PRESS RELEASE
AMERICAN CHAMBER OF COMMERCE AND INDUSTRY IN CYPRUS’ THANKSGIVING GALA DINNER
The American Chamber of Commerce and Industry in Cyprus (AmCham) recently held its annual festive Thanksgiving Gala Dinner.
An event in celebration of the long-standing historic and powerful ties that bind Cyprus and USA together, offering the opportunity to two – hundred friends, participants and members who joined, to engage with partners and prominent individuals of the business community, exchange insights and explore opportunities to establish synergies and mutual beneficial partnerships.
AmCham was honored to have the President of the Republic of Cyprus, Mr. Nicos Christodoulides, and the USA Ambassador to Cyprus, Ms. Julie D. Fisher, delivering key-note speeches, whilst the Minister of Energy, Industry and Commerce, Mr. Giorgos Papanastasiou, the Chief Scientist, Mr. Demetris Skourides, and the President of the Cyprus Chamber of Commerce and Industry, Mr. Stavros Stavrou, also attended the event.
In his short introductory remarks, AmCham’s President, Mr. Giorgos Georgiou, welcomed the fact that the partnership between Cyprus and the US under the leadership of President Christodoulides has grown even stronger, through a multitude of tangible deliverables now unfolding on several fronts.
These, amongst others, include the institutionalization of a Strategic Dialogue between the Republic of Cyprus and the United States, the recent historic visit of President Christodoulides to the White House and the enhancing of the research and innovation possibilities between Cyprus and the USA under the leadership of Chief Scientist, Mr. Demetris Skourides, that include exciting projects between NASA and the National Science Foundation.
Of course, as he highlighted, the culmination of this upgraded and ever-growing partnership would be the inclusion of Cyprus in the US Visa Waiver Program.
He also underscored that our partnership is not limited to the political and diplomatic level but is leading to a steady – with an upward trend – stream of investments from US interest-based companies, across a number of sectors.
In parallel, as he stressed, this trend can be further boosted by a set of other actions which will positively contribute to make investments flow easier and smoother to Cyprus, such as:
- Updating the double tax treaty between Cyprus and the US, which has now been in force for over 40 years,
- Concluding a Social Insurance Benefits Transfer agreement,
- Expanding educational opportunities and cultural exchanges, and,
- Improving air connectivity and enhancing tourism flows through establishing direct flights, hence improving cross-border business activities and strengthening people-to-people ties.
He also praised and expressed AmCham’s gratitude and genuine appreciation to Ambassador Fisher for her demonstrated leadership in pushing tirelessly, consistently and tactically the relations between our two countries to the new levels we are now witnessing.
Concurrently he thanked the Ambassador for being a dedicated, committed partner and friend of AmCham, pursuing continuous contact with the board and its members and encouraging it in its journey of the continuous improvement of the US-Cyprus trade, business and investment relations.
In this regard, Mr. Georgiou expressed the confidence that with the leadership of President Christodoulides and the steadfast support of Ambassador Fisher, who has been also catalytic in further advancing our strategic partnership, Cyprus’ reliability as a credible partner to the US could in fact give rise to an increased momentum for further American investments in major infrastructure projects with significant potential.
In concluding, Mr. Georgiou expressed AmCham’s gratitude and deepest appreciation to its annual sponsors for their invaluable support that is empowering its advocacy and networking actions: EcommBX as Diamond Sponsor, Iron Mountain as Gala Sponsor, Baker Tilly, Cablenet, Hellenic Bank, KPMG, PWC, Abacus, Exxon Mobil and LLPO as Silver Sponsors and, of course, AmCham’s Corporate Members and Business Members for their commitment, engagement and financial support to the Organization’s activities.
In her remarks, Ambassador Fisher expressed her appreciation in joining the event with a distinguished group of leaders, entrepreneurs, and friends whose presence shows the invaluable strength and leadership of American industry and commerce in Cyprus.
She conveyed that the United States is deeply grateful for the dynamic and growing relationship with the Republic of Cyprus – a relationship which has never been stronger – , highlighting the launch of a strategic dialogue to increase cooperation across a range of issues, from energy security to educational opportunities and surging humanitarian aid through the Cyprus Maritime Corridor, delivering more than 8,000 metric tons to Gaza.
She also emphasized President Christodoulides’ leadership in strengthening the banking and legal sector integrity, combating corruption and aligning with the Transatlantic consensus countering Russia, paving the way for the expansion of our bilateral relations.
