In a speech during the 2012 Cyprus Exports Awards ceremony at the
"In the midst of serious financial challenges events like this are especially important, as they allow us to recognise and reward hard work under extremely difficult circumstances, and to express our deep appreciation to the business world for its multifaceted contribution," the President said.
Anastasiades declared that, following the third troika review last week, the country's budgeted primary deficit had been significantly revised to reflect economic performance – it is now predicted at €277 million, down from an initially estimated €483 million.
Falling borrowing cost is also a reliable indicator of regaining the trust of international investors, Anastasiades argued. Market yields for government bond issues – i.e. interest payable on borrowing from financial markets – hovered around 15 per cent for months in the aftermath of the
"It seems that
Describing recent encouraging signs relating to
"Following several recent negative reports, respected international media, like the stern German economic press, are forced to extol the
Anastasiades assured exporters that the government would lend its unconditional support in their efforts, and lauded their spirit of entrepreneurship as being "key to the country's economic recovery."
"Aiming at incentivising trade and strengthening business activity, as well as easing the effects of the financial crisis, the government has announced growth measures with minimal fiscal impact", he said.
"Much-desired economic growth must be driven by private initiative, not the public sector. The government's duty is to create the right environment that will encourage and reward private activity," Anastasiades explained. "That is exactly what we are doing."
At the same function, Minister of Commerce
"The ministry supports business activity by securing access to new markets through international agreements, participation in specialised exhibitions abroad and organising business missions to selected international markets presenting business opportunities," he said.
The president of the selection committee for the awards,
"This encouraging result proves that our economy is resistant and resilient," he noted.
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