AGP Executive Report
Last update: 11 hours agoEU Budget: The Irish Presidency has proposed a €1.62 trillion EU budget for 2028–34, 30% above the current plan but €141 billion below the Commission’s proposal. Agriculture and regional funding would face cuts of about 3%. Cyprus is also calling for more EU spending flexibility to help households and businesses through the energy crisis. Shipping: Cyprus’s ship registry has grown 27% in three years, while revenue from ship management rose 20%. The sector includes more than 250 companies and employs over 5,000 people onshore. Technology: A €6 million national AI initiative will give researchers, startups and businesses access to specialist expertise and supercomputing, with the Cyprus Institute of Neurology and Genetics leading its healthcare work. Retail and investment: Mall of Cyprus turnover rose 7% in the first half of 2026, with LEGO and Victoria’s Secret among new additions. AmCham Cyprus is urging progress on a US visa waiver, direct flights and updates to the double-taxation treaty. Costs: Fuel remains a pressure point for businesses, with average diesel at €2.022 a litre and the most expensive pump charging €2.126.
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