The President of the Federation of Employers and Industrialists (OEB), Giorgos Pantelidis, has put an end to the speculation that he was considering running for President of the Republic in the 2028 elections, making it clear that, at this stage, he has no interest in getting involved in politics.
Mr. Pantelidis’s statement comes as his name had recently been discussed as a potential candidate for the upcoming presidential election, including in the context of the process AKEL is expected to launch this fall to select its candidate. He, however, is currently ruling out such a possibility, emphasizing that he remains committed to business, as he stated in an interview with InBusinessNews and journalist Marios Adamou.
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“What is certain is that the country’s progress and development are my priority. At this stage, I have no interest in getting involved in politics. I remain focused on my business.”
The OEB’s “red lines” on pension reform
In his interview, the OEB President also placed particular emphasis on pension reform, which is at the center of the dialogue between the government and social partners.
The OEB supports a system that will ensure decent pensions without jeopardizing its long-term sustainability. A central tenet of the Federation is the preservation of the contributory nature of the first pillar, so that pensions are linked to the insured person’s contributions.
At the same time, Mr. Pantelidis sets as key “red lines” the refusal to impose additional contribution increases beyond what has already been agreed upon, as well as the refusal to make participation in Provident Funds mandatory. The OEB supports the further development of the Provident Funds, but through voluntary participation and incentives.
Regarding the government’s proposals, it notes that the OEB will take a definitive position once it has before it the full set of proposals, the transitional provisions, the actuarial study, and the fiscal implications.
Competitiveness, Energy, and Human Resources
Referring to the economy’s performance, Mr. Pantelidis described Cyprus’s outlook for the first half of 2026 as positive, highlighting growth rates, the maintenance of high employment levels, and the attraction of foreign investment.
At the same time, he warns that businesses continue to face significant pressures, with energy costs, labor shortages, bureaucracy, and delays in the administration of justice posing key obstacles to competitiveness.
It makes special mention of the cost of electricity, emphasizing the need for faster investments in energy storage and grids, accelerating the installation of smart meters, strengthening renewable energy sources, and integrating natural gas into the energy mix.
“Two chapters of immense strategic importance”
The President of the OEB also believes that Cyprus must immediately address two issues he considers to be of strategic importance: water and energy.
As he points out, energy sufficiency and security, as well as the cost of electricity—combined with the need to become fully independent of weather conditions regarding water—are prerequisites for the country’s future development.
At the same time, he calls for accelerating reforms, reducing bureaucracy, and fully digitizing the public sector, while, to address labor shortages, he advocates for more flexible hiring procedures for workers from third countries and a better alignment of education with market needs.
Mr. Pantelidis believes that Cyprus has significant prospects in high-value-added sectors such as technology, shipping, financial services, healthcare, education, research and innovation, and the green economy—provided that the structural weaknesses limiting its competitiveness are addressed in a timely manner.
