Press Releases

It is a pleasure to attend tonight’s award ceremony, and to be given the opportunity to interact directly with the investment and business community in Cyprus, a significant driver of economic growth, innovation, and job creation.

The Techisland Association plays an instrumental role in supporting the technology ecosystem, by advocating for reforms and attracting talent, as well as by raising awareness about Cyprus as a technology and innovation hub. Allow me, therefore, to express our Government’s appreciation to all of you, for the confidence and trust you continuously show to the economy of Cyprus and your important contribution to its evolution and advancement.

Your initiative to establish, for the first time, the Techisland Awards, as a form of recognition for startups and innovation companies, as well as entrepreneurs who can bring a change to Cyprus, is noteworthy. Recognizing and actively supporting the efforts of startups is of paramount importance, as they often serve as the breeding grounds for groundbreaking ideas, disruptive technologies, and novel solutions to longstanding challenges. By acknowledging their contribution to economic growth, we not only encourage their entrepreneurial spirit, but also enable these companies to thrive and scale.

The enhancement of technology and innovation is at the cornerstone of our governance programme and our vision for the Cyprus economy. We are well aware that technology encourages the development of cutting-edge solutions and services that can address challenges in all fields, whether it is in healthcare, education, finance or sustainable energy, technology that innovation has the power to transform. In this respect, the mandate of the newly appointed Chief Scientist has been extended to cover, further to research and innovation, issues pertaining to technology, ensuring a holistic approach in the support provided by the state.

Certainly, a necessary pre-requisite for this, and any sector, to thrive, is a stable, resilient and sustainable economy. In these challenging times for the global economy, the Government remains committed to a three-pillar policy approach: fiscal discipline with government budget surpluses, a stable and healthy banking sector and continuous promotion of structural reforms in order to increase our competitiveness. Our actions are guided by Vision2035, the long-term strategic plan for the economy aiming to promote entrepreneurship and innovation, and attract investment in high-growth sectors.

At the same time, we promote other initiatives in order to enhance the competitiveness of Cyprus as an investment destination. As I have mentioned at the beginning, I am a firm supporter of open channels of communication with the investors in Cyprus, aiming to create a truly attractive business environment that promotes transparency, efficiency, and a level playing field for all. That is why, immediately following assuming the Presidency, we organized the first roundtable discussion with investors; some of you were there. We took note of the challenges mentioned during the discussion; to mention a few, these concern challenges in attracting and retaining talent to Cyprus, the lack of schools and the lack of affordable residential options.

In this regard, the Presidency is working in close collaboration with the competent Ministries on all these issues, in order to provide tangible, effective solutions. Next month, we will revert to the discussion table and report on the steps we have taken to streamline doing business in Cyprus. We place significant emphasis on the satisfaction of existing investors in Cyprus, because ultimately, we consider you as our best ambassadors.

Our efforts in improving the business environment are in the framework of the Strategy for Attracting Investment and Talent, which was launched in 2022. The Strategy has been critical in the impressive growth of the technology sector in Cyprus in the past year, through the establishment of the Business Facilitation Unit, the provision of incentives and implementation of reforms. As with all strategies, we are constantly evaluating its implementation and we are looking for ways to further improve it. In this respect, we will be approving, soon, changes to the Strategy, in order to make it even more attractive.

At the same time, the government is promoting specific actions for the branding of Cyprus, so as to enhance our country's appeal to investors and professionals. A strong and positive brand image can significantly influence perceptions and decisions. When we effectively communicate the unique attributes of Cyprus, we create a compelling narrative that resonates with international audiences. This, in turn, attracts not only foreign investments, but also skilled professionals seeking career opportunities, which is an urgent need for the technology industry. Through enhanced branding, we aim to establish trust, showcasing Cyprus as a reliable, forward-thinking and attractive destination for diverse opportunities and experiences. I invite you to cooperate with us and submit your views on this, as representatives of a key pillar of our economy.

In concluding, I wish to convey my optimism that as we strive to establish the conditions for a resilient and thriving economy, guided by a long-term vision and a commitment to actively support investors in our country, we will achieve results. Partners such as of the Techisland Association are vital in this path of foster an environment where innovation thrives.

(RM/AP)