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 Nikos Christodoulides, emphasised the critical role of foreign direct investment (FDI) in achieving sustainable growth.
He also highlighted ongoing efforts to streamlining bureaucratic processes through digital transformation.
“We remain focused on improving Cyprus’ investment and business environment. Our long-term strategy, Vision 2035, is a blueprint for sustainable economic growth,” he said.
“It emphasises attracting productive investments in the green and digital transitions, fostering a knowledge-based economy, and implementing structural reforms, and of course implementing each and every milestone of our national Recovery and Resilience Fund,” the president added.
Stelios Demetriou, Partner and Leader of the Strategy and Transactions Services at EY Cyprus presented findings from the EY Attractiveness Survey.
The survey results showcased investors’ sentiment that, under the current geopolitical environment, Cyprus represents an opportunity for investment.
Key advantages highlighted include corporate tax, quality of life, availability of investment opportunities, and a stable political environment.
The survey also identified areas for improvement, such as lack of labour skills, relatively high labour costs, bureaucratic processes, access to financing, and digital infrastructure.
“Addressing these challenges is key to strengthening Cyprus’ global investment appeal,” the company said in its statement.
The forum’s panel discussions offered insights into the opportunities and challenges facing Cyprus.
The first panel, on foreign direct investment, was moderated by Stelios Demetriou, Partner and Leader of Strategy and Transactions Services at EY Cyprus. It featured Giorgos Papanastasiou, Minister of Energy, Commerce, and Industry, Irene Piki, Deputy Minister to the President, Christodoulos Patsalides, Governor of the Central Bank of Cyprus, and Evgenios Evgeniou, Chairman of Invest Cyprus.
The discussion focused on reducing energy costs, introducing innovative funding mechanisms, simplifying and digitalising administrative procedures, and expanding infrastructure to position Cyprus as a strategic investment hub.
The second panel, moderated by George Tziortzis, Partner and Leader of Consulting Services at EY Cyprus, included Nicodemos Damianou, Deputy Minister of Research, Innovation, and Digital Policy, Kyriacos Kokkinos, former Deputy Minister for Research, Innovation, and Technology, and Mohammed J Sear, Partner, Consulting Services, EY MENA.
This panel centred on the role of research and development in attracting foreign direct investment, emphasising the need to invest in digital infrastructure and foster innovation-driven economic growth.
The third panel, led by Simos Simou, Director and Green Tax Transformation and Controversy Leader at EY Law Cyprus, featured Christiana Erotokritou, Member of Parliament and Chairwoman of the Financial and Budget Parliamentary Committee, George Syrichas, Economics Research Centre of the University of Cyprus – Cyprus Tax Reform Project Manager, and Philippos Raptopoulos, Partner and Leader of Tax and Legal Services at EY Cyprus.
The discussion addressed the evolution of Cyprus’ tax framework, focusing on simplifying administrative processes, maintaining tax competitiveness, and reducing regulatory burdens.
The fourth panel, moderated by Panayiotis Thrasyvoulou, Partner and Leader of People Consulting and Immigration Services, included Costas Hadjipanayiotou, General Manager at the Ministry of Labour and Social Insurance, Marios Tsiakkis, Secretary General of the Cyprus Chamber of Commerce and Industry, Maria Theodorou, Director of the Human Resources Department at the Cyprus Employers and Industrialists Federation (Oev), and Demetris Nissiotis, President of the Cyprus Information Technology Enterprises Association (CITEA).
This session addressed aligning skills supply with industry demands, immigration reforms, education modernisation, and creating a sustainable workforce pipeline.
Meanwhile, In his closing remarks, Ronald Attard, Country Managing Partner of EY Cyprus, emphasised the need for public-private collaboration to drive innovation and boost competitiveness.
He concluded that there is a growing optimism among investors community that Cyprus’ FDI is on a positive trajectory.
Referring on our country’s dynamic, he mentioned that “Cyprus’ ability to adapt quickly to changing global dynamics has been a key factor in maintaining a healthy influx of FDI capital to support economic growth”.
“By continuing to address investor concerns and enhancing our FDI appeal, we can ensure that Cyprus remains an attractive destination for foreign direct investment,” Attard said.
” We are all part of this collective journey, and the success of Cyprus depends on our ability to work together, to innovate, and to embrace change,” he concluded.