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The most important economic and technological challenges facing Cyprus and Europe in general was the focus of discussions on Thursday, during the first half of the second day of the Cyprus Forum, which is being hosted at the Old Town Hall in Nicosia.

The Forum was attended by members of the government, guests from the academic and business community, as well as officials from European and international organizations.

Europe must become a competitive continent, says N. Damianou

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During the first discussion of the day on Cyprus’s main priorities and legislative initiatives in the field of innovation, the Deputy Minister of Research, Innovation, and Digital Policy, Nicodemos Damianou, said that these include, on the one hand, digital policy, which also covers cyber resilience and cyber security, and, on the other hand, competitiveness, as well as the discussion on space.

According to the Deputy Minister, Europe must move from its current identity as a regulatory-driven continent to a competitive continent and consider competitiveness more actively.

He explained that Europe has a new digital regulatory framework, which includes the law on artificial intelligence, the Digital Services Act, and the Digital Markets Act, while next year the Digital Networks, EU Cloud and AI Development Act are also expected.

He added that Cyprus is interested in promoting the EU Business Wallet, a proposal which, he said, is expected to be submitted before the end of the year and is part of the simplification of procedures, especially for SMEs.

In the area of competitiveness, the main issue, according to Damianou, is the strategy for start-ups and growing businesses.

“The whole point of what Draghi is highlighting is that Europe has a lot of activity in terms of launching start-ups. We have presumably more start-ups being launched than any other continent, however, we maintain less than a 10% global share of new start-ups. The same is the situation with researchers and entrepreneurs, we cannot find a way yet to keep them in Europe. That is a key challenge and the main instrument there is the European Innovation Act,” he concluded.

A state must modernize and be accountable to its citizens, according to I. Piki

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During a discussion on institutional reforms with the Deputy Minister to the President, Irene Piki, she referred to the GRECO report on Cyprus.

As she noted, the report included 22 recommendations, of which 6, or almost 28%, have been completed, while significant progress has been made on another 13. “Overall, approximately 85% of the recommendations have been fully implemented or have recorded significant progress,” she pointed out.

According to Piki, the main recommendations among those that have been completed concerned the code of conduct for ministers, the appointment of an ethics advisor for officials and ministers, the completion of the electronic consultation, and the strengthening of the Anti-Corruption Authority.

She added that a monitoring committee has been set up to implement the Greco committee’s recommendations, involving the relevant government departments under the supervision of the Deputy Minister herself, with the participation of the Transparency Commissioner.

Regarding the effort to reform the Law Office, Piki said that, in addition to separating the role of legal advisor from that of public prosecutor, it also includes the review of the public prosecutor’s decisions, while for the corresponding reform of the Audit Service, she said that financial independence will now be provided to the service, and the creation of an Audit Council is also planned.

“We are in favor of reforms; a state must modernize, it must move forward, it must be accountable to its citizens, and it must be more effective and operate with greater transparency,” she concluded.

Ioannides describes Nicosia’s practice of returns as “successful.”

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In a panel discussion on migration policy, Deputy Minister of Migration and International Protection Nicolas Ioannides said that in 2025, so far, departures of third-country nationals from the Republic of Cyprus have reached nearly 10,000, while in 2024 there were almost 11,000 departures, noting that Nicosia’s return practice is “successful.”

The Deputy Minister also said that relocations are “vital” for the Republic of Cyprus, noting that since 2022, more than 3,000 asylum seekers have been relocated to other EU Member States.

He also said that integration is “an important strategic goal” for the government, and that Cyprus is one of the few Member States that will soon have a strategy for the integration of asylum seekers, which is expected to be approved by the Council of Ministers in November.

According to the Deputy Minister, the adoption of the Pact on Migration and Asylum is “a step in the right direction,” noting that one of the priorities of the Cyprus Presidency of the EU “is to ensure the proper implementation of the Pact.”

He also said that a new reception center for asylum seekers, with a capacity of 1,000 people, is in its final stages in the Limnes area, with medical facilities, modern accommodation, sports fields, and parks, while the pre-departure center will be located next to it, and that the project is expected to be delivered in phases by the end of 2025.

The aim, he noted, is “to continue to address the issue consistently and responsibly and in accordance with international and EU law.”

Long-term care is not just a technical term, but also an indicator of civilization, says M. Damianos.

