The EU-backed EuroAsia Interconnector project, connecting Cyprus’ isolated electricity grid with those of Israel, Greece and consequently the rest of Europe, is vital for establishing a competitive energy market and exchange.

Shipping Deputy Minister Natasa Pilides said there is increased interest by shipping companies to establish a base in Cyprus after Brexit, in order to maintain their EU status for easier trading ties with Europe.

Despite going into administration in the UK, Debenhams department stores in Cyprus are open for business as normal, said local franchise holder Ermes, a member of the CTC Group.

The government aims to bring public debt below 90% by the end of 2020 and reduce non-performing loans (NPLs) to single digits, Finance Minister Harris Georgiades said recently, as he reiterated that taking difficult decisions was the only way forward.

The East Med Gas Forum (EMGF) will be meeting again in June 2019 with the purpose of evolving into an international organisation, Energy Minister Giorgos Lakkotrypis said recently.

Despite positive performance of main stock indices and a decrease of volatility in many markets, ongoing geopolitical uncertainties and trade issues continue to dampen investor enthusiasm, resulting in the number of IPOs in the first three months of 2019 (YTD 2019) falling to 199 globally and US$13.1b in proceeds.

Minister of Finance Harris Georgiades and new Governor of the Central Bank of Cyprus Constantinos Herodotou (CBC) pledged to set their cooperation on a new footing to further enhance financial stability.

While Cyprus lags behind the rest of the European Union in digital transformation and innovation, the government has appointed Kyriacos Kokkinos as chief Scientist in an effort to improve its game.

Hovering at 1.1%, Cyprus registered one of the lowest annual inflation rates in Europe during March 2019, according to Eurostat.

Tourist arrivals to Cyprus in March 2019 dropped for the first time since June 2015 mainly due to a fall from the island’s main holiday markets Britain, Greece and Germany, official data showed recently