Source: in-cyprus.philenews.com
The government is executing a comprehensive economic transformation that includes privatising its stock exchange and attracting international tech investment, Deputy Minister to the President Irene Piki said Tuesday.
Piki outlined the government’s five-pillar strategy at a Bloomberg investment conference in Limassol, highlighting Cyprus’s recent upgrade to A-category credit ratings from all major agencies and GDP growth exceeding most EU peers.
The country recorded 3.4% economic growth in 2024 and 3% in the first quarter of 2025, while maintaining unemployment below 5% and achieving a fiscal surplus above 4% of GDP, Piki said.
Stock exchange privatisation
“The Government has decided to proceed with the privatisation of the Cyprus Stock Exchange,” Piki said, describing an ongoing process. The Ministry of Finance is conducting an international tender to identify a strategic investor to acquire the exchange, with the government targeting completion by 2026.
“This privatisation will enable the Exchange to operate in a more flexible and efficient manner, enhancing its capacity to attract new listings, as well as increased investment from both domestic and international institutional and retail investors,” she said. A draft bill has been submitted to Parliament.
Credit rating improvements
“Over the past year, all major credit rating agencies have upgraded Cyprus to the A category, citing our commitment to sound fiscal management and for structural reforms,” Piki said. Government policies have resulted in public debt falling below 65% of GDP, with targets to reduce it below 60% within the next year.
The improvements reflect strengthened investor confidence following successive global economic shocks. “In this complex environment, Cyprus acts as a pillar of stability, predictability, and democratic resilience,” Piki said, adding that ensuring a growing and sustainable economy is “not only a matter of national prosperity, it is a strategic imperative for regional security.”
Ongoing institutional developments
Describing operational transformation within government, Piki said Cyprus is executing “institutional reforms that enhance strategic coordination, transparency, and rule enforcement.” The government established the Secretariat for the Coordination and Support of Government Work in September 2023, which operates under Piki’s supervision.
“The Secretariat serves as the backbone of our new governance model — one that is grounded in strategic planning, institutional alignment, and focus on implementation with measurable results,” she explained.
The government has created a National Sanctions Implementation Unit under the Ministry of Finance to ensure “timely, consistent, and credible implementation of sanctions, reinforcing Cyprus’ standing as a reliable jurisdiction.”
Current business facilitation initiatives
“We are redefining how we facilitate investors, both local and foreign, by simplifying procedures, eliminating red tape, and improving access to public services,” Piki said. The government launched the Cyprus Business Support Centre in May as a single point of contact for licensing and permitting strategic investments.
“This initiative symbolises our shift from complexity to clarity, from fragmentation to coordination,” she explained.
Digital transformation work continues across government ministries. “Significant work is underway across Ministries, and new digital services are continuously being added to the central national platform, gov.cy,” Piki said.
SME and capital access programmes
The Cyprus Equity Fund, co-financed by the EU Recovery and Resilience Facility and managed by the European Investment Fund, has commenced operations with €40 million targeting early-stage businesses and startups.
The government is advancing establishment of a National Development Organisation to enhance SME competitiveness by facilitating access to funding and providing technical support for green and digital investments.
International positioning efforts
Describing current global outreach activities, Piki said President Christodoulides recently completed a roadshow in the United States, visiting New York, Houston, and Silicon Valley. “The message was clear: Cyprus is becoming a credible hub for innovation and high-tech investment,” she said.
The government launched the “Minds in Cyprus” campaign in London in May. “We are removing barriers and offering practical tools for their reintegration into the local economy” to encourage Cypriot diaspora to return, Piki explained.
“With new emerging technology at the forefront of growth, we recognise that talent is key,” Piki said.
Cyprus is preparing to assume the Presidency of the Council of the European Union in January 2026. Piki described this as “a responsibility that underscores our commitment to regional leadership, unity, and stability.”
“Our objective is clear: to evolve into a knowledge-based, innovation-driven economy, more competitive, more sustainable, and more resilient to future challenges,” she said, referring to the government’s Long-Term Economic Strategy 2035.
Concluding her address, Piki said: “Cyprus has stepped into a new era. And we invite you to be part of it.”
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