Insights | 18 December 2023 | Invest Cyprus

Marios Tannousis , CEO, Invest Cyprus

The UK and Cyprus have a longstanding history of cooperation. The UK is also a key source market for Cyprus in terms of investment. What type of projects or sectors have seen significant British participation so far, and what type of foreign direct investment would you like to see from the UK in the future?

In the evolving landscape of global business, the relationship between Cyprus and the United Kingdom stands as a beacon of successful international cooperation and mutual growth. We are thrilled to observe flourishing investment ties between the two nations, a partnership that is both historic and forward-looking.

Our bond is underpinned by an exceptional alignment in business and investment practices. Cyprus, a Common Law jurisdiction and member of the European Union, offers an unparalleled gateway for UK companies seeking to penetrate the EU market. This strategic advantage is further enhanced by our role as a preferred location for the regional headquartering of UK companies looking to expand into the Middle East and North Africa (MENA) region. In a post-Brexit landscape, as Britain looks to forge new markets beyond the EU, Cyprus emerges as a vital interconnector. Situated at the crossroads of Europe, Asia, and Africa, Cyprus is uniquely positioned to serve as a hub for British companies aiming to access markets in the Eastern Mediterranean region outside the EU.

A quintessential symbol of our intertwined economies is halloumi, a Cypriot culinary treasure that has found a second home in the UK. Approximately 40% of Cyprus' halloumi exports grace British tables, illustrating the depth of our trade relations. Beyond cheese, our trade encompasses diverse sectors, including automotive, shipping, and notably, legal and financial services. Equally important is the fact that the UK is traditionally the biggest inbound tourism market for Cyprus.

Our countries share more than just business interests. We boast excellent professional talent pools and a common language, English, which is widely used in Cyprus and facilitates seamless communication and collaboration. This synergy provides a competitive edge for our partnerships, making the whole greater than the sum of its parts. The UK continues to be a global hub for investment decision making, and it remains firmly in the spotlight of our efforts. This focus is integral to our 2024-2026 strategy, where the UK is identified as a priority region. Our goal is not just to maintain our current levels of cooperation but to elevate them to new heights.

Our collaboration could further extend into crucial contemporary issues such as climate protection and the green economy. As both nations strive towards sustainability, our joint initiatives in these areas could represent not only a shared vision, but also a shared responsibility to the global community. The investment relationship between Cyprus and the UK is a testament to the power of enduring partnerships and shared visions. We are committed to further strengthening this bond, creating new opportunities for businesses, and paving the way for future collaborations that benefit not only our nations but also the global economy.

Cooperation Partners
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