The Ministry of Energy, Commerce and Industry (MECI) has developed a New Industrial Strategy Policy for Cyprus, extending until 2030, which was adopted by the Council of Ministers on May 6, 2019. This comprehensive policy encompasses all economic sectors, including traditional industries such as Tourism, and manufacturing, aiming to link traditional industries with other economic activities to create competitive value chains and modernize Cyprus’ growth model. The strategy will be implemented gradually from 2019 to 2030, focusing on six strategic pillars: Sustainable Development and Production, Improvement of Industrial and Business Environment, Digitalization of Industry, Development and Enhancement of Human Resource Skills, Enhancement of Access to Finance, and Enhancement of Access to Markets. In line with this policy, the Government has initiated various actions such as organizing the Industrial Week, securing free SME access to standards through an agreement with the Cyprus Organization for Standardization, implementing a grant scheme for digitization, and promoting the circular economy. The tourism sector in Cyprus demonstrated an unexpectedly strong recovery, with revenues reaching 91% of pre-pandemic levels and experienced full recover in 2023. This recovery was driven by measures from the Deputy Ministry of Tourism aimed at mitigating the pandemic’s impact and supporting local communities reliant on tourism. The main reforms and investments under the Recovery and Resilience Plan (RRP) include enhancing tourism’s added value, particularly in rural, mountainous, and remote areas. Key grant schemes support the renovation of accommodations and traditional businesses, with initiatives such as the “Taste of Cyprus” label and repurposing facilities for health and wellness tourism. Additionally, efforts to enrich the tourism product involve creating authentic experiences and upgrading infrastructures in these areas, supporting local community boards and entrepreneurs in the creative and manufacturing sectors.