articles | 16 June 2023

Cyprus showcases ambitious investment strategy in London event

Cyprus has been ranked in 18th place as an attractive investment destination.
National investment promotion agency, known as Invest Cyprus, chairman Evgenios Evgeniou showcased Cyprus’ ambitious investment strategy during a high-profile event at The Economist Conference in London earlier this week. 

Under the theme “Cyprus: A new chapter ahead for business and investment,” the Invest Cyprus chairman detailed the country’s vision for attracting international investments, emphasising its commitment to fostering economic growth and positioning itself as an ideal destination for business ventures. The strategic unveiling comes as Cyprus aims to solidify its position as a top contender in the global investment landscape.

According to an official announcement, during the discussion with The Economist’s political editor John Peet, attended by several participants, Evgeniou outlined Cyprus’ new investment strategy and presented the country’s comparative advantages for attracting investments, focusing on three key pillars. These include attracting highly specialised businesses with exceptional talents, primarily from the technology sector, attracting investments from businesses engaged in “green” development, digital technology, health, education, and tourism, as well as attracting regulated financial businesses with a focus on investment funds and capital management. He added that this strategy is closely linked to Cyprus’ action plan for economic development based on the National Recovery and Resilience Plan “Vision 2035,” which envisions transforming Cyprus into an ideal place for living, working, and entrepreneurship.

Furthermore, Evgeniou also presented the areas that need improvement in the coming months to achieve Cyprus’ new investment targets. These areas include reducing bureaucracy, addressing immigration, improving infrastructure, and enhancing the skills of the local workforce, among other things. He also highlighted Cyprus’ comparative advantages, such as its geographical location, attractive tax system, and business-friendly environment.

Additionally, he noted that according to the FDi Market’s Greenfield Tracker, Cyprus ranked 18th among 50 countries in terms of direct investment attractiveness in 2022. These figures, he stated, demonstrate that Cyprus is an attractive investment destination.

Finally, he presented the numerous incentives offered by the government of Cyprus to facilitate foreign businesses in choosing Cyprus for their activities.

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