Invest Cyprus has been singled out for praise in a global competition to find and award the international best practices of investment promotion agencies for its reforms to improve the investment ecosystem on the island for tech investors.

Across the West, the mantra voiced by policymakers is ‘build back better’. Covid has taken its toll on all our industries, services and markets, and efforts to stimulate recovery are now under way. Eco-friendly initiatives are seen as central to a revival of fortunes. And Cyprus is fast-tracking a transition to a green economy – not only to restore the country to financial health in the wake of the pandemic but also to embrace important new investment opportunities to diversify our economy.

Invest Cyprus expresses its satisfaction at the strong momentum of Cyprus’ investment funds industry, even in the particularly adverse conditions brought on by the pandemic. According to the latest available data published by the Cyprus Securities and Exchange Commission, the number of investment funds increased to 283 in the fourth quarter of 2020, while there was also an increase in the assets under their management, which totaled €8.58b.  

As part its efforts to promote Cyprus as an ideal location for international ICT companies, and provide support to existing and potential foreign investors, Invest Cyprus today welcomes the foundation of the Cyprus Tech Association.

Recognised as the best country in Europe for handling the pandemic, Cyprus is pinning its economic recovery on expanding medical tourism and becoming a European hub for patients rehabilitating from surgery and illness.

For a small island, Cyprus has big ambitions. Having already established itself as a growing fintech centre, Cyprus has long recognised it must continually change and challenge itself to remain relevant and it is investing heavily in technology and innovation to enhance its global competitiveness. “We should think of Cyprus as a preferred destination for international tech companies and venture capitalists”, Invest Cyprus Chairman said recently as he set out ambitious plans to shape Cyprus into a Tech Hub.

Invest Cyprus, as the governmental authority dedicated to attracting and facilitating foreign direct investments in Cyprus, has introduced an one-stop shop for  investors to support the creation of a broad and attractive “Project Bank” inclusive of high value investment projects that align with key government strategies in sectors such as healthcare, tourism & hospitality, renewable energy and other commercial projects.

While many hotel groups have put their development plans on hold, Radisson Hotel Group has announced it is forging ahead with an ambitious five-year plan that includes opening a second property in Larnaca by the summer of 2021, and breaking ground in the next few months to build the island’s first branded serviced apartments, also in Larnaca. Another flagship property is planned in Nicosia, to be operated by Sunnyseeker Hotels under a franchise agreement.

Cyprus’s successful handling of the Covid-19 pandemic has put the island in a prime position to attract companies looking for a European base to access EU markets, an international summit was told.

Cyprus has made “significant” progress towards in attracting foreign direct investment into its tourism and hospitality sector, but more investment is needed in key areas, a conference was told.  

Cyprus is the 12th best country in the world according to a 2020 index published this week.

The United States is ready to expand bilateral trade and investment with the Republic of Cyprus, according to the US Ambassador to Cyprus, who said that security co-operation between the two countries “has never been stronger”.

The prospect of a no-deal Brexit has seen an increase in financial services companies looking to Cyprus as a ‘low cost’ European base to retain EU passporting rights, an online conference heard. A survey conducted among 150 electronic money and payment institutions, funds managers, and law and accounting firms at the conference highlighted new industry concerns over Brexit, with 76.9% of participants claiming the future of the UK financial services sector depended on the outcome of the Brexit negotiations. Just 2.6% said Brexit would have no impact.

As part of Invest Cyprus wider efforts for regional synergies, the organization has established bilateral and trilateral relations with neighboring countries. In this context, Invest Cyprus participated in the digital conference titled “Reviving Tourism in Times of Crisis”, organized by the Investment Development Authority of Lebanon (IDAL).

The facts may have changed the Cyprus Investment promotion agency’s action plan, but not the main core of its efforts, the attraction of quality investments from abroad.

As Cyprus is named the best-improved country in the IMD World Competitiveness Centre 2020 report after rising 11 places, George Campanellas, the Chief Executive of Invest Cyprus, the national investment promotion agency, highlighted the country’s successful handling of the coronavirus pandemic and its new strategy to improve its economic competitiveness.

Cyprus has the most higher education graduates per head of population in the EU, reflecting the high educational level of the workforce, according to a new report.

Finance Minister Constantinos Petrides appeared optimistic that Cyprus will emerge from the crisis very soon speaking in the online briefing organized by Invest Cyprus.

Invest Cyprus initiative to capitalise on human resources

The Cyprus government has announced a series of new tax incentives to boost economic activity and attract foreign investment. International investors (individuals and corporate groups) can now better enhance corporate substance and improve the tax efficiency of their international operations.

The Government of the Republic of Cyprus aims at licensing part of the commercial operations of the Limassol Port, as part of its privatisation programme under its EU bailout agreement.