The Cyprus Economy and Competitiveness Council, with its establishment in 2018, recognized the need to review the economic model of Cyprus and submitted a request to the European Commission for financial and technical support for the development of the new Long-Term Economic Strategy (LTES) for Cyprus. The new Strategy presents the vision of the society and of the economy for the next 15 years (“Vision 2035”), which is to transform Cyprus to one of the world’s best places to live, work and do business, through its transformation into one of Europe’s Sustainable Business and Trade Hub. “Vision 2035” is accompanied by an Action Plan which consists of 242 initiatives for the enhancement of the economy and the assurance of the well-being of all citizens through the development of innovation, digitalization, green development, diversification and intensification of manufacturing, the upgrading and specialization of the tourism sector, the upgrading of education and the provision of educational services, and the support and deepening of maritime and professional services (more information about the new Strategy can be found here).

Ιn May 2022, the Council of Ministers approved the Governance Mechanism for the implementation of the Long-term Economic Strategy for the sustainable development of the Cypriot economy. According to the Council’s Decision, DG Growth is responsible for monitoring the progress of the implementation of the LTES and for holding the initiative owners of Vision 2035 to account for their progress. It is also responsible for reporting once a year to the Minister of Finance on the implementation of the Vision 2035.