President Christodoulides outlines energy and investment strategy at 16th Nicosia Economic Congress

During the 16th Nicosia Economic Congress, President Nikos Christodoulides addressed business leaders regarding national energy challenges and investment goals. He announced plans to negotiate with ENI and TOTAL by the end of April, aiming to initiate the exploitation of Cypriot natural gas by 2027. The President expressed dissatisfaction with current renewable energy figures, which have risen from 19% to 24% during his tenure, despite the country's 320 annual days of sunshine. To address this, the government is developing new renewable energy storage plans to further integrate green energy into the national mix. Regarding foreign investment, Christodoulides outlined a targeted strategy focused on strategic partners, specifically India, the United States, and Kazakhstan. Official visits are scheduled for Mumbai and New Delhi from May 20–23 and Kazakhstan from June 2–4. He emphasized that the government will move away from past mistakes of indiscriminate investment and instead prioritize specific strategic sectors. Since the first natural gas discovery in the Exclusive Economic Zone in 2011, exploitation has remained pending, a situation the current administration intends to resolve.