A Vision For A Stronger Single Market
Speaking at the “Shaping Europe’s Growth and Competitiveness” conference in Nicosia, Michalis Damianou outlined Cyprus’ commitment to strengthening the European Single Market as part of the country’s EU Presidency priorities. Amid growing geopolitical uncertainty, technological disruption and energy challenges, Damianou said Europe must move faster in coordinating reforms that reinforce competitiveness and economic resilience across the bloc.
Capitalising On Europe’s Competitive Advantages
Damianou argued that Europe continues benefiting from major structural strengths, including the world’s largest integrated market, advanced research capabilities and a highly skilled workforce. According to the minister, the focus has now shifted from discussing Europe’s potential to accelerating its ability to compete globally through targeted reforms, stronger coordination and more effective regulation.
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Legislative Reforms And Regulatory Modernisation
Reducing administrative burdens for businesses, particularly SMEs and scaling companies, remains a central part of Cyprus’ agenda. Damianou referenced initiatives including the European Commission’s “Terrible Ten” proposals and the planned “28th Regime,” both aimed at simplifying cross-border business activity and reducing regulatory fragmentation within the EU market. He stressed that the objective is not deregulation, but smarter regulation capable of supporting innovation while limiting unnecessary bureaucracy.
Driving Investment And Industrial Competitiveness
The minister also highlighted broader European efforts aimed at strengthening industrial competitiveness and accelerating investment. Proposals, including the European Competitiveness Fund and the European Industrial Accelerator, are expected to simplify access to funding, reduce delays and support decarbonisation across energy-intensive sectors. Damianou additionally linked energy policy directly to Europe’s economic security, arguing that affordable and sustainable energy remains critical for maintaining industrial competitiveness globally.
Cyprus As A Regional Bridge
Cyprus’ geographic position between Europe, the Middle East and Asia also places the country in a strategic role for regional cooperation and market connectivity. During his remarks, Damianou described Cyprus as a bridge for innovation, investment and collaboration, while reaffirming support for reforms intended to strengthen Europe’s long-term resilience, competitiveness and strategic autonomy.
A Broader Call For European Competitiveness
Closing his address, the minister said competitiveness extends beyond economic performance and remains closely tied to Europe’s long-term stability and quality of life. He called for greater speed, ambition and unity across the EU as member states continue responding to an increasingly competitive global environment.
