Nicosia, Cyprus. Members of the board of the Cyprus Chamber of Commerce and Industry (Keve) met Finance Minister Makis Keravnos on Monday to discuss current economic challenges as part of ongoing dialogue between the government and the business community. The meeting focused on pressures affecting the national economy and possible responses.
Economic challenges reviewed
Participants held a comprehensive discussion on ongoing economic difficulties and their effects on the national economy.
Considerable emphasis was placed on the energy crisis and the significant pressure it 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.
Agriculture and supply chain concerns
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.
Inflation and competitiveness
Discussions 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.
Statements after the meeting
“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,” Keravnos said after the meeting.
Keve president Stavros Stavrou emphasised the need “for timely and targeted interventions in order to ensure the viability and growth of the Cypriot economy”.