The Republic of Cyprus is in contact with neighboring countries to explore opportunities for cooperation in the supply chain sector, President of the Republic Nicos Christodoulides said on Thursday, while also announcing that government plans include the development of special supply and storage zones near the airports in Larnaca and Paphos.
In his remarks at the Cyprus Supply Chain and Operations Awards ceremony, held as part of the 6th conference and exhibition of the Cyprus Supply Chain Association (KYFEA), in Nicosia, President Christodoulides noted that geopolitical developments in the Eastern Mediterranean and the wider region highlight Cyprus’s potential to strengthen its role as a regional supply chain hub.
ΣΧΕΤΙΚΑ ΑΡΘΡΑ
As he noted, the crisis in Israel following the terrorist attack on October 7, the developments in Gaza—to which the Republic of Cyprus responded by establishing the “Amalthea” humanitarian corridor— as well as the crisis in the Gulf states and the Strait of Hormuz, further highlight the role Cyprus can play in the broader supply chain sector.
“We are already in contact with several neighboring countries to see how we can create synergies and how we can respond,” he said, noting that the goal is to capitalize on two of the country’s comparative advantages: its geographic location and the excellent political relations it maintains with neighboring countries.
The President of the Republic emphasized that the importance of the supply chain for Cyprus is not limited to its economic dimension, as it is a necessity for an island nation. He noted that the supply chain and operational functions sector is a key pillar of the effort to strengthen Cyprus’s integration with international markets.
In today’s environment, he added, which is characterized by multiple challenges and variables, the seamless movement of goods and services, as well as the ability of businesses to respond quickly and flexibly, are becoming increasingly important.
Noting that Cyprus is situated at the crossroads of three continents, in a region with significant geopolitical and economic potential, President Christodoulides said that the government is working to transform the country’s comparative advantages into more opportunities for the development of trade, transportation, and supply chain services.
Plans for Airports and Ports
Referring to the government’s plans, the President of the Republic said that the creation of a modern supply chain network is being promoted in coordination with the country’s ports and airports.
“Our plans, among other things, include the development of special supply and storage zones near the airports in Larnaca and Paphos,” he said. At the same time, he said that efforts are underway to further strengthen port facilities, with the development of the port at Vasilikos and the expansion of the port in Larnaca forming part of the broader effort to upgrade the infrastructure that supports economic and commercial activity.
According to the President, strengthening this sector is part of the Government’s broader strategy for a more outward-looking and competitive economy, with the aim of further establishing Cyprus as a reliable business and trade partner and a regional hub in the Eastern Mediterranean.
Reference to the economy’s performance
President Christodoulides linked the contribution of businesses to the performance of the Cypriot economy, noting that, despite the impact of two wars, the country is recording a growth rate exceeding 3.3%. He also noted that public debt, which stood at approximately 70% of GDP when the current government took office, has fallen below 50%, while unemployment is at levels not seen since 2008, pointing to conditions of full employment.
He also referred to Cyprus’s return to “A” investment grade status by international rating agencies, noting that the country had not been in this category since 2011. These achievements, he said, are also the result of the efforts and contributions of Cypriot businesses, which the Government recognizes.
The President of the Republic stated that rewarding entrepreneurial initiative, creativity, and professional excellence is a key objective of his administration. He emphasized that behind the sector’s successes are professionals, businesses, and organizations that invest in knowledge, seek new solutions, and constantly strive for better results.
In conclusion, he assured that the government will continue to support entrepreneurship and create an appropriate framework, reducing bureaucracy and obstacles, with the aim of boosting growth, openness to the outside world, and competitiveness. As he said, a strong economy allows the state to invest in other sectors where it must play a leading role.
Source: CNA
