Address by the Minister of Energy, Commerce and Industry of the Republic of Cyprus, Mr Michael Da...

It is a great pleasure to join you this evening, on behalf of the President of the Republic of Cyprus, at this Business Gala Dinner organised by the Lemesos Chamber of Commerce and Industry and held under the auspices of the Cyprus Presidency of the Council of the European Union (EU). President Christodoulides could not be here tonight due to a previous engagement and sends his best wishes to everyone attending.

Evenings like this carry a special significance. They are a reminder of the collective strength that drives our economy forward: our entrepreneurs, our innovators, our institutions and our partners from across key sectors. In a period marked by rapid global transformation, this sense of unity is truly invaluable.

We are navigating a world defined by uncertainty. Geopolitical tensions, economic volatility and fast-evolving technological change are reshaping the way businesses operate and compete. In such an environment, the partnership between the public and private sectors becomes not merely important; it becomes essential and strategic.

The public sector offers stability, long-term direction and the framework in which progress can take place. The private sector brings agility, entrepreneurial drive and innovation. When these two forces come together with trust and shared purpose, they generate solutions that are stronger, meet real needs and support growth in meaningful ways.

This evening is made even more special by the presence of representatives from the Greek business community. Cyprus and Greece are bound by deep historical ties, but also by common ambitions and shared strategic objectives. Whether in energy, trade, technology or innovation, our cooperation strengthens our voice and our impact, both regionally and across Europe.

Dear friends,

Recent years have tested us in many ways. Yet Cyprus has demonstrated resilience at every turn. Our economy weathered the pandemic, the energy crisis and the spillover effects of regional conflicts. Tourism rebounded decisively. Our services sector maintained its competitiveness. And our technology ecosystem continues to emerge as one of the most dynamic pillars of our economy.

Beyond performance indicators, Cyprus holds something even more valuable: its strategic geographic position. Situated at the crossroads of three continents, our island has long served as a bridge for trade, ideas and cultures. Today, this position places Cyprus at the heart of critical conversations - from energy security and digital infrastructure to maritime activity and regional stability. It is both a responsibility and an opportunity.

This strategic role is clearly reflected in the priorities of the Cyprus Presidency of the Council of the EU. Our focus on security, competitiveness, openness and social cohesion is not just a policy framework - it is the environment in which businesses operate and grow. And our motto, "An Autonomous Union. Open to the World," encapsulates perfectly the balance Europe must strike: building internal strength while remaining outward-looking and engaged globally.

We are working to reinforce Europe's capacity to address regional challenges, especially in the Eastern Mediterranean, where energy and security dynamics are becoming increasingly prominent. At the same time, we are advancing initiatives to simplify procedures, reduce administrative burdens and strengthen energy and digital resilience - all areas that matter deeply to small, open economies such as ours.

Openness is equally important. Europe is strengthening its partnerships with neighbouring regions, advancing enlargement and investing in stable, long-term international cooperation. In a world where strategic alliances are becoming increasingly valuable, such partnerships provide Europe with the necessary predictability and security.

Dear guests,

The resilience Cyprus has shown over the years is not abstract. It is built through strategy, targeted support and practical tools that empower businesses to expand and compete.

The Ministry of Energy, Commerce and Industry of the Republic of Cyprus has focused precisely on this approach. Through initiatives such as the "Save and Upgrade" grant scheme, businesses - particularly small and medium-sized enterprises (SMEs) - are receiving tangible support to cut energy costs, modernise facilities and become more competitive. The scheme offers substantial funding for energy efficiency upgrades, renewable energy systems and improved technical installations, enabling companies to operate more efficiently and sustainably. Such measures help reduce operating expenses and strengthen long-term competitiveness, thus providing direct benefits to the business community.

At the same time, the Ministry continues to support entrepreneurship more broadly, including through programmes aimed at strengthening SMEs and encouraging women's and youth entrepreneurship. These efforts reflect a simple belief: that economic policy must be practical and that the state should operate as a partner to businesses, not as an obstacle.

This philosophy, of course, extends to Europe's wider economic strategy. Today, Cyprus' prosperity - like that of all member states - relies on an open, rules-based trading system. The EU has been active in strengthening this system, for instance by advancing, over the past year, key trade agreements with partners such as India, Mercosur, Mexico and Japan. These efforts aim to open markets, reduce tariffs, encourage investment and support regulatory cooperation, ensuring that European businesses remain competitive and confident in an increasingly complex global economy.

For Cyprus, these trade agreements create real opportunities. They expand market access for our exporters, reduce administrative barriers and support a wide range of sectors - from services and technology to manufacturing and agriculture. They also contribute to diversifying Europe's partnerships, which constitute essential safeguards in an unpredictable global environment.

An open Europe is a stronger Europe. It attracts investment, stabilises supply chains and ensures that even smaller member states, like Cyprus, benefit from global growth. Openness aligns naturally with our national identity as a country that has always connected regions, markets and cultures.

As we look towards the future, let us approach it with confidence and strategic clarity. Let us build on the partnerships that have brought us this far - between business and government, between Cyprus and Greece and between Europe and the world at large. With coordinated action, openness and shared vision, we can transform today's challenges into tomorrow's opportunities, securing sustainable growth and lasting prosperity.

Thank you.

(GA/GS/KA)