In an environment of constant turbulence, businesses are called upon to adapt, innovate, and build resilience in order to thrive. The Business Leaders panel, part of the 16th Limassol Economic Forum, explored how businesses can protect themselves, plan for the future, and remain competitive despite uncertainty.
The discussions focused on critical issues such as the impact of international political, diplomatic, and economic disruptions on business, strategies for resilience and growth, and leaders’ perspectives on Europe’s efforts to stay relevant in the new global order. Participants also examined the competitiveness of the European economy and the challenges of today’s business environment.
Elias Neocleous, Managing Partner at Elias Neocleous & Co LLC, noted that uncertainty has become the new normal: “A client recently told me: ‘I don’t want you to tell me what’s legal. I want you to tell me what’s real.’ That phrase captures the spirit of our times. Geopolitical, economic, and digital changes are occurring faster than legislation or regulation can follow. We are witnessing conflicts, the redrawing of borders and trade routes, government interventions in companies for national security reasons, cyber threats with an estimated cost exceeding $10 trillion for 2025, and a silent erosion of respect for the rule of law. Moreover, the age of algorithms is transforming how decisions are made in real time.”
George Pantelides, Partner and Consultative Businesses Leader at Deloitte Cyprus, emphasised that adaptability and execution speed are defining characteristics of success. He cited examples of international companies where staff spend weeks solely on compliance, while a large portion of resources go toward ensuring procedural adherence. He stressed the need to simplify regulations so they serve a practical purpose and allow businesses to operate competitively. “Every company needs time and resources to meet regulatory demands. At an international level, 30% of funds from European programs primarily support ‘tick-the-box’ compliance procedures. To remain competitive, we need simpler rules and clear regulations with genuine purpose,” he noted.
Dr Haris Pouangare, Deputy CEO and Chief of Business at the Bank of Cyprus, stressed that businesses are not immune to geopolitical and economic shifts. Despite fluctuations, Cyprus’ economy continues to grow, investment demand is rising, and companies constantly adjust their base, stress, and upside scenarios to cope with all possible outcomes.
He concluded that digitalisation is a crucial tool for increasing sales and reducing costs, while partnerships and ecosystems “help businesses survive and grow”.
The discussion was moderated by Yousef Gamal El-Din, host of You’re in Business and former anchor at Bloomberg Television.
