Trade Minister Michael Damianos on Thursday said that Cyprus is open for business as a stable, predictable and secure investment destination.

Addressing the Great Britain Cyprus Business Association (GBCY) investment conference in Limassol, he described the delegates’ presence as a “clear vote of confidence” in the island’s standing as a resilient and competitive international business centre.

He also expressed the government’s appreciation for their contribution to expanding Cyprus’ economic reach and creating new investment opportunities on the island.

Referring to the role of capital inflows, he stressed that foreign direct investment remains a cornerstone of economic growth, particularly for smaller economies.

“For a small, open economy like Cyprus, they are not simply important, they are essential,” he said.

He explained that investment inflows directly enhance economic resilience, while also strengthening productivity and competitiveness among domestic businesses.

“They create high-quality employment opportunities, stimulate broader economic activity and facilitate the transfer of advanced technologies, expertise and best practices, while also helping to attract highly skilled talent and further strengthening our growing technology and innovation ecosystem,” he added.

Damianos also pointed to Cyprus’ strong recent economic performance, noting that the country has successfully emerged as a dynamic hub for international business and investment.

He said that in 2025, the economy recorded growth of 3.8 per cent, significantly above the European Union average.

This performance was accompanied by low inflation and conditions close to full employment, reinforcing macroeconomic stability.

At the same time, he noted that public debt continues to decline steadily, and is expected to approach 50 per cent of GDP, supported by fiscal discipline.

He added that this discipline has enabled the country to achieve a notable fiscal surplus, further strengthening its economic credibility.

“All major international credit rating agencies have upgraded Cyprus to investment grade ‘A’ for the first time since 2011, an achievement that underlines the credibility, stability and consistency of our economic policy,” he said.

Damianos also emphasised that in a complex and uncertain global environment shaped by geopolitical tensions and economic challenges, Cyprus stands out as a reliable destination.

“Cyprus stands out as a stable, predictable and secure destination for investment,” he said.

As a full member of the European Union and the eurozone, Cyprus offers a transparent regulatory framework and a strong legal system based on English common law, he explained.

He added that the country provides a business-friendly environment that supports growth and innovation, making it attractive to international investors.

The minister also referred to the competitive tax system, digitalisation of public services and targeted administrative reforms, alongside ongoing efforts to reduce bureaucracy.

He highlighted the country’s clear and ambitious energy transition strategy, identifying it as a key pillar for future development.

“Our goal is to make Cyprus a reliable regional energy hub that strengthens both national and regional energy security,” he said.

He also mentioned that progress is being made through targeted investments in large-scale renewable energy projects, energy storage systems and emerging technologies such as green hydrogen.

Damianos also referred to the Great Sea Interconnector and efforts to exploit natural gas resources in Cyprus’ exclusive economic zone, aimed at diversifying the energy mix.

These initiatives are expected to reduce energy costs, a key factor for business competitiveness, while ensuring a sustainable and secure energy future.

He stressed that the government’s priority remains to strengthen Cyprus’ prospects as an investment destination, ensuring that high-quality investments are effectively supported from initial interest to full implementation.

He also recalled the launch of the Business Facilitation Centre, designed to streamline processes for investors.

Highlighting key sectors, he said Cyprus offers opportunities across green energy, technology and innovation, real estate, healthcare, shipping and logistics, tourism and hospitality, and education.

He called on British companies to explore Cyprus not only as an investment destination but also as a gateway to wider regional markets.

He further underlined the strong and longstanding ties between Cyprus and the United Kingdom, describing the UK as one of the country’s most important economic partners.

“There are strong flows of trade, investment and tourism between our two countries,” he said.

“Cyprus has come a long way from a period of crisis to a period of stability, credibility and opportunity, and today we are ready to move forward with confidence, guided by sound policies, strategic vision and strong international partnerships,” he added.

“Cyprus is open for business, as a reliable partner, a stable investment destination and a country that embraces innovation and cooperation,” he concluded.