Address by the President of the Democratic Rally, Mr. Averof Neofytou at the European Economics Idea Forum 2019
Tuesday, 19th March, Hilton Park, Nicosia 11.30 a.m.
Dear President of the Wilfried Martens Centre for European Studies,
Dear friend, President of the Glafkos Clerides Institute
Dear Ministers,
Ladies & Gentlemen,
Dear Guests,
It is a great honor to address the Economic Ideas Forum 2019, the prestigious annual event of the Wilfried Martens Centre for European Studies. Particularly so, because this year it is celebrating their 10th Anniversary!
Dear Mr. President,
I would like to personally welcome you to Cyprus and thank you for choosing Nicosia for the Economics Ideas Forum.
It is an honor indeed to welcome the official think tank of the European People’s Party in Cyprus.
Dear Guests,
I would like to thank you for joining us today in this high-level, award-winning, interactive conference on the most pressing issues, challenges and opportunities facing our European Union.
While Europe has managed to exit the crisis, the European powerhouse, none other than the European middle class and the Small and Medium enterprises that have been affected the most, have yet to be restored.
This stands true for Cyprus as well.
With hard work and commitment, Cyprus reversed the effects of the economic crisis of 2013. Confidence in the markets is back and the Cypriot economy is rated as investment grade after 7 long years. The economy is growing remarkably across the board at 4% of GDP. One of the fastest growing economies in the Eurozone, with the government budget balance in a surplus.
Prudent policies brought us here. Policies cutting costs while at the same time maintaining a modern, consistent and simple tax system. Even decreasing taxes in many aspects. Safeguarding the business environment as much as possible, even during the crisis. In addition, reforming outdated structures and proceeding with further reforms across the board to modernize the state.
Reforms in Local Government Administration, modernizing the Public sector and digitizing the country in favor of the citizens and entrepreneurship. Reforming the judicial system to achieve a faster delivery of justice, re-organizing the education system for the benefit of the students as an investment for the future. In order to have a modern, competitive country that supports households, businesses and startups and strengthens the prospects of dynamic economy sectors. Now is not the time to relax. Now is the time to proceed with further and more radical reforms.
This is key for Cyprus. An economy powered by small and medium enterprises primarily, and indeed by the middle class that we now need to help revive.
This is equally key for Europe as well.
For entrepreneurship to flourish, startups to scale and the economy to grow, there are no magic ingredients. What we need are prudent, growth oriented policies: Less taxes in a stable and consistent tax system. Incentives to attract private investments and to encourage startups to grow across Europe. Regulatory reforms for smart regulation. Mission oriented policies and actions. Stability and predictability in the business environment.
Our focus on innovation and digitization is strategic and long term. Enabling further important investments in Research and Innovation. Embracing Digital Transformation as a crucial ingredient of a modern economy to benefit society. Proceeding with reforms for a leaner and friendlier business environment.
And such policies are vital, for the European Union as a whole as well. Especially policies for a true Digital Single Market to fully enable growth and prosperity.
Europe is on the right track. But at the same time we have to be flexible. In artificial intelligence, robotics and blockchain technologies for example, European research is at the global forefront. But we run the risk of falling behind. Held back by, sometimes, not so innovation-friendly mindset and regulation. The example of Nokia and Ericsson that were innovators and global leaders in the 90s is telling.
It is of essence to enable innovation and business creation with smart, pro-startup and pro-innovation regulation. Facilitating European startups to scale into big, global companies. And to achieve that, we need to move fast in order to leverage investments in innovation and essentially growth.
Dear Guests,
These are the policies that can fuel growth and create competitive advantages and added value. Enabling SMEs to flourish and grow is the basis of reviving the European middle class. So they can continue to do what they do best, create and contribute in the economy and society. In fact, when have economic growth we can power the social aspect of the European model.
Like a car run on diesel to move and now it can also use batteries and electricity, the global economy must also harness the power of the fourth industrial revolution. It must fully harness innovation to fuel growth.
Cypriots want a better Cyprus. We need to build on the traditional strong sectors of tourism, real estate, shipping and services with the digital and innovation empowerment of the entire economy.
To achieve this we must proceed with the reforms needed. To strengthen the competitiveness of the economy. To establish conditions of long term sustainable prosperity and make the Cypriot economy more competitive and productive in every sector.
Above all, as a divided country, for us the most radical reform is reuniting our country.
Just like the Cypriots want a better Cyprus, Europeans want a better Europe as well. For every country to flourish and grow, the union of the countries also needs to grow. As it is the sum of the parts that make up the European added value of our European Union. Providing an additional advantage for the member states in this globalized environment.
Ladies and gentlemen,
I would like to thank you again for your presence here. I wish you a fruitful stay in Cyprus. I am looking forward to the interesting discussions that will follow.
Thank you.
