AGP Executive Report
Last update: 10 hours agoAgriculture Strategy: Cyprus is pushing ahead with a €109.3m “Strategy for the Development of the Primary Sector” through 2029, aiming to lift the sector’s GDP contribution (currently 1.8%) and backed by a study projecting €138.6m output, €70.8m GDP impact and about 1,370 new jobs. Banking Spotlight: With banks’ profits strong since 2022, Cyprus now faces renewed political pressure as Parliament returns in September, with talk of a possible windfall tax and tougher banking-law changes amid a more fragmented post-election landscape. Energy & Infrastructure: The Great Sea Interconnector debate continues as experts question viability, governance and cost assumptions after Meridiam’s stake move, while Cyprus-Israel power-link filings and support from lawmakers keep momentum. Digital Connectivity: Cyta and partners are advancing the Ugarit 2 undersea cable to connect Cyprus and Syria by early 2028, replacing the older, lower-capacity link. Security & Defence: Cyprus is reportedly exploring becoming the first foreign operator of Israel’s Merkava tanks after rejecting Leopard 1A5s, potentially reshaping the Eastern Mediterranean armored balance. Regional Geopolitics: The “Mecca pact” is being framed as an “Islamic NATO” style collective defence step, with implications reaching toward the Eastern Mediterranean. Local Economy & Jobs: Cyprus’ utility battery has entered commercial operation, adding another industrial capability as the island looks to scale energy and tech services.
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