and mobility, including start-up visas, blue cards, and family reunification provisions.

These steps reflect our vision for a modern, efficient, and investor-friendly state; one that removes red tape and empowers innovation.

Looking ahead, we are developing the Cyprus Science and Technology Park, a national flagship project designed to:

Foster collaboration between industry, academia, and startups,
Enable cross-sectoral innovation and knowledge transfer,
Reinforce Cyprus’ position as a regional research and innovation hub, and
Create a dynamic ecosystem for tech-driven economic growth.

Tender documents will be published within June 2025.

Ladies and Gentlemen,

This is more than a fortuitus moment, it is an opportunity. An opportunity for the Gulf Cooperation Council and Eastern Mediterranean countries to move from transactional cooperation to a strategic alliance. We can link energy corridors. We can co-develop innovation ecosystems. We can build integrated infrastructure that connects continents. And we can align our regulatory frameworks to attract investment and empower our youth to lead in the digital economy.

Cyprus is ready; not just to do business, but to build lasting partnerships. We offer stability, access to global markets, a business-friendly environment, and a shared vision of prosperity.

Let me conclude by inviting all of you to consider Cyprus not only as a destination, but as a platform for regional cooperation, a gateway to Europe, and a partner committed to unlocking our collective potential.

Thank you.

(GA/GS)

Opening remarks by the Minister of Energy, Commerce and Industry of the Republic of Cyprus, Mr George Papanastasiou, at Investopia Global Mediterranean conference’s panel discussion “Bridging Prosperity: Unlocking GCC – Eastern Mediterranean Synergies”

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