As well as moving up a place to 27th overall in Global Innovation Index 2024, Cyprus is also considered to be in second place in Northern Africa and Western Asia region when island economies are included. The Global Innovation Index, also known as GII, is published by the World Intellectual Property Organization (WIPO). The newly […]
Here are the top business stories in Cyprus from the week starting December 2: Paphos mayor Phedonas Phedonos has urged Cypriot businesses to adopt a more international, export-oriented approach, saying that the island can become a starting point from which they can sell products or services to other countries.Speaking of broader economic opportunities, Phedonos, addressing Mindset […]
The Bank of Cyprus on Friday outlined a range of initiatives designed to ease the financial strain on customers in the face of market interest rate volatility. In its announcement, the bank detailed key measures such as interest rate reductions and a customer rewards programme, aimed at reducing loan servicing costs to borrowers. “We have […]
By Frederic Pralus The importance of Foreign Direct Investment (FDI) for national economies is undeniable. For countries like Cyprus, with an outward-oriented economic approach, the ability to attract businesses and capital is a critical driver of economic growth and employment opportunities. Cyprus, for several reasons, has caught the attention of companies choosing either to expand […]
President Nikos Christodoulides is expected to announce new projects during a visit on Saturday, in Tylliria and Polis Chrysochous, on the northwestern coast of Cyprus, while continuing the dialogue with civil society, Government Spokesperson Konstantinos Letymbiotis has announced. In a written statement, Letymbiotis says that the Saturday, 7 December visit is part of the government’s policy […]
The EY Attractiveness Forum 2024, held on 4 December in Limassol, highlighted the international investment community’s perception of Cyprus as an attractive investment destination while addressing the challenges and opportunities shaping the country’s economic future. The event brought together key stakeholders, including investors, government officials, and business leaders. Address by President of the Republic President […]
Y Cyprus on Friday announced that its recently held forum highlighted the international investment community’s view of Cyprus’ investment appeal. The EY Attractiveness Forum also addressed key economic challenges and opportunities, bringing together a number of influential stakeholders. This included investors, government officials, and a number of business leaders. In his opening remarks, the President […]
The Energy Ministry is offering a second chance for small and medium-sized enterprises (SMEs) and non-profit organisations to secure funding through the ‘Save – Upgrade’ scheme. This initiative, backed by the EU Recovery and Resilience Plan, seeks to promote energy-saving investments with a total budget of €24 million. Applications will open on a date yet […]
The Research and Innovation Foundation (RIF) on Friday announced the launch of ‘Boost,’ a new blended finance scheme. The new scheme is designed to support certified innovative companies in Cyprus by providing grants of up to €300,000. The initiative aims to bolster innovation and enhance the entrepreneurial ecosystem by incentivizing equity-based investments. Under the Boost scheme, certified companies […]
The turnover index for Cyprus’ industrial sector rose by 1.3 per cent in September 2024, when compared to the same month in 2023, according to the state’s statistical service. Over the first nine months of 2024, the index recorded a cumulative increase of 2.2 per cent compared to the corresponding period in 2023. In September 2024, the Industrial […]
The lighting of the Paphos Christmas tree took place on Wednesday night at Kennedy square. The Paphos municipality decorated the streets with festive ornaments and lit the Christmas tree for the holidays in the presence of a large crowd. Paphos mayor Phedonas Phedonas lighted the Christmas tree after he wished everyone happy holidays. A parade […]
The Christodoulides administration has prioritised addressing climate change with targeted actions, a commitment echoed by Cyprus’ tourism industry, Deputy Minister Costas Koumis said on Thursday. Koumis’ comments were delivered during a speech at a conference titled ‘Tourism in the Era of Climate Change: Challenges and Innovations‘, held under the auspices of President Nikos Christodoulides. The Christodoulides administration has prioritised addressing climate change with […]
Minister says housing permits will take just 40 working days Cyprus has revamped its planning and building permit system, cutting approval times to just 40 working days for small-scale developments, Interior Minister Constantinos Ioannou announced this week. The initiative is part of a broader strategy to eliminate delays and modernise housing construction processes. The reforms target low-risk “Category A” […]
Cypriot DIY retail chain Superhome Centre is set to change ownership in a €94 million deal, it emerged this week. The prospective buyer is reportedly a billionaire investor of Greek descent, according to Economy Today. The same reports said that the buyer, who has previously been listed among the world’s top 200 richest individuals by Forbes, initially […]
CySEC officer Elena Karkoti on Thursday highlighted the ongoing issue of underrepresentation of women on corporate boards and in leadership roles. She described this phenomenon as “a profound social and political contradiction” during a time where equality has been in the spotlight. Karkoti said that despite progress in gender equality, “women remain trapped on the margins of decision-making centres and are often a […]
Cyprus is stepping up as a leading destination for international investment, president Nikos Christodoulides said on Wednesday. Speaking at the ‘EY Cyprus Attractiveness Forum 2024,’ the president outlined the government’s strategic plans to bolster economic growth and investor confidence. Addressing industry leaders, Christodoulides reaffirmed the government’s dedication to fostering economic stability and enhancing the business […]