Cyprus is on a path of progress, President Nikos Christodoulides told investors in New York on Friday, as part of Cyprus’ rebranding campaign.

The president was speaking during a working breakfast with senior executives from investment banks, investment funds and venture capital organisations in New York.

In a written statement, government spokesman Konstantinos Letymbiotis said the president reiterated Cyprus’ commitment to achieving a stable and competitive environment that encourages investment, supports innovation and creates opportunity.

Christodoulides referred to the steady upward trend of the economy, with a GDP growth rate of 3.4 per cent, a primary surplus of over 4 per cent, the shrinking of public debt below 66 per cent of GDP and the 4.9 per cent drop in unemployment.

The president said the restoration of Cyprus to investment grade A by all major rating agencies, as well as the positive conclusions of the recent IMF mission, confirmed the dynamism and resilience of the economy.

Christodoulides also said Cyprus served as a bridge between Europe, the Middle East and Africa, facilitating international trade and investment.

He also referred to the deepening of ties with the US on a political, strategic and economic level.

The president outlined the incentives Cyprus offered for business, such as an attractive taxation environment, adding that the banks remained among the most profitable in the Eurozone.

He also said Cyprus was following a clear strategic plan for progress and innovation, investing in digital infrastructure, human capital and sustainable policies.