"The deepening of bilateral relations between Cyprus and the United States—exemplified by the establishment of a Strategic Dialogue and enhanced security cooperation—has elevated Cyprus’ status as a reputable and attractive partner for American businesses," Marios Kapiris, the newly-elected President of the American Chamber of Commerce in Cyprus (AmCham Cyprus) suggests.
In an interview with CBN, Kapiris elaborates on how enhanced ties between the two countries are influencing the local business landscape, and what role AmCham play in supporting and expanding these efforts.
Among other things, he also provides an assessment of the potential impact of US financial developments—such as tariffs and other policy shifts—on Cyprus’ business environment and economy.
Kapiris, in addition, shares his vision as AmCham's new President, outlining the areas he plans to put emphasis on.
Congratulations on your election as President of AmCham. Could you share your main goals, priorities, and overall vision for the Chamber under your leadership?
Thank you. AmCham Cyprus is the country's leading business association, representing nearly 100 major US companies or businesses with US affiliations.
The Organisation was established in 1996 and is operating under the auspices of the Cyprus Chamber of Commerce and Industry as a self-financed independent business association. At the same time, AmCham Cyprus is honoured to work closely with the Ministry of Energy, Commerce and Industry, as well as the American Embassy in Nicosia and the Cyprus’ Embassy in Washington which are ex-officio members of its Board of Directors.
Moreover, AmCham Cyprus is an accredited member of the US Chamber of Commerce and a member of the European network AmChams in Europe, while it has also signed a Memorandum of Understanding with AmChams Greece and Israel and AmChams Greece and Egypt for regional collaboration
AmCham Cyprus is dedicated to advocating for a business-friendly environment within Cyprus. Central to our mission are several core objectives that guide our efforts and initiatives. These objectives focus on promoting sustained business growth and driving economic development across the country.
We actively work to foster closer collaboration between the business communities of Cyprus and the United States, facilitating the exchange of ideas, expertise, and best practices to strengthen bilateral relations. Additionally, AmCham Cyprus ensures that, when appropriate, the views and interests of our members are effectively represented and communicated to various governmental bodies and organisations. Through these efforts, we aim to create a dynamic platform that supports our members and advances the broader economic interests of both Cyprus and the US.
Through various networking events, thematic sessions, breakfast sessions with Government officials and other key stakeholders of the economy with the collaboration of the US Embassy, the chamber creates an environment where businesses can forge partnerships, explore joint ventures and discover new avenues for growth.
AmCham sub-committees serve as vital platforms where business leaders from our member organisations can come together to engage and collaborate on a range of thematic issues. These forums provide members with valuable opportunities to network, exchange best practices, and address current challenges affecting their industries. The sub-committees focus on key topics, including digital transformation, energy and sustainability, legal and tax regulation, healthcare, and education. Through regular meetings and discussions, these groups allow participants to share insights, develop recommendations, and contribute to the Chamber’s advocacy efforts in each specialised area.
AmCham Cyprus is committed to supporting its members, promoting US–Cyprus relations, and attracting American investment. The Chamber focuses on key strategies, advocacy, innovation, and connectivity to achieve these goals.
As President, my aim is to reinforce AmCham Cyprus as the leading forum for US–Cyprus business, economic, and cultural ties. Our main priorities are:
Advocacy for an Investor-Friendly Environment: We aim to further strengthen Cyprus' business climate for US and Cypriot investors by backing reforms in transparency, banking, and legal standards that have already attracted significant American investment.
Strategic Policy Initiatives: AmCham Cyprus is a significant contributor to the US–Cyprus Integrated Strategy, working in close partnership with the Ministry of Foreign Affairs and the US Embassy. The organisation advocates for the revision of the double tax treaty, the advancement of the Visa Waiver Programme, the establishment of a Social Security Agreement to enhance business operations and mobility, and the initiation of direct flights between airports in the United States and Cyprus.
Sectoral Growth and Innovation: We will continue to represent our members by prioritising key sectoral areas, including digital technologies, energy and sustainability—particularly in oil, gas, and green technologies—as well as healthcare and education. Through our established committees, members will work to attract investment, maintain ongoing communication between business communities and political stakeholders, and foster collaboration for mutual growth.
Facilitating Partnerships: Organising special events and trade missions will help foster collaboration and drive economic development between Cyprus and the United States.
Cyprus–US relations are stronger than ever. How do you see these enhanced ties influencing the local business landscape, and what role will AmCham play in supporting and expanding these efforts?
As President of AmCham Cyprus, I'm happy to highlight how the strong partnership between our two countries has grown even stronger during President Christodoulides' tenure. This progress is clear from the many tangible achievements across various fields.
Key developments include the institutionalisation of a Strategic Dialogue between the Republic of Cyprus and the United States, President Christodoulides’ historic visit to the Oval Office, authorisation for the Republic to acquire US defence equipment, supplies, and services, and enhanced collaboration in delivering humanitarian assