business gateway — President Nikos Christodoulides has pitched Cyprus as a vital business gateway for the European Union at the Eurochambers presidency meeting held in Nicosia. This gathering, organised by the Cyprus Chamber of Commerce and Industry (Keve), brought together representatives from a network of 1,700 regional and local chambers across the EU.
Business gateway: Strategic Importance of Cyprus in EU Business
During his address, President Christodoulides emphasised that Cyprus is poised to align its business agenda closely with the interests of European enterprises, particularly as the country has recently taken on the Presidency of the Council of the European Union. He noted, “Your presence here at this particular juncture, less than a month after we assumed the Presidency of the Council of the European Union, truly matters.”
The president advocated for a robust partnership with the business community, stating that this collaboration is more crucial than ever in the current climate of economic uncertainty. “At this very moment, when we need to build the union up, a very close partnership with the business community is more vital than ever,” he asserted.
Eurochambers as a Key Institutional Ally
Christodoulides identified Eurochambers as an essential institutional partner in shaping the EU’s economic direction. He remarked, “Eurochambers, as the representative network of more than 20 million companies, is the leading voice for the broad business community at EU level.”
In his remarks, he highlighted the importance of trade and investment, announcing an upcoming visit to India in May as a strategic opportunity for Cyprus and its European partners. “I consider the invitation from the Prime Minister of India to be a particularly important development,” he stated, referencing the invitation extended by Indian Prime Minister Narendra Modi.
Strengthening Ties with India
The president elaborated that the visit would focus heavily on commercial interests, including stops in New Delhi and Mumbai, which are key business hubs in India. “The trip will include New Delhi and Mumbai, which is India’s business centre, and I will go there together with a business delegation,” he said. A business forum is also planned to facilitate stronger commercial links between Cyprus and India.
Christodoulides framed this visit as particularly timely, noting its significance in light of recent discussions regarding EU-India relations. He referenced recent announcements by the President of the European Commission and the President of the European Council concerning the completion of negotiations for a trade agreement with India. “I consider this to be particularly important,” he asserted.
Cyprus as an Entry Point for Indian Investment
Highlighting India’s growing interest in Cyprus, he described the island as a strategic gateway for European companies looking to enter the EU market. “We are seeing India approaching Cyprus as the entry point to the EU, to the single market of 450 million people,” he mentioned, adding that there have already been investments from Indian companies in Cyprus.
Competitiveness at the Core of Cyprus’ Agenda
In his address, President Christodoulides reiterated the importance of competitiveness within Cyprus’ agenda during its EU Presidency. He stated, “The Cyprus Presidency is a responsibility and an honour that we undertake with a deep sense of duty and ambition, with a single, central aim, to deliver for Europe and for its citizens.”
He characterised the current moment as an inflection point for Europe amidst global instability, asserting that economic strength is inseparable from geopolitical relevance. “We cannot truly be a global strategic actor as a Union without being competitive,” he underlined.
The Impact of Global Events on European Stability
Referencing the ongoing war in Ukraine, Christodoulides warned against complacency regarding stability in Europe. “It shattered our long-held assumption, illusion even, that stability in Europe can be taken for granted,” he remarked, emphasising that for Cyprus, security and resilience are critical. “From this corner of our Union, as a frontline member state in a volatile region, it is absolutely clear what is at stake,” he stated.
European Autonomy and Business Fundamentals
The president advocated for the urgent need for European autonomy, linking it directly to business fundamentals. “European autonomy is no longer debatable; it is an imperative that we need to deliver on with urgency,” he said, further explaining that this autonomy is foundational for European competitiveness.
He elaborated that autonomy translates into “affordable and secure energy, resilient supply chains, strong industrial capacity, modern digital networks, and a single market that works without fragmentation.”
Regulatory Simplification and Trade Policy
Touching upon regulatory matters, he stressed the need for better regulation rather than more regulation. “Reducing administrative burden, cutting red tape and simplifying reporting obligations will be a cross-cutting priority for our Presidency,” he noted, referring to the Omnibus Simplification Packages.
As for trade policy, Christodoulides underscored the importance of an extroverted EU approach. “If we truly aspire to be a global power, we must deepen partnerships, including through free trade partnerships,” he asserted, highlighting the strategic importance of Europe’s south-eastern neighbourhood and the Gulf.
Cyprus’ Economic Performance as a Success Story
In terms of public finances and growth, Christodoulides pointed to Cyprus’ economic performance as evidence of ongoing reform momentum. “Numbers speak louder and clearer,” he said, noting a projected growth rate of 3.9% for 2024, one of the highest in the eurozone. “The forecast for 2025 is more than 3.2% and I expect it to be close to 4%,” he added.
He also highlighted improvements in the labour market, stating that unemployment has fallen below 5%, with youth unemployment showing significant decline compared to other EU nations. On fiscal metrics, he mentioned that the primary surplus for 2024 has exceeded 4%, while public debt stands below 55% of GDP.
Christodoulides concluded by linking Cyprus’ reforms with its broader European ambitions, stating, “Cyprus stands not only as a symbol of resilience but as a European economic success story.” He affirmed the commitment of his presidency to listen, engage, and ultimately deliver for Europe.
