On Wednesday July 21, 2021, Mr. Constantinos Petrides, Cyprus Minister of Finance addressed an online conference and along with the Cyprus Economy and Competitiveness Council presented the new long-term strategy for the sustainable economic growth of Cyprus (Cyprus 2035 “Vision”) embracing the scope of the Recovery and Resilience Plan under the European Union Council and Commission policies.
Correctly noted by Finance Minister, “Vision should be embraced by the community as a whole [ ] it is a collective effort. “We need to continue implementing the Vision 2035 which is the vision of the society and the economy for the years to come. Recession will not be smaller if we don’t proceed with a change of the model utilised so far and without placing emphasis in new sectors of the economy (e.g. education and digital transformation).”
The European Union (EU) has long prioritised Sustainable Development as its main priority (since 2015/16). Having gone through a very difficult period that included tackling the coronavirus pandemic, implementing Brexit, managing migration flows, poverty and social restless reshuffle evidenced due to earlier financial crisis (2007), etc ., the EU is now focusing its efforts on a rapid and targeted focused recovery from the recession, with a particular emphasis via implementing its Action Plan on Sustainable Development.
There are many aspects and many parameters that need to be taken into account and implemented in order for both the EU and its member states to achieve the holistic goal of strong growth today, without undermining future generations. To this end, the EU aims to ensure coherence between industrial, environmental, climate and energy policy, in order to create an optimal business environment that promotes sustainable growth, job creation and innovation.
The commitment of the EU and its member states to sustainable development is also indicative by its strong participation in the implementation of the UN's 2030 Agenda. At the heart of the 2030 Agenda are the 17 Sustainable Development Goals (SDGs) which may sound simple and pretty straightforward, yet we are still a long way from achieving them: No poverty, no hunger, health and well-being, quality education, gender equality, access to clean water for all, cheap and clean energy, decent work and economic growth, industry-innovation-infrastructure, reduce inequalities, sustainable cities and communities, sustainable consumption and production, climate action, protection of marine life, protection of life on land, peace-justice-strong institutions, cooperatives for achieving the goals.
The EU has therefore included in its policies and priorities the implementation of the above objectives and in this direction the member states, the European Parliament, other European institutions, international organizations and its citizens themselves, have a role to play. In this context, the SDGs targets fall within and are included in the six EU priorities for the period 2019-2024:
- A European Green Deal, which aims to make Europe the first climate-neutral and resource-efficient continent.
- A Europe fit for the digital age by empowering its people with new generation technologies.
- An economy that works for the benefit of all citizens through the creation of an attractive investment environment and growth that creates quality jobs, especially for young people and small and medium-sized businesses.
- A stronger voice for Europe in the international arena.
- Promoting the European way of life through the protection of EU rule of law, justice and core values.
- A new push for European democracy by giving EU citizens a bigger say and protecting it from external interference.
With all these in mind, it is clear that Europe is seeking a stronger position in the modern world by showing the way out of the crisis and building a greener, more digital and more sustainable future. The role of the member states in the whole undertaking is considered to be particularly important. As the President of the European Commission, Ursula von der Leyen, stated while approving the Cyprus National Recovery and Resilience Plan, "it is important because your success will be our success, a European success". As in other countries, the Cyprus Recovery and Sustainability Plan places particular emphasis on green and digital economy, as well as enhancing resilience and long-term growth, creating new job opportunities and social cohesion conditions. Given that the National Plan was formally approved, what remains now is its implementation by 2026. The hardest part that is, because its implementation is truly a political challenge. Any incorrect implementation of the Plan not only endangers the rapid economic recovery from the crisis caused by the coronavirus, but the entire future of the Cyprus economy as well, as the train of sustainable development has started and the countries that do not ride on it risk exclusion from major international developments.