articles | 13 November 2014

Cyprus will turn new page in 2015, says President

Cyprus is expected to return to positive growth next year while the economy will turn a new page before the end of 2015, according to President Nicos Anastasiades.

Addressing the Annual General Meeting of the Cyprus Chamber of Commerce and Industry (CCCI) in Nicosia on Wednesday evening, Anastasiades appeared optimistic for the future.

“We must stay focused on our goal which is restoring the economy’s credibility and in achieving full independence from external actors. The year 2015 is expected to be a year of positive growth for the economy and the year when we turn the page”.

Commenting on efforts to stabilise the island’s financial sector, the President noted that the banking system is now strong and is regaining the confidence of foreign investors. “My conviction is that the banking sector of Cyprus will become, sooner than everybody expects, the actual lifeblood of the Cypriot economy”.

Anastasiades added that for the first time after six years of soaring unemployment, the number of the jobless has started to decrease, noting, however, that unemployment remains high.  

“We are confident, however, that the structural reforms, currently being implemented, will lead to the creation of jobs and to sustainable development”.

Other plans, according to President Anastasiades, include the diversification of the island’s tourist services with the development of marinas, golf courses and a casino resort.

The President referred finally to reforms concerning the health sector, the welfare state and energy, noting in particular that the goal for the latter is to substantially reduce the cost of electricity.

The AGM was attended by Ministers and party leaders, state officials and foreign diplomats, as well as representatives from the business sector.

Source: InCyprus

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