Cypriot FM bets on economic diplomacy

Economic diplomacy is indispensable, Minister of Foreign Affairs Nikos Christodoulides said on Wednesday, adding the Foreign Ministry has elevated economic diplomacy to one of its top priorities.

Speaking at an event hosted by the Cyprus Chamber of Commerce and Industry titled "Diplomat of the year awards", Christodoulides referred to protectionist tendencies and rising economic nationalism that hinder world trade and investment ultimately affecting world growth and prosperity.

“These are only a few of the reasons that make economic diplomacy indispensable. It is mandatory that we use all levers at our disposal to promote our mutual economic interests, to ensure a level playing field for all economies – large and small,” Christodoulides said.

He also recalled the “unprecedented crisis” that hit Cyprus in 2013 at the wake of the world crisis, noting that the “we have succeeded in transforming an economy in distress, into a story of strong economic recovery that has attracted international praise.”

“One of the most valuable lessons learned from the economic crisis is the importance of the interaction between our countries’ economies and the significance of multilateral cooperation in facing challenges of this magnitude,” he added.

The Cypriot FM also said that “in the ever-changing era of globalization, the international relations landscape has undergone significant changes, and as a result, the boundaries between international politics and international economic relations have become more blurred.

“In other words, economic partnerships constitute an integral part of political synergies,” he added.

Strategy on economic diplomacy

Furthermore, he said that the Strategy on economic diplomacy, initiated in February 2019, is expected to be completed by the end of 2019.

Christodoulides concluded by saying that in addition to classic features, such as facilitating access to foreign markets, attracting foreign investment, and influencing international rules to the benefit of national interests, the government was aiming for a strategy that would promote both the Cyprus brand as well as its culture.