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In a discussion on long-term care in Cyprus, Health Minister Michalis Damianos spoke about the National Strategy for the Health of Older People, which, he said, is part of the broader National Strategy for Active Aging 2025-2030, coordinated by the Deputy Ministry of Social Welfare.

According to the Minister, the strategy is based on four strategic pillars: prevention (vaccinations, pre-symptomatic checks, and accident prevention), healthy aging with an emphasis on mental health, physical activity, proper nutrition, and social participation; a friendly environment, with infrastructure adaptation, strengthening of home care, and combating age discrimination; and research and education.

At the same time, he referred to the establishment of the National Committee for the Health of Older People, which acts in an advisory capacity to the Ministry and promotes interdisciplinary cooperation between all relevant bodies, specialized centers, and the academic community.

“Long-term care is not just a technical term, but also an indicator of civilization. It reflects the way we perceive social cohesion, solidarity between generations, and the right of all to a quality life. The cooperation of all, including health professionals, civil society organizations, and the academic community, is important in order to build a truly holistic approach to the health and care of the elderly,” he concluded.

Excellent job market prospects in Cyprus, says Y. Panagiotou

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In his own intervention during a discussion on the future of work, the Minister of Labour and Social Insurance, Yiannis Panagiotou, described social justice as the most important factor for the future of work, as “it is the path through which we can achieve greater social cohesion, greater social stability, and greater social prosperity.”

He added that with technology evolving rapidly, it is even more necessary to ensure that the benefits of technological progress are distributed in a socially just manner, ‘otherwise, if developments in the labor market lead to more inequality, a smaller middle class, and a wider gap between those who prosper and those who struggle, the future will not be bright for anyone’.

Regarding the labour market situation in Cyprus, Panayiotou said that the reduction in unemployment in the country over the last two years has been such that conditions of full employment have been created.

He further pointed out that participation in training programs in Cyprus has increased by 86% over the last two years, while participation in training programs focusing on green and digital skills has increased by 742%.

“Harnessing these opportunities, together with the prospects offered by targeted professional development programs, is yielding concrete results. We are continuing in this direction by upgrading our legislative framework on teleworking, regulating the relationship between employer and employee to make use of flexible forms of work, and so on, in order to achieve the target which, we set last year, where the employment rate exceeded 80%, the highest we have ever had,” he noted.

“It was a target set to be achieved in 2030, and we achieved it five years earlier. So, our prospects are excellent, and we will continue to make the most of them,” he stressed.

The Cyprus Forum program continues on Thursday afternoon and Friday morning, October 3.

Its proceedings started yesterday, Wednesday, 1 October, with President of the Republic, Nikos, Christodoulides, saying in his recorder message that ‘the effort for bold and continuous reforms to strengthen the rule of law and combat corruption is unstoppable.”

For all this, he noted, a strong economy is needed that rewards the sacrifices of the people and confirms the policies of the Government.

With regard to the Cyprus issue, the President reiterated his cautious optimism about the resumption of talks.

The Cyprus News Agency is the media sponsor of the conference.

Commission proposes targeted changes that will reduce administrative burden and ensure consistency across the revised Economic Governance Framework

Today, the European Commission has adopted proposals for targeted changes to some of the EU economic governance rules. The changes are aimed at ensuring their consistency with the outcome of the comprehensive reform undertaken in April 2024, while reducing reporting and administrative burdens, and streamlining funding arrangements for assisting non-euro area Member States facing balance of payments difficulties.

These proposals will simplify EU law, remove redundant administrative requirements, and make financial assistance more efficient. The simplification package will directly benefit national administrations by easing their administrative workload and making it easier to implement EU law, enabling them to refocus resources on other tasks.

Valdis Dombrovskis, Commissioner for Economy and Productivity; Implementation and Simplification said: ‘This initiative reflects the Commission’s ongoing commitment to tackle red tape, increase efficiency, and eliminate unnecessary reporting requirements, while supporting competitiveness and economic growth across the European Union. By removing outdated requirements and reducing administrative complexity, the EU can support Member States in focusing resources where they are most needed: on delivering sound public finances, fostering growth and ensuring financial stability.’

More information is available in our press release.

