articles | 26 October 2023

Cyprus showcases investment potential in Abu Dhabi

Invest Cyprus, the national investment promotion agency, played a prominent role in the World Investment Forum (WIF) in Abu Dhabi, an event organised by the United Nations Conference on Trade and Development (UNCTAD), according to an announcement released on Thursday.

This global event, which gathered world leaders, ministers, top executives, government officials, and international organisations, aimed to facilitate dialogue and action regarding current and emerging challenges in global investment. The World Investment Forum attracted over 8,000 participants, including government officials, representatives of international organisations, policymakers, 700 CEOs, investors, and sovereign wealth funds.

The forum’s discussions and speeches revolved around addressing key investment challenges arising from multiple global crises, such as the need for investments in food security, energy, healthcare, supply chain resilience, and enhancing productive capacity. These discussions were aligned with the established theme of WIF focusing on investments in sustainable development.

What is more, held against the backdrop of a fragmented global economy, the forum addressed the profound impact on trade and investment, with foreign direct investment experiencing a continued downturn as data from the first half of 2023 highlighted. UNCTAD Deputy Secretary-General Pedro Manuel Moreno said the downturn “is of much concern as less investment means less economic growth and fewer means to achieve the Sustainable Development Goals – the SDGs.”

Marios Tannousis, the CEO of Invest Cyprus, was a key speaker at one of the main panels of the conference and participated in other high-level roundtable discussions. During his speeches and interventions, Tannousis presented Cyprus’s investment strategy and the country’s comparative advantages, emphasising its commitment to attracting foreign investments that significantly contribute to sustainable national development. Speaking at a roundtable discussion on “Invest Tech” and how technology facilitates investors, Tannousis outlined Cyprus’s strategy based on three pillars, including attracting technology companies. He stressed that Invest Cyprus serves as an invaluable resource by providing sector-specific information, highlighting investment opportunities, presenting Cyprus’s legal framework, policies, and incentives, and organising visits for investors to Cyprus. To foster greater interest, he explained, Invest Cyprus maintains an open channel of communication with foreign investors.

Additionally, Tannousis underlined that foreign and domestic investments largely depend on a country’s economic, financial, and socio-political situation, discussing the initiatives taken by Invest Cyprus to assist investors during periods of economic and environmental crises. Furthermore, Tannousis took part in a roundtable discussion on “Services and Investment Facilitation” and was one of the main speakers on the topic of “Investing in a time of crisis,” alongside other distinguished participants. He discussed the importance of providing incentives, subsidies, and grants to investors for developing new projects and emphasised the role of Invest Cyprus in identifying and promoting projects prioritising ESG criteria. In addition, he offered examples from various sectors, including tourism and hospitality, renewable energy, healthcare, and technology.

Finally, Tannousis emphasised that within the framework of Vision 2035, Cyprus is focusing on implementing practices and developing projects that will lead to a green and digital Cyprus, noting that the country is committed to achieving this vision and actively working towards a sustainable and prosperous future.

Cooperation Partners
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