Ambassador Fisher extended special thanks for the progress made this year in the partnership between the American Embassy and AmCham, as the USA welcomes the fact that Cyprus is working to become an increasingly attractive market for American tech companies. In this regard, she added, advancing the digital transformation of the island, building a secure 5G network, and addressing cybersecurity threats, are of great importance to the US and to American businesses looking to invest.
In relation to developments in the energy sector, Ambassador Fisher commented that ExxonMobil has announced it will begin drilling one exploratory well in Block 5 and an additional well in block 10 starting early next year, while Chevron is still in discussions with the Republic that will hopefully lead to a positive outcome early next year and some much-anticipated progress on the development of the ‘Aphrodite’ Offshore field.
She also conveyed that the Moody’s rating is also a notable recognition of fiscal and macroeconomic policies that are producing results, whilst the Cyprus’ startup ecosystem is also growing substantially.
Ambassador Fisher shared that following the Strategic Dialogue, the Embassy’s team will kick off discussions for revising our bilateral economic diplomacy action plan before the end of the year, with AmCham being a big supporter of the initial action plan, with significant contributions, as one of the most important stakeholders of economic diplomacy.
She also briefed on developments as regards the Visa Waiver Program, reminding that visa refusal rate for Cyprus had come in under the required 3% threshold, a critical milestone bringing Cyprus one step closer to membership in the Program and toward visa-free travel for Cypriots to the United States.
In closing, Ambassador Fisher, yet again, expressed her deep thanks for the strong and enduring relationship between the United States and Cyprus and for the Embassy’s partnership with AmCham.
President Christodoulides reflected on the growing friendship and partnership between the Republic of Cyprus and the United States of America, expressing his heartfelt thanks to Ambassador Fisher for her remarkable professionalism and exceptional dedication to advancing the Cyprus-US partnership, which has been pivotal in the leaps the two countries have taken in recent months in expanding and deepening cooperation at the bilateral and regional level.
Stressing that the Cyprus-US relations are at a historical high, President Christodoulides emphasized that this is the outcome of a focused foreign policy path, since over the past 19 months the Government has set clear goals and roadmap on driving this strategic partnership forward in an array of fields including defense, security, economy and investments, energy, education and many more.
He stressed that 2024 has been a landmark year, with the Cyprus – USA strategic cooperation institutionalised, with the first strategic dialogue between the United States and the Republic of Cyprus taking place in Nicosia last October, cementing our strategic relationship but also our joint vision for promoting peace, security and stability in our region.
A strategic dialogue, which, as he conveyed, paved the way for his visit to Washington DC on October 30th and the meeting with President Biden. As President Christodoulides commented, this truly historic meeting, 28 years since the last visit of a Cypriot President to the White House, was of great importance both in substance and in symbolism.
He carried on to inform that the visit serves as a new beginning in further advancing our relations with the US in a wide range of areas, based on a specific road map that has been agreed, with the Republic of Cyprus being excited to build on this relationship with the incoming Trump administration and carry this relationship to new highs, as was his clear message during excellent telephone conversation he had earlier on the day with President-elect Trump.
He also added that Cyprus’ projected GDP growth places the country among the top-performing economies in the eurozone, demonstrating that we are not just weathering storms but creating pathways to sustainable development.
President Christodoulides informed on key initiatives to attract investments, that include the implementation of competitive tax policies and the simplification of regulatory procedures, and the creation of specialised incentives for industries such as technology, finance, and energy.
Equally important, as he highlighted, was that the Government is also investing in digital transformation, infrastructure development, and the establishment of innovation centers to foster a vibrant business ecosystem, aiming to strengthen Cyprus’s appeal as a destination for high-value investments and skilled professionals from around the world.
In this regard, he expressed his satisfaction that as a result of our overall approach, Cyprus has been witnessing a steady and remarkable rise in Foreign Direct Investments, with over €3.5 billion invested in the country in 2023 alone.
President Christodoulides also noted that the government is working very closely with the United States on matters related to anti-money laundering, sanctions compliance, and combating corruption.
Moreover, he spoke of people-to-people contacts which is a prerequisite element to enhance ties of the two countries across the board and that is why his Government prioritised efforts to include Cyprus in the US Visa Waiver Program, expressing optimism that through the dedicated efforts of all stakeholders, this goal will soon be realised, in the beginning of 2025, marking yet another milestone in our flourishing partnership.
In concluding, President Christodoulides extended his appreciation to the leadership and members of AmCham Cyprus for their invaluable contributions to the Cyprus-US partnership, praising their dedication to fostering collaboration between our business communities and promoting bilateral trade and investment.