(For more information: Balazs Ujvari – Tel.: +32 2 295 45 78; Francisca Marçal Santos – Tel.: +32 2 299 72 36)

Commission’s assessment of Estonia and Slovakia National Energy and Climate Plans shows improvements on ambition closing in on 2030 targets, but more efforts needed

The Commission today published its assessment of the final updated National Energy and Climate Plans (NECPs) of Estonia and Slovakia, which contains guidance to assist both countries in facilitating implementation and raising their ambitions in line with EU targets for 2030.

While Estonia and Slovakia have raised their ambition compared to their draft plans, the assessment finds that both countries must increase their efforts to implement the plans and close remaining gaps on renewable energy and energy efficiency. They also must make progress towards the national 2030 targets to reduce greenhouse gas emissions and increase carbon removals – in accordance with the Effort Sharing Regulation and the Land Use, Land Use Change and Forestry (LULUCF) Regulation, respectively.

This assessment is published today given the submissions of these two NECPs arrived late to be taken into account as part of the EU-wide assessment of the final updated NECPs and Staff Working Document published on 28 May 2025. The EU-wide assessment  showed significant progress made by Member States towards closing in on the EU’s 2030 climate and energy targets. Efforts should now also turn to implementation and delivery: using public funds to de-risk investments, unlock private finance and coordinate measures at regional and European level.

The Commission reiterates its call on the two Member States that have not yet submitted their final updated plans – Belgium and Poland – to do so without further delay. The Commission will then assess the plans.

More information is available in a news item online.

(For more information: Anna-Kaisa Itkonen – Tel.: +32 2 295 75 01; Ana Crespo Parrondo – Tel.: +32 2 298 13 25; Cristiana Marchitelli – Tel: +32 2 298 94 07)

Commission approves new geographical indications from Italy and Spain

The European Commission has approved the addition of ‘Olive taggiasche liguri’ and ‘Carne Salada del Trentino’ from Italy to the register of Protected Geographical Indications (PGI) and ‘Tharsys’ from Spain as a Protected Designation of Origin (PDO).

‘Olive taggiasche liguri’ are table olives and olive paste made from olives of the ‘taggiasca’ variety. The taggiasca olive is named after the town Taggia where Benedectine monks planted its first trees in the tenth century. The plant is characterised by great fertility and strong growth, though also by susceptibility to frost and extreme temperatures. It acclimatised itself to Liguria, a region shaped like an arc, a narrow strip of land between the sea and a mountain ridge that shelters it from winds and cold.

‘Carne Salada del Trentino’ denotes a cured meat product made from beef cattle characterised by leanness, the taste of mature meat and a slightly spice aroma. The meat is produced and packaged in the entire administrative territory of the Autonomous Province of Trento, with the exception of some municipalities. The traditional processing and conservation practice used for Carne Salada del Trentino has survived in Trentino since ancient Rome, while having been almost completely abandoned elsewhere.

Thirdly, ‘Tharsys’ is a red, white and rosé wine from the urban area of Requena in Spain, a region that has been adorned with vineyards and an underground winery since the 16th and 19th century respectively. The wines each have different aromas depending on their age and colour – ranging from intense blue-flower notes for young reds, to the toasted-spices and smoky aromas of barrel-aged rosés.

This new designation joins the more than 3,680 protected names already listed in the eAmbrosia database. For more information, see the Quality Policy pages.

(For more information: Balazs Ujvari – Tel.: +32 2 295 45 78; Emma Marechal – Tel.: +32 2 299 48 18)

Commission approves pound 24.5 million Italian State aid measure to support the expansion of a freight terminal

The European Commission has approved, under EU State aid rules, a pound 24.5 million Italian State aid measure to expand a multimodal freight terminal near Bologna. The measure will promote the shift in freight transport from road to rail.

Domestic freight transport by rail is considerably below EU average in the Emilia-Romagna region. The opening of the Brenner Base Tunnel will significantly increase freight traffic by rail in the area after 2030. The project will expand the existing multimodal platform at Interporto Bologna by adding five new, 750m long railway tracks, as well as expanding the platform by about 80,000m², by the end of 2026. The beneficiary of the measure is Interporto Bologna, which operates the existing infrastructure. The terminal is situated at the intersection of three TEN-T corridors and is considered a strategically important railway infrastructure at national level.

