Members of the board of the Cyprus Chamber of Commerce and Industry (Keve) met with Finance Minister Makis Keravnos on Monday, in order to discuss current economic challenges as part of an ongoing dialogue between the government and the business community.

During the meeting, the participants held a comprehensive discussion regarding the ongoing economic difficulties and their subsequent effects on the national economy.

Considerable emphasis was placed on the energy crisis and the significant pressure this is placing on the operational costs of local businesses, as well as the wider implications of the conflict in the Middle East for the tourism sector and other key economic pillars.

The attendees also examined the economic ramifications resulting from the outbreak of foot and mouth disease, with particular attention given to the consequences for the agricultural sector and the supply chain, alongside the potential secondary impacts on broader commercial activity.

Discussions were also centred on the rise in inflation, with both the minister and board members exchanging views on potential measures to mitigate the effects on household disposable income and the competitiveness of local firms.

“The government remains committed to the continuous support of the economy and local businesses, and it is vital that we collaborate with Keve to effectively address these challenges,” Finance Minister Makis Keravnos stated after the meeting.

On his part, Keve president Stavros Stavrou emphasised the need “for timely and targeted interventions in order to ensure the viability and growth of the Cypriot economy”.