You’re reading the Prompt 2024 newsletter. Sign up to get it in your inbox. Vice President Kamala Harris is out with her economic plan “to bring down costs for American families.” There’s already a lot of buzz about her proposals to go after corporate “price gouging,” cut taxes for families with kids and offer $25,000 … Read more
Michael Brochstein/ZUMA Press Wire / SplashNews.com / Michael Brochstein/ZUMA Press Wire / SplashNews.com Because of her late start in the 2024 presidential campaign, vice president and presumptive Democratic nominee Kamala Harris has not had much time to roll out an economic platform. She was expected to do so this week, though what she unveils might … Read more
President Nikos Christodoulides expressed confidence in Cyprus’ ability to navigate the current global climate of uncertainty and instability. He stated that Cyprus aims to become one of the best places in the world to live, work, and conduct business, as outlined in the national strategy ‘Vision 2035′. Christodoulides highlighted the importance of bolstering the country’s reputation on the international stage and emphasized the need for a new development model to ensure a resilient, sustainable, and competitive economy. The government is engaging in dialogue with foreign investors and Cypriot entrepreneurs to attract quality investments and capitalize on their expertise. The government is also working on tax transformation to enhance economic competitiveness and align with the goals of the European Green Deal. Christodoulides mentioned the importance of restoring Cyprus’ reputation and credibility internationally, with plans for a major rebranding campaign led by Invest Cyprus.
Marios Tannousis is the CEO of Invest Cyprus, focusing on attracting and facilitating Foreign Direct Investment (FDI) in Cyprus. Cyprus has committed to spending €500 million by 2026 to combat climate change and foster the green transition. Cyprus aims to become the best place in Europe to live, work, and do business by transitioning towards a renewable energy system and implementing Environmental, Social, and Governance (ESG) criteria. The country is strategically positioned to help combat climate change in the Middle East and North Africa regions. Cyprus is working towards becoming a leader in sustainability and developing a circular zero-waste economy.
Fact: Agriculture Minister Maria Panayiotou stated that the ministry’s goal is to increase the sector’s contribution to the country’s GDP, enhance sustainability, and promote Cypriot products in new markets.
Deputy Minister of Tourism Kostas Koumis emphasized that a sustainable destination respects both its visitors and its resources, both natural and human. He made this statement during his participation at the annual tourism conference organized by the Association of Cyprus Tourist Enterprises (Stek), which was held in Nicosia. The theme of this year’s event was ‘Tourism: New Realities Demand a More Competitive Model’. Koumis highlighted the importance of tourism to the economies of Cyprus and Greece, noting that tourism contributed 12.8 percent to the GDP of Cyprus this year. He mentioned the recognition of the value of tourism on a pan-European level after 2000, especially during the pandemic, and the discussions about creating a common tourism portfolio to address challenges faced by various destinations. Koumis also discussed the need to address reduced air connectivity during winter, the threat of climate change, and the issue of seasonality in Southern European countries’ tourism sector. He proposed initiatives for European citizens to visit destinations within the union during low-visitor months with European funds and mentioned collaboration with the Ministry of Labour to improve vocational training schemes. Koumis stressed the need to improve air connectivity, enhance Cyprus’ tourism product during winter, and the importance of digital transformation in the tourism industry. Myron Flouris, Secretary-General for Tourism Policy and Development at the Greek Ministry of Tourism, discussed the impact of natural disasters on Greece and the importance of planning and prevention for resilience in tourism. Alexandros Thanos, an advisor for the Greek Tourism Confederation, highlighted the significant contribution of tourism to Greece’s GDP and the imbalance in revenue levels among the country’s regions. Stek president Akis Vavlitis emphasized the strong influence of seasonality on Cypriot tourism and called for strategic planning and expedited procedures for the arrival of workers from third countries. The discussion also covered the risks of climate change for the tourism product of countries like Greece and Cyprus and the need for tourism businesses to focus on the human factor and offer authentic experiences.
The cabinet approved the creation of 1,000 charging stations for electric vehicles as part of the Cyprus Recovery and Resilience Plan. The transport ministry is tasked with the project’s implementation, aimed at promoting electric vehicle adoption and transitioning to a green economy. The project, with a budget of €2.5 million, seeks to reduce greenhouse gas emissions and promote sustainable technologies.
Finance Minister Makis Keravnos expressed satisfaction with the eurozone’s fiscal policy orientation for 2025, stating that Cyprus’ conservative fiscal approach aligns with it. He mentioned that the joint statement validates Cyprus’ cautious conservative fiscal policy and efforts towards transitioning to the green and digital economy. Keravnos also supported the proposal to unify capital markets in the EU, highlighting its benefits for investor security and development. Regarding the Recovery and Resilience Facility, he noted that Cyprus is making good progress and is addressing issues while preparing for future funding tranches.
Imperio is committed to promoting the green transition of Cyprus’ real-estate sector, integrating sustainability into its activities as shown in its 2022 ESG Report. It is the first real-estate developer in Cyprus to issue an ESG report. The report outlines Imperio’s strategy, actions, and goals regarding environmental, social, and governance (ESG) criteria, focusing on reducing its environmental footprint, supporting renewable energy sources, and enhancing tenants’ quality of life. Imperio has adopted policies benefiting employees, partners, and clients, and supports vulnerable population groups as part of its Corporate Social Responsibility strategy. Imperio Group Founder and Director Yiannis Misirlis emphasizes the importance of ESG criteria for the survival of businesses and the demand for sustainable properties.