The Commission assessed the measure under EU State aid rules, in particular Article 93 of the Treaty on the Functioning of the European Union (‘TFEU’) on transport coordination. The Commission found that the measure is necessary to promote the use of rail transport, which is less polluting than road transport and contributes to reducing road congestion, in line with the objectives of the EU Sustainable and Smart Mobility Strategy and the European Green Deal. Furthermore, the Commission found that the aid will have an ‘incentive effect’ as the beneficiary would not carry out the investment to the same extent in the absence of the public support. Finally, the Commission concluded that the measure is proportionate, as it is limited to the minimum necessary and has a limited impact on competition and trade between Member States. On this basis, the Commission approved the Italian measure under EU State aid rules.

The non-confidential version of the decision will be made available under the case number SA.118718 in the State aid register on the Commission’s Competition website once any confidentiality issues have been resolved.

(For more information: Arianna Podestà – Tel.: +32 2 298 70 24; Luuk de Klein – Tel.: +32 229 94774)

Commissioner Albuquerque visits Ireland for high-level talks on the Savings and Investments Union

Maria Luís Albuquerque, Commissioner for Financial Services and the Savings and Investments Union, is visiting Ireland from today to tomorrow. The Commissioner will engage with Ireland’s top-level policymakers, key stakeholders and students.

During the visit, the Commissioner will meet with Minister for Finance and President of the Eurogroup Pascal Donohoe, Minister of State for Financial Services, Credit Unions and Insurance Robert Troye, as well as representatives of the Central Bank of Ireland. She will also meet various representatives of the finance industry and trade unions. In addition, the Commissioner will deliver a keynote speech at the Banking and Payments Federation Ireland, and will participate in the ‘Talking with The Future’ event with students of Trinity College Dublin.

A key topic during the visit will be the Savings and Investments Union, which aims to enhance the capability of the EU financial system to connect savings with productive investments. In this context, the Commissioner will encourage Irish authorities to adopt the recent recommendation Saving and Investment Accounts frameworks quickly. Other important topics will include the simplification agenda, banking regulation and payments.

(For more information: Olof Gill- Tel.: +32 2 296 59 66; Mara Perez-Cejuela Romero – Tel.: +32 2 296 37 70)

Commissioner Roswall hosted high-level roundtable on simplifying environmental laws

This morning, Commissioner Roswall met with business representatives, civil society and think thanks in Brussels to discuss the results of the call for evidence on an environmental simplification package. The call closed on 10 September 2025 and gathered more than 190,000 responses.

The exchanges of the roundtable focused on key actions to simplify reporting, permitting and reduce administrative burden in the areas of circular economy, industrial emissions, waste management and environmental permitting. Simplifying and improving EU laws will make rules clearer and easier to understand and faster and cheaper to implement.

The simplification of environmental rules follows on from the Competitiveness Compass, which sets a clear framework for Europe to become the place where future technologies, services, and clean products are invented, manufactured, and put on the market, while being the first continent to become climate neutral. One way to achieve this will be the simplification of the regulatory environment.

Commissioner for the Environment, Water Resilience and a Competitive Circular Economy, Jessika Roswall, said: ‘This Commission is committed to simplification. Today’s roundtable enabled an open discussion with stakeholders to identify key actions to reduce administrative burden. What we want to achieve is a leaner legal framework that is easier to implement for businesses and public administration, while staying the course on our environmental objectives. This is crucial for our common goal: fostering Europe’s competitiveness while preserving the environment and safeguarding public health.’

You can find more information on the roundtable on simplifying environmental laws online.

(For more information: Maciej Berestecki – Tel.: +32 2 299 63 02; Maëlys Dreux – Tel.: +32 2 295 46 73)

Inflation in Cyprus continued to ease in September, marking the fifth consecutive month of annual decline. According to data released on Thursday by the Statistical Service of Cyprus, the Consumer Price Index (CPI) recorded a year-on-year decrease of 0.7%.

The CPI reached 117.71 units in September compared with 117.04 in August, reflecting a monthly increase of 0.67 units or 0.6%.

On an annual basis, the largest positive change was recorded in Services (+3.1%), while the steepest decreases were observed in Electricity (-10.9%), Agricultural Products (-5.0%) and Petroleum Products (-2.7%). Compared with August, Agricultural Products posted the sharpest increase (+3.5%).

