Cyprus prioritises strengthening EU Single Market in Presidency agenda, minister says

Nicosia, Cyprus. Cyprus has placed the strengthening of the Single Market at the centre of its EU Presidency agenda, Energy, Commerce and Industry Minister Michalis Damianou said on Friday. He spoke in Nicosia at the “Shaping Europe’s Growth and Competitiveness” conference.

Conference in Nicosia

Damianou delivered his remarks during a keynote address at the event, which was organised by the Institute of Chartered Accountants in England and Wales (ICAEW) along with the Institute of Certified Public Accountants of Cyprus (ICPAC).

Global challenges and EU advantages

The minister said Europe stands at a decisive crossroads shaped by a rapidly evolving global environment, citing geopolitical instability, technological disruption, the climate transition, energy uncertainty and increasingly intense global competition.

He said that despite these challenges, Europe has significant advantages, including the European Union’s position as the world’s largest integrated market, strong institutions and competitive businesses.

Focus on faster collective action

Damianou said the EU has the largest unified market in the world, strong institutions, leading research capabilities, world-class talent and businesses that continue to innovate and adapt.

He said the issue is no longer whether Europe has the potential to remain competitive globally, but how it can harness this potential faster, more efficiently and through stronger collective action.

How should Europe harness its competitive potential faster and more efficiently through collective action?