US ambassador warns red tape is costing Cyprus investment

Cyprus needs to cut bureaucracy, United States Ambassador John Breslow said on Friday warning that the departure of even a single American company over investment barriers is “an avoidable loss”. Speaking at the first annual conference of the American chamber of commerce in Cyprus, Breslow said he was concerned about opportunities going unexploited. “Even one company that leaves is one more than it should be,” he said. He called on Washington and Nicosia to work together to reduce obstacles, saying a stable and predictable regulatory framework is essential for attracting large, long-term investment. Related Articles • Cyprus seeks deeper Silicon Valley links as US investment interest grows • Christodoulides announces US visit to strengthen technology, investment ties • Cypriot re-elected to Congress as change sweeps American House • Cyprus seeks US investment and startup links at Silicon Valley summit • Cyprus seeks major investment as Christodoulides announces US mission • Cyprus looks beyond investment to build innovation economy “Companies need certainty to make large, long-term investments. This is one of my highest priorities,” he said. Breslow welcomed Cyprus’ effort to raise the issue of European bureaucracy during its presidency of the Council of the European Union. He said several existing rules undermine the prosperity of both countries and that work to ease them should continue. He pointed to the recent agreement between the United States and Greece on secure critical minerals and supply chains as an example of cooperation. He said Washington was pleased with the investment screening legislation passed by Cyprus but wanted the checks extended to public procurement. Hub for American business The conference also heard Breslow describe Cyprus as a potential hub for American business in Europe. Turning to wider relations, he said the partnership made both countries “more secure, stronger and more prosperous”. President Nikos Christodoulides announced earlier this week that he will travel to the United States at the end of the month to promote American investment in Cyprus at a Silicon Valley tech summit. A five-year defence cooperation roadmap was signed in 2024, and American warships have called at Cypriot ports more than 100 times since 2022. Cyprus has also signed its first foreign military sales agreement with the United States, which he said would help expand the Paphos air base for American and Cypriot forces. He added that Cyprus had sent its 100th military student for training in the United States. “Security enables investment, and every defence agreement between friends creates jobs and stronger partners on both sides of the Atlantic,” he said. On energy, Breslow said Cyprus is working with ExxonMobil, Chevron, Halliburton, Baker Hughes and McDermott on regional interconnections. “Energy security is national security,” he said. He cited undersea power and data cables and the India-Middle East-Europe Economic Corridor (IMEC), saying “Cyprus sits right at the centre of this map”. He described the 3+1 grouping of the United States, Cyprus, Greece and Israel as a partnership with “substantial work”, and referred to the Eastern Mediterranean Energy Centre launched at Rice University in Houston in June. The Cyclops regional training centre in Larnaca, funded by the United States, trains officials from dozens of countries in border security. Breslow also called for more study and job opportunities for young Cypriots in American firms. He concluded be refuting that “the days of the West are over”.