Restaurants and Hotels (+4.4%), Education (+3.4%) and Recreation and Culture (+3.3%) saw the strongest annual rises compared with September 2024, while Clothing and Footwear dropped by 7.3%.

For the period January-September 2025, compared with the same period of 2024, the biggest increases were recorded in Restaurants and Hotels (+4.7%), Education (+3.7%) and Recreation and Culture (+3.4%), while Clothing and Footwear declined by 6.2%.

In terms of contributions to the overall CPI, Restaurants and Hotels (+0.50) and Education (+0.27) made the largest positive annual impact, while Transport (-0.78) and Food and Non-Alcoholic Beverages (-0.37) had the biggest negative impact.

On a monthly basis, the increase in the CPI was mainly driven by Clothing and Footwear (+0.37) and Food and Non-Alcoholic Beverages (+0.35). The largest downward effect came from Airfares (-0.21).

FOR THE PERIOD FROM 1200 02/10/2025 UNTIL 1200 03/10/2025

Atmospheric pressure at the time of issue: 1011hPa (hectopascal)

Weak low pressure is affecting the area. The weather will be mainly fine.

Visibility: Good

Sea surface temperature: 27°C

Warnings: NIL

New lending recorded a significant decrease in August 2025, according to data released Thursday by the Central Bank of Cyprus (CBC) on average deposit and lending rates, as well as amounts of new loans. The figures were published in the September 2025 edition of Monetary and Financial Statistics.

The interest rate on household deposits with an agreed maturity of up to one year remained unchanged at 1.08%.

By contrast, the corresponding rate on deposits from non-financial corporations declined to 1.15%, from 1.21% in July.

Lending rates

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The interest rate on consumer credit decreased to 7.09%, compared with 7.40% in the previous month.

The rate on loans for house purchase rose slightly to 3.91%, from 3.87%. The CBC noted that the housing loan portfolio includes different loan types, such as loans for primary residences and holiday homes, which carry varying risks and rates, and this mix affects the weighted average independently of banks’ pricing.

For loans to non-financial corporations, the rate for amounts up to pound 1 million fell to 4.19% (from 4.29%), while the rate for loans over pound 1 million registered a marginal increase to 4.30% (from 4.29%).

New loans

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Pure new loans amounted to pound 245.5 million in August (from a total of pound 420.4 million), compared with pound 445.3 million in July (from a total of pound 743.5 million).

Pure new consumer loans decreased to pound 20.4 million (from a total of pound 21.4 million), compared with pound 24.9 million in July (from a total of pound 26.8 million).

Pure new housing loans fell to pound 96.3 million (from a total of pound 144.1 million), compared with pound 125.1 million in July (from a total of pound 185.9 million).

Pure new loans to non-financial corporations up to pound 1 million dropped to pound 38.1 million (from a total of pound 52.6 million), compared with pound 57.3 million in July (from a total of pound 86.9 million).

Pure new loans to non-financial corporations over pound 1 million decreased sharply to pound 83.9 million (from a total of pound 190.6 million), compared with pound 230.9 million in July (from a total of pound 425.4 million).

It is noted that pure new loans include only new loan contracts, while total new loans also cover renegotiated contracts during the reference month.

Euro area comparison

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Loan interest rates in Cyprus remain close to the euro area median. In August 2025, the interest rate on outstanding household loans stood at 3.98%, compared with 3.95% in the euro area.

For non-financial corporations, the corresponding rate in Cyprus was 4.26%, versus 3.78% in the euro area.

The 2026 state budget is a growth budget and continues to maintain the resilience of the economy, Finance Minister Makis Keravnos said on Thursday presenting the budget to President of the House of Representatives Annita Demetriou.

The House President noted the importance of the budget having surplus and growth and added that the debate in Parliament begins on October 13.

“It is a growth budget, which continues to maintain the resilience of our economy with the necessary surpluses so that we can reduce public debt, release the potential and strength of the economy, and be able to offer more development, more social policy and more security for the citizens of our country,” the Finance Minister stressed.

Demetriou expressed satisfaction for the fact that the Minister gives emphasis on social policy adding that the Parliament supports vulnerable groups of the society as priority.

The 2026 budget amounts to pound 10.7 billion, excluding amortization expenses. Revenue for 2026 is estimated at a total of pound 12,681,631,000, while expenses are estimated at pound 10,779,960,000.

