CyprusProfile talks to Andreas Christofides, Managing Director, KPMG in Cyprus, about the key areas of opportunity or growth, and his expectations for Cyprus in 2018
2018 will be another challenging year for the professional services sector. The state of the Russian and the European economies, as well as the unstable economic and political international environment, increase the need for awareness. Nevertheless, the Professional Service sector in Cyprus is rebounding, following a steady growing trend. This is evidenced by the increase of the new companies being registered and the enhanced interest in relation to licencing of mutual funds and investment firms.
One of the major profession catalysts that needs to be mentioned is enhanced regulation, especially in relation to compliance and exchange of information. The majority of professionals in the sector are doing their best to adhere to, but this requires agility, continuous effort and extensive administration cost.
We are hopeful that industries such as the Funds, Insurance and Energy, as well as sectors such as Data & Analytics, Cyber Security and Fintech, will help the profession grow further.
In the challenging international economic and political environment that 2018 unfolds, the Cypriot economy is called upon to release itself from any bureaucratic obstacles and to simplify the investment procedures. As far as our sector, the real-estate and tourism industries are concerned, Cyprus needs to be prepared to serve the continuously changing needs of investors and businessmen, securing all those competitive advantages is providing as a financial and professional business centre.
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