Loading...

Growth Reform

The Growth strategy aims at accelerating the economic recovery, creating jobs, improving the competitiveness of the business environment and promoting investments. For the transition to a new growth model, an Action Plan which aims at the implementation of targeted measures and outlines key priorities and actions to be taken in this context, has been prepared and approved by the Council of Ministers (no. Decision 78.292 and dated 4/2/15).

Among others, actions are already being promoted in order to increase competitiveness, facilitate investment and support entrepreneurship, modernize the functioning of the state is and improve the services provided to citizens and businesses by simplifying procedures and laws, by the further implementation of eGovernment and by targeted sectoral actions. In the first stage, emphasis is placed on promoting areas and measures that can contribute significantly to the development of the economy of Cyprus.

The Action Plan targets four areas:
- Growth Planning
- Smart Regulation
- Investments and Entrepreneurship
- Electronic Government

Meanwhile, in the context of the growth reform, issues pertaining to the EU Growth Strategy, such as the Europe 2020 Strategy, and the Investment Plan for Europe, are also being monitored.

The progress reports of the Action Plan, which reflect the progress made in priority actions, are shown below:

In November 2016 the Council of Ministers was informed on the progress made regarding the implementation of the measures included in the Action Plan from February 2015. The relevant document can be found here (in greek language).

Additionally, it is mentioned that in November 2016 the Council of Ministers approved the Revised Action Plan for Growth.

The Action Plan was revised by the Presidency - Unit of Administrative Reform, in cooperation with the Ministries and Independent Services, following the recommendations of the European Commission after the exit of Cyprus from the economic adjustment programme.

The revised Action Plan (in greek language) includes three Sections, and all the Ministries / Independent Services are actively involved in its implementation.

Entrepreneurship and Investments

Entrepreneurship and Investments

Promoting investments and entrepreneurship is a key part of the Growth Reform. The improvement of the business environment, the simplification of procedures, the provision for incentives to investors as well as the development of a stable and transparent regulatory framework, are all essential factors which will contribute to the attraction of investments ...

read more
eGovernment

eGovernment

The use of Information and Communication Technologies (ICT) is widely recognized as a key horizontal factor for growth. Consequently, the Government considers that the use of ICT in the public sector (eGovernment) should be implemented as a matter of priority in tandem with the Public Service Administration Reform.

read more
Better Regulation

Better Regulation

Better Regulation refers to the improvement of the regulatory framework and is promoted by the government of the Republic of Cyprus in the Growth Reform framework, while it has also been set as a major priority at EU level by the European Commission. Better Regulation aims at better governance, as well as at the modernization and improvement of the ...

read more
Growth Planning

Growth Planning

The Action Plan for Growth, which has been prepared by the Presidency, includes targeted measures in priority areas as well as  horizontal actions considered to contribute significantly in improving competitiveness and the business environment, creating jobs and achieving a more balanced growth model that is less vulnerable to external shocks.

read more
EU Growth Strategy

EU Growth Strategy

The “Europe 2020” Strategy is the European Union’s growth strategy for the ten year period (2010 - 2020), aiming for smart, sustainable and inclusive growth.

read more