cyprus economic — cyprus economic — The 16th Limassol Economic Forum has become a pivotal gathering for discussing how global disruption is reshaping economies and trade, underscoring the importance of resilience, reform, and leadership for Cyprus and Europe.
Cyprus economic: Government Strategies for Economic Strength
Deputy Minister Irene Piki shared the government’s robust strategy, which emphasises reform, investment, and institutional integrity as essential components for building economic resilience. She pointed out that President Christodoulides has prioritised reform as a core agenda, reinforcing Cyprus’ strong economic health characterised by full employment and low inflation.
Business Leaders Address Market Pressures
A panel featuring influential business figures, including Elias Neocleous and George Pantelides, addressed various market pressures such as inflation, geopolitical risks, and overregulation. The consensus highlighted the necessity for agility, security, and predictability in the business landscape, with Pantelides advocating for simpler regulatory frameworks to facilitate success.
Bank of Cyprus on the Move
Charis Pouangare from the Bank of Cyprus reported a notable increase in lending and highlighted the adoption of scenario planning among businesses to navigate through uncertain times. He emphasised the need for Europe to become more dynamic to keep pace with changing market conditions.
Calls for Strategic Autonomy in Europe
House Speaker Annita Demetriou stressed the importance of Europe taking a proactive stance rather than merely reacting to global events. She advocated for strategic autonomy underpinned by economic stability, technological leadership, and defence capabilities.
Digital Euro Discussions Underway
In a related event, the Central Bank of Cyprus held its first special session on the digital euro, bringing together key payment service providers ahead of the European Central Bank’s decision on the project’s next steps. George Karatzias, speaking on behalf of the CBC governor, described the meeting as occurring at a decisive moment as preparations for the digital euro advance.
Real Estate Market Thrives
The Cypriot real estate market continues to thrive, with 1,669 properties sold to overseas buyers in the past year. Interior Minister Constantinos Ioannou reported significant sales figures, noting that international demand has particularly driven up prices in Paphos, while sales in Limassol and Larnaca reflect diverse buyer interests.
AmCham Cyprus Welcomes New Leadership
AmCham Cyprus has announced its newly elected board of directors and president following its annual general meeting. The chamber expressed gratitude to outgoing president Georgios Georgiou for his contributions and welcomed Marios Kapiris as the new president.
Rental Market Trends
A recent study by Perprice indicates a rise in rental prices for standard apartments in Cyprus’s major cities, reflecting changing demands in the housing market. The research suggests that standard apartments, accounting for a significant portion of the market, are increasingly sought after.
Digital Transformation in Public Services
In a significant move towards digital transformation, the Cypriot government is adopting the electronic invoicing service offered by Jinius. This collaboration marks a milestone in efforts to build a fully digital economy, with government officials expressing confidence in the platform’s reliability and security.
Tax Department’s Crackdown on Undeclared Income
The Cyprus tax department has identified about 300 individuals and entities, including foreign residents, who failed to declare income from platforms like OnlyFans. The investigation, prompted by social media monitoring, revealed substantial undeclared earnings, highlighting the need for compliance in the digital age.
Corporate Developments and Innovations
Demetra Holdings Plc has announced a buyback of its own shares, while the Cyprus Institute of Neurology and Genetics has secured funding for advanced research tools in precision medicine. These developments reflect ongoing corporate activity and commitment to innovation within the country.
Future Events Focused on Collaboration and Innovation
Upcoming events, such as the Cyprus–France Cooperation & Innovation Forum and a training seminar on Augmented Reality and Virtual Reality technologies, aim to foster collaboration and enhance competitiveness in the business sector.
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