There is an additional pound 2,274,500,000 for loan repayments, as well as pound 665,200,000 for interest. The total amount of expenses amounts to pound 13,719,660,000.

The Minister of Finance said that since 2024 the state budget is prepared under the new economic governance decided by the European Commission and added that Cyprus as an EU member state “follows these rules faithfully so that we can give what we have to, to the society, the country and our citizens, in this difficult time of conflicts in our region and with the ongoing war in Ukraine”.

He also stressed that all our actions and decisions take into consideration the national problem of Cyprus until the country is reunited.

Meanwhile, replying to a question, the Finance Minister expressed confidence that, despite the Parliament’s workload, “through good cooperation and good understandings” the tax reform will be approved by the Parliament in a timely manner so that it is implemented by the first of January 2026.

President of the Republic Nikos Christodoulides held on Thursday, in Denmark, a series of important meetings with heads of state or government in view of the Cyprus Presidency of the Council of the EU, Deputy Minister for European Affairs Marilena Raouna said.

According to a press release by the Presidency, Raouna, who is accompanying the President of the Republic in Denmark, said that the President of Ukraine was among the leaders and that it was agreed that President Christodoulides would pay a visit to the country in December.

She said that on the sidelines of the European Political Community Summit held today in Copenhagen, President Christodoulides held a series of important bilateral meetings requested by our partners in view of the Cyprus Presidency of the Council of the EU that will begin in January.

This afternoon, she said, a meeting was held between President Christodoulides and President of Ukraine Volodymyr Zelensky, during which they discussed the latest developments in the efforts to end the war and particular the issues of guarantees and security for Ukraine.

During the meeting, Raouna said, Cyprus expressed its support to Ukraine as well as its commitment to work during the Cyprus EU Presidency to promote the accession negotiations.

It was also agreed that President Christodoulides would pay a visit to Ukraine in December, in view of the Cyprus Presidency.

The President of the Republic also had a meeting with the Prime Minister of Denmark, during which they reviewed the progress made during the Danish Presidency on important issues that the Republic of Cyprus will have to take over, such as the crucial negotiations and the EU’s Multiannual Financial Framework, as well as issues related to migration.

The Deputy Minister noted that there are currently important legislative proposals before the Council regarding the return of asylum seekers which the Republic of Cyprus will negotiate.

The President of the Republic also met with the President of Moldova, who expressed her intention to visit Cyprus in November, in view of the Cyprus Presidency.

President Christodoulides also met with the President of Switzerland, since the Cyprus Presidency is expected to complete the EU-Switzerland package of agreements. Finally, the President met with Prince Albert of Monaco.

Weather Temperature for Cyprus

Today’s weather and temperatures for Cyprus according to the Department of Meteorology

Date 02/10/2025

We have an obligation, as a semi-occupied country, to constantly strengthen our defence, Government Spokesperson, Konstantinos Letymbiotis, said on Thursday, in Nicosia.

Asked, during a media briefing at the Presidential Palace to comment on statements by Turkish Cypriot leader Ersin Tatar on the Republic of Cyprus’ armament programme, following Wednesday’s military parade for the anniversary of the Independence of the Republic of Cyprus, the Spokesperson said that all the actions the government has been taking, ‘regarding the defence of our country are aimed at exactly what I have described, the defence of our country.’ ‘A country which, let us remind Mr Tatar and Turkey, has been experiencing the tragic consequences of a barbaric invasion and an illegal occupation for 51 years. A country where 37% of its territory is under occupation, where 30,000 Turkish soldiers are illegally in our country and where over 160,000 Greek Cypriots are refugees in their own homeland’, he added.

What we are doing, he said, ‘is to strengthen, to further shield our country’s defence, to strengthen the deterrence of our country, a member state of the European Union’, in cooperation and full coordination ‘with our large European family, utilising programmes such as SAFE, with funds exceeding one billion euros, precisely because we have an obligation, especially as a semi-occupied homeland, to constantly shield our defence’, he said.

Cyprus has been divided since 1974, when Turkey invaded and occupied its northern third. Repeated rounds of UN-led peace talks have so far failed to yield results. The latest round of negotiations, in July 2017 at the Swiss resort of Crans-Montana ended inconclusively.