OEB president calls for urgent economic reforms in Cyprus

At the annual general meeting of the Cyprus Employers and Industrialists Federation (OEB), President Giorgos Pantelidis highlighted the need to strengthen the competitiveness of the Cypriot economy amid global uncertainty. While acknowledging positive trends such as high growth rates, low unemployment, and reduced public debt, he warned that stability is not guaranteed without a long-term crisis management plan. Pantelidis criticized the delay of necessary reforms, attributing this to concerns over political costs, and urged the government to adopt private sector efficiency. Key policy recommendations included restraining fixed public expenditures, increasing public investment, and focusing on human resources and digital transformation. Addressing the energy sector, he warned of future supply shortages and called for utilizing private production units, finalizing natural gas infrastructure, and pursuing electrical interconnection with Europe. Additionally, he noted that the tourism industry is facing uncertainty following a recent incident involving a drone at the Akrotiri British base.