Breaking news

Agriculture Minister announces €109.3 million strategy for primary sector

Cyprus has launched a new strategy for its agricultural sector, aiming at sustainable development, innovation, and economic resilience.

Minister of Agriculture, Rural Development, and Environment Maria Panayiotou introduced the strategy at a press conference on 10 October, stressing that “it is not just an initiative, but a roadmap reflecting our vision for the future of Cypriot agriculture.”

The strategy, which includes 11 key actions with a budget of €109.3 million, covers the period from 2024 to 2028 and was approved by the Council of Ministers on October 2, 2024.

“Our aim is to establish a new model for the primary sector, ensuring sustainable production, economic support, and access to new technologies,” Panayiotou said. She noted the government’s commitment to providing solid tools and support for farmers, moving beyond emergency measures to a robust, development-oriented approach.

The new strategy aims to increase the contribution of the agricultural sector to Cyprus’ GDP, which currently stands at 1.8%. It will focus on expanding the sector’s capabilities while promoting sustainability and resilience in the face of ongoing challenges.

“We want to ensure the needs of the domestic market are met while promoting Cypriot products in new international markets,” Panayiotou added.

Key elements of the strategy include boosting the professional farming sector through priority measures and scoring systems, water management interventions to combat drought, and the adoption of smart farming technologies. The strategy will also address market gaps by supporting the use of untapped agricultural land and promoting cooperation among producer groups.

Panayiotou emphasised that the new strategy would support the long-term competitiveness of Cyprus’ agricultural sector, focusing on high-quality, affordable products for consumers and fair incomes for farmers.

The actions in the strategy will be funded through the Common Agricultural Policy (CAP) and national resources, with the University of Cyprus’ Economic Research Centre tasked with evaluating its overall impact on the economy. The 11 actions cover areas such as green competitiveness, livestock sector support, new financing tools for agriculture, quality certification for Cypriot products, and risk management in agricultural production.

Bitcoin Surges 23% In A Week As Investor Optimism Returns

Bitcoin was on track for a weekly gain of around 23% on Friday as a series of positive macroeconomic and policy developments boosted investor sentiment.

The cryptocurrency was trading about 6% higher at roughly $77,000, up from around $62,800 at the start of the week. Crypto-related stocks also rallied, with Coinbase and Circle gaining more than 9%, while Strategy rose 7%.

Macro Factors Fuel Rally

Bitcoin’s latest surge began Wednesday after Treasury yields fell sharply following a major intervention by the U.S. Treasury in the bond market. Lower yields eased pressure on risk assets and helped trigger a broader move into cryptocurrencies.

The rally was further amplified by a major short squeeze. Around $2.7 billion in crypto short positions were liquidated, according to CoinGlass.

Max Stuedlein, head of Partnerships at Sygnum APAC, said the move reflected an alignment of macroeconomic and policy catalysts, including the Treasury’s decision to increase buybacks of longer-dated government debt.

Clarity Act Boosts Sentiment

Investor confidence improved further on Thursday as the White House and crypto industry leaders made a final push to advance the Clarity Act in the coming weeks.

The legislation is widely viewed as a potential catalyst for the crypto market, although its chances of passing remain relatively limited.

Despite the rally, bitcoin remains well below its 2026 high of $94,820 reached in January and its all-time high of $126,198, set last October.

Analysts See More Volatility Ahead

Lucy Gazmararian, founder and managing partner at Token Bay Capital, said the crypto market may be approaching the end of its bear cycle.

She expects bitcoin could experience one more decline of around 20% before the market turns, pointing to historical cycles and the recent liquidation of heavily leveraged short positions.

Gazmararian also described bitcoin as a long-term hedge against monetary debasement, while warning that its short-term price remains highly volatile and driven by market cycles.

Uol
eCredo
The Future Forbes Realty Global Properties
Aretilaw firm

Become a Speaker

Become a Speaker

Become a Partner

Subscribe for our weekly newsletter