The Cyprus Employers and Industrialists Federation (Oev) on Tuesday welcomed the outcome of Cyprus’ six-month Presidency of the Council of the European Union, saying it not only enhanced the country’s standing but also raised expectations for faster reforms to strengthen the domestic business environment.

The federation said the presidency had been carried out during a period of heightened geopolitical instability and economic challenges, with the Republic responding to its responsibilities with seriousness, competence and effectiveness.

“Oev congratulates the President of the Republic for the well-organised and effective management of the presidency, as well as all state and public service officials who contributed to this national success,” the federation said.

It added that progress was achieved on a number of important European policy files during Cyprus’ presidency, particularly in areas affecting the competitiveness of the European economy, the strengthening of the Single Market, enlargement, migration, defence and security.

According to the Oev, these developments are directly linked to the need for lower administrative burdens, more predictable rules, a better functioning Single Market and stronger business competitiveness.

The federation further stated that European institutions must accelerate the implementation of reforms that were designed in cooperation with the leadership of the European business community.

It argued that, despite the progress made at policy level, businesses have yet to experience tangible improvements on the ground.

Oev also said it would continue to work responsibly and constructively in promoting an agenda focused on growth and prosperity.

It explained that this approach is based on the decisions adopted at its annual general assembly on April 28, 2026, during which members approved the strategic roadmap entitled ‘From Ambition to Action’.

The federation concluded that it “remains committed to advancing this roadmap while supporting reforms aimed at strengthening Cyprus’ long-term economic competitiveness and business environment“.