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.

The Cyprus Chamber of Commerce and Industry believes that with proper planning and determination the challenges can be successfully faced and Cyprus will be able to continue its developmental path.

The property development sector has stood as a key pillar of the Cyprus economy, along with the tourism and service industries. Although it was one of the industries worst hit during the financial crisis, the sector endured and dealt with the problems it faced with suitable solutions, demonstrating its great potential and capabilities.

With the latest Moneyval report pointing out the improvements that have been made as well as the additional steps that still need to be taken, we expect that Cyprus companies operating internationally will need to be constantly vigilant and be updated on all relevant legislation. We hope for increased effectiveness on the behalf of the banking sector so as to ensure that regulatory compliance does not impact ongoing business operations.

We are the ideal Mediterranean destination in whatever way one approaches this. Fortunately, more and more specialised professionals are getting involved and are contributing in bringing new, innovative ideas, along with fresh energy towards the sustainability of a high tourism image, which we already have around the world.

There should be good opportunities in 2020 and beyond for AIFMs, with external management of RAIFs an increasing source of business, which is a much cheaper option than an internally managed fund. 

International developments in the cannabis industry are moving rapidly as the constantly growing body of scientific research proves that medical cannabis can be used to successfully treat a variety of symptoms and medical conditions. Hemp also has become one of the fastest growing agricultural crops in the world.

Technology has raised the bar for client expectations and is creating strong demand for the best, most accurate and fastest services at a lower cost. The challenge is to see how law firms can utilise technology tools to deliver for clients. Innovative firms that embrace this digital change will do well and thrive.

Cyprus is poised to win some share of the offshore business moving into regulated onshore jurisdictions.