Although a contraction is highly likely for 2020, we expect this to be smaller than that of the general economy and succeeded by a return to growth in 2021.

It is a challenging time with a reduction in business, with governments and companies tightening their belts to reduce costs.

The longer-term future of hydrocarbon development in Cyprus looks good, despite regional geopolitical challenges.

The discovery and exploitation of Cyprus’ natural gas offshore resources will be key in unlocking cleaner energy for Europe, the region and beyond.

I expect that the sector will adapt once again to the new business environment, as the country’s professionals foster their efforts towards the recovery of the sector.

...we are also working towards the implementation of a privately-owned fiber optic network for households that will deliver unbelievably fast bandwidth and a unique experience but will also upgrade the country’s infrastructure as a whole.

Telecom operators are being faced with unprecedented challenges in 2020 due to the Covid pandemic, which brought an ever-increasing demand for data communications for remote working...

Our aim is to deliver a steady and secure supply of cleaner, greener, more affordable energy to the people of Cyprus.

For certain, the use of technology in education will continue to play an important role for local education institutions.

Now is the time to invest in new sustainable technologies, to manage our energy resources and needs in an optimal way, to reduce the impact on the environment and to ensure our future energy security.

Cyprus’ financial services sector has reformed and transformed itself into a key pillar of the economy, and despite the global Covid-19 crisis, the island continues to see new business. Fintech and digital finance in particular are fast developing into thriving segments of Cyprus’ finance sector and could provide solutions to the many challenges the industry is facing.

Cyprus’ investment funds industry has recorded impressive growth over the past years. Although the future is a little less certain due to COVID-19, the arrival of more medium-sized funds is seen as an important step towards attracting an even greater number of international service providers.

Despite the tourism uncertainty prevailing globally, TourInvest unit’s efforts are currently focusing on supporting the sector through adjusting the right measures and facilitating regulations under the objective to lay the foundations for investment and to regenerate the sector.

Cyprus has a massive opportunity to position itself as a centre of excellence in production, research, genetics, and intellectual property in the Cannabis sector which, combined with a transparent regulatory and compliance framework make it an attractive country for the legal Cannabis industry to flourish.

The country continues to be a competitive financial centre with highly-skilled professionals and significant comparative advantages. These include among others, a stable and attractive tax system, an advantageous geographical location and a large double taxation agreement network.

The dynamic revitalization of the sector is also confirmed by the data provided by the statistical service for the whole 2019 regarding property sales, building permits and the index of production in construction which provide a significant indication of future activity of the sector.

The opportunities for the legal profession, business, and society as a whole offered by the EU ‘Green Deal’ strategy, and by the financial structure being assembled to support it, are numerous.  Moving to a carbon neutral position will not only be good for the health of our environment and our citizens but, the innovation and investment that it will require has the potential to result in financial gain too.

The accountancy profession develops and shapes in the way the overall economy performs. Hence our sector is expected to trail the course set by the main economy drivers. Opportunities could be sought in the funds industry, the tax and other consulting services, the digital transformation of the economy and society.

We believe that 2020 can be a year of growth for UCITS mutual funds. We expect investors to embrace this product and enjoy the benefits of it.

In terms of our target audiences, executive education has become multigenerational, focusing on groups of all ages and levels of experience, including a larger number of international clients who have chosen to travel to Cyprus to receive high-level training, coaching and certifications.