news | 30 November 2018 | ServPRO Accountants & Consultants

New Model for the Cyprus Economy

Targeting 14 important reforms, President of Cyprus Mr. Nicos Anastasiades presented his vision and the new model for the Cyprus Economy at the 91st Annual General Assembly of the Cyprus Chamber of Commerce and Industry, in Nicosia, Cyprus. These reforms, he said, aim to change the image of the country over the next few years with first on the list being the National Health Scheme, the initial phase of which is set to begin in June 2019.

The President expressed his support to Minister of Health Mr. Constantinos Ioannou in charge of the General Health Scheme, while kindly requesting all interested parties to enter a dialogue so that the scheme gets successfully implemented within the specified timeframe.

Improving the effectiveness of the Justice System, forming an efficient Public Service, promoting e-Governance to assist with the headaches of bureaucracy, and setting up a Sub-Ministry of Digital Strategy, Research & Innovation, are among the reforms to be included in the new model.

During his speech, Mr. Anastasiades also noted their intentions of finalizing the reform of the Local Administration and merging Municipalities and Networking of Services, as well as implementing a national strategy for Tourism by setting up a Sub-Ministry of Tourism, and agreeing on a simplified process for licensing projects, in January 2019.

He also spoke of further reforms, such as developing the sector of Investment Fund Management, improving Research and Innovation governance, drafting a national plan for Blockchain Technology, partially privatizing the Cyprus Telecommunications Authority, the Stock Exchange and State Lottery, reforming Central Bank structures, strengthening the Cyprus Securities and Exchange Commission, setting up an independent supervisory authority for the Insurance Sector and Provident Funds, and reforming the Education System and Industrial Sector.

Having clarified he would not be running for re-election, he pointed out the importance of cooperation among all political forces.

In his speech at the General Assembly, President of the Cyprus Chamber of Commerce and Industry Mr. Christodoulos Angastiniotis said that Cyprus needs a new dynamic and flexible model for the economy, which will utilize traditional sectors and support new ones. Furthermore, he highlighted the importance of keeping up with technological advancements and the digital world, in order to better reform the economy.

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