As Minister of Energy, Commerce and Industry, my focus for 2025 is on facilitating sustainable growth, digital and green transformation, and resilience, across all sectors within the Ministry’s portfolio. To this end, we have set the following five flagship actions as part of the Ministry’s 2025 Action Plan. First, to promote the penetration of renewable energy sources in Cyprus’ energy mix, as well as energy saving and storage. Second, to develop a strategy for enhancing the competitiveness and internationalisation of Cypriot industry. Third, to create and promote a national identity for Cypriot products (‘Cyprus Made’). Fourth, to evaluate, redesign and expand the digitisation of funding schemes. And last but not least, to attract quality investments and facilitating their activation.

Specifically, through the development of the five natural gas discoveries in the Exclusive Economic Zone of the Republic of Cyprus, as well as of any future discoveries to be made during the ongoing exploration activities, and through our collaboration with major international oil companies, we aim to transform Cyprus into a notable player in the Eastern Mediterranean energy landscape, inter alia contributing to the enhancement of the region’s and the EU’s energy security.

Eni and Total Energies are currently in the process of preparing a fast-track development plan for the Cronos gas discovery, targeting a final investment decision in 2025, while first gas is anticipated in 2027. Chevron is also working on a modified development plan for the Aphrodite gas field, to be finalised in early 2025, and will start Front End Engineering Design before the end of the same year. Finally, ExxonMobil and Qatar Energy are planning to drill two exploration wells in 2025, one in Block 5 and one in Block 10, while also working on development options for the Glaucus gas discovery.

Direct and indirect revenues from hydrocarbon activities will enhance the national economy, whereas the use of natural gas for electricity production will help us reduce energy prices and align with EU regulations on carbon emissions.

Regarding our strategy on energy, Cyprus has been working over the past couple of years on accelerating the implementation of measures included in the National Energy and Climate Plan, such as new financing schemes for energy efficiency and renewable energy sources (RES) for households, enterprises and local authorities, the facilitation of energy upgrades for buildings, and the establishment of a one-stop-shop for the licensing of RES projects. Key energy investments are underway, including the LNG Import Terminal at Vasilikos and the Great Sea Interconnector, which will allow the integration of the Cypriot energy market with European markets and enable the export and import of electricity between Cyprus and mainland Europe. This will not only enhance energy security but also enable a much higher penetration of RES in Cyprus’ energy mix and provide more affordable energy for all consumers. The promotion of storage systems, energy communities and renewable communities, as well as measures to reduce energy costs and digitise and upgrade the electricity grid, are among our top priorities for 2025, as we transition to a greener and circular economy.

Cyprus’ industry shows promising signs of growth, and our goal is to continue working on improving its competitiveness, through the development of a viable and facilitating business ecosystem, the simplification of procedures and, of course, the provision of the financial incentives necessary to create the appropriate infrastructure and networks. In recognising the need to actively support entrepreneurship in general, the Ministry implements a series of measures and funding schemes aimed at creating new business models based, primarily, on technological upgrading, digitalisation and green growth.

In 2025, in the field of trade, our Ministry will continue to implement the Common Commercial Policy, as Cyprus is a member state of the European Union and thus is committed to our common goal to increase trade amongst EU member states and the rest of the world. By implementing the Ministry’s trade strategy, we hope to enhance Cyprus’ export capacity, strengthen the sector’s resilience, and create a competitive and sustainable trade environment. Our aim is for Cyprus to become a dynamic trade hub, with robust global partnerships. Our focus will be on strengthening the extroversion of Cypriot businesses, promoting domestic products and services in international markets, and solidifying Cyprus’ status as an attractive business and investment centre. The actions of the Ministry are reinforced through the work of our Trade Centres that operate abroad, covering more than 40 countries.

Finally, in the field of consumer protection, our mission is to ensure that it is maintained at a high level in a liberalised and competitive market. This is achieved through varied targeted actions that ensure the empowerment of consumers and the effective control of market compliance. The Ministry is constantly undertaking legislative and other initiatives aimed at actively supporting and better informing consumers, thus contributing to the Government's broader effort to tackle high prices, which are a global phenomenon. The operational objectives of the Ministry include the protection of consumers in the context of the implementation of consumer legislation, in particular regarding their economic interests during transactions and the prevention of unfair commercial practices towards consumers.

Overall, for 2025 we aspire that the strategy and policies we are implementing will promote and enhance competitiveness, stimulate investment and contribute towards the transition to green growth and a circular economy, for the benefit of all Cypriot citizens.