He suggested that an upgrade on research and innovation issues under a deputy ministry would contribute to the modernization of the sector. Therefore, he aims to improve the governance of these two issues by establishing the National Council for Research and Innovation and appointing a leading scientist in order to encourage the innovative entrepreneurship.
According to the upcoming changes by the government, they aim to increase the competition of Cypriot businesses and develop an appealing environment for domestic and foreign investment.
Some of these changes are the installation of an e-Justice system, the implementation of National Health System from 1st of June 2019, the promotion of public sector changes regarding the recruitment, the evaluation, and staff development, the promotion of e-Government, local government reform and the application of a new tourism strategy.
As reported by the president, the government, following the supervisory, transparency and compliance rules have achieved a stabilization of the sector and a better basis for capitalization, liquidity, profitability loan approvals, and restructurings.
He has also pointed the reduction in non-performing loans (NPLs) from €28.4billion to less than €12billion.
To conclude, the president expected a quicker response to the problem of NPLs, after the ongoing development of the insolvency framework, a progress in the effectiveness of the legislative framework and the promotion of the Estia scheme, to protect the main homes of vulnerable borrowers.