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2024: A Pivotal Year For Tourism And Economic Growth In Cyprus

Deputy Minister for Tourism, Kostas Koumis, has described 2024 as a milestone year for Cyprus’s tourism sector, highlighting record-breaking achievements in visitor arrivals and revenue. His remarks, delivered on Friday, follow the release of impressive figures by the Statistical Service.

Tourism Reaches New Heights

Koumis expressed satisfaction with the sector’s recovery, noting that arrivals and revenue have returned to, and even exceeded pre-pandemic levels. According to the Deputy Ministry, revenue from January to September 2024 rose by 31.1% compared to 2022 and 15.3% compared to 2019. Arrivals for the January–October period increased by 4.6% from 2023, and 26.7% from 2022, and even surpassed 2019’s figures by 0.8%.

Additionally, Koumis pointed out that per capita expenditure remains steady, reflecting sustained economic benefits from tourism. Looking ahead to 2025, the ministry’s strategy prioritises investment in rural tourism, environmental preservation, and community-driven benefits.

Resilient Sector and Strategic Success

The Deputy Ministry credited the robust performance to effective market-targeting decisions and the resilience of the tourism sector. Koumis emphasised that Cyprus’s approach to diversifying its tourism offerings and focusing on quality experiences has yielded significant results.

Economic Highlights: Fiscal Surplus and Revenue Growth

Cyprus’s broader economic performance in 2024 also stands out. Preliminary data from the Statistical Service reveals a surplus of €1.43 billion (4.2% of GDP) for January–October, up from €664.8 million (2.1% of GDP) during the same period in 2023.

Revenue Growth

  • Total Revenue: Increased by 6.6%, reaching €11.69 billion.
  • Taxes on Production and Imports: Grew by 6.2%, with net VAT revenue rising 7.6%.
  • Income and Wealth Taxes: Surged by 16%, amounting to €2.9 billion.
  • Revenue from Goods and Services: Jumped by 29.9%, reaching €822.7 million.

While some areas, such as social benefits and employee compensation, saw increases, the overall fiscal picture remains positive, driven by disciplined spending and strong revenue growth.

Looking Forward

With record-breaking tourism figures and a strong fiscal position, Cyprus is well-positioned for sustainable economic growth. Investments in rural development, community benefits, and environmental sustainability ensure that both the tourism sector and the wider economy will continue to thrive in the years ahead.

Qatar And UAE Embark On U.S.-Led Pax Silica Initiative To Reinforce Global Supply Chains

New Strategic Alliance For Silicon Statecraft

Qatar and the United Arab Emirates are set to join a U.S.-driven effort to secure critical technology supply chains, particularly in the areas of artificial intelligence and semiconductors. Undersecretary of State for Economic Affairs Jacob Helberg outlined the initiative’s swift expansion in a recent interview with Reuters.

Bridging Historical Divides With Technology

The inclusion of these Gulf nations is significant given the region’s complex political landscape, underscoring a broader strategy by U.S. policymakers to align Middle Eastern states with key allies such as Israel. This integrated approach aims to leverage the diverse industrial capabilities of each member country in a unified economic security front.

Pax Silica: Beyond Diplomatic Declarations

Officially dubbed Pax Silica, the program is designed to protect the entire technology supply chain—from critical minerals to advanced manufacturing, computing infrastructure, and data management. As a cornerstone of a long-term economic statecraft agenda that originally took root under the Trump administration, the initiative strives to reduce reliance on rival global powers while bolstering technological collaboration among allied partners.

Operational Blueprint For Economic Security

“The Silicon Declaration isn’t just a diplomatic communiqué,” Helberg noted. “It’s meant to be an operational document for a new economic security consensus.” The initiative includes some of the world’s leading industrial economies, including Israel, Japan, South Korea, Singapore, Britain, and Australia. Qatar is scheduled to sign the declaration on January 12, with the UAE following on January 15.

A Shift From Energy To Silicon

Helberg emphasized that the program represents a fundamental transformation in regional economic policy. For the UAE and Qatar, the move marks a decisive shift from a dependency on hydrocarbons to an emphasis on technology and innovation, symbolizing a broader diversification away from energy-centric security frameworks.

Future Projects And Global Integration

The Pax Silica group, which convened recently in Washington, is actively working on projects aimed at modernizing trade and logistics routes. One notable example is the proposed India-Middle East-Europe Corridor, which intends to employ advanced U.S. technologies to enhance regional connectivity and expand American economic influence. The framework also includes plans to establish the “Fort Foundry One” industrial park in Israel, as well as upcoming discussions on AI cooperation slated for further exploration on January 16.

Strengthening Global Alliances In A Complex Era

These initiatives come at a time when global supply chains are increasingly seen as strategic assets. As the Pax Silica group seeks to broaden its membership and launch key strategic projects this year, its coordinated efforts to secure critical infrastructure and technology may pave the way for enhanced global economic security. The timing also complements the upcoming Future Minerals Forum in Riyadh, organized by Saudi Arabia, which will gather top officials, industry leaders, and investors to deliberate on future mineral and supply chain strategies.

The coalition’s vision reflects a broader shift in international security paradigms, one that is less about traditional alliances and more about leveraging collective industrial strengths and technological innovations to create a securely integrated economic future.

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