Cyprus urges balanced EU strategy on chips and competition policy

On September 24, 2026, Cyprus Minister of Energy, Commerce, and Industry, Michalis Damianos, participated in the EU Competitiveness Council (COMPET) meeting in Brussels. The discussions focused on strengthening the European semiconductor industry, the implementation of the Chips Act, and the revision of European merger control guidelines to better support business growth and innovation.

Minister Damianos expressed support for the general objectives of the European semiconductor initiative but stressed that the EU must remain open to partnerships with reliable international actors. He argued that technological sovereignty should be defined by resilience rather than total self-sufficiency. Regarding merger controls, he highlighted the need for new, clear rules that account for the unique economic landscapes and smaller market sizes of member states like Cyprus, ensuring that regulatory burdens do not hinder local competitiveness.

The council also addressed broader themes of economic security, industrial resilience, and simplifying the business environment. These ongoing policy revisions are being spearheaded by Executive Vice-President of the European Commission Teresa Ribera, with discussions expected to continue as member states evaluate how to best align domestic interests with the broader EU industrial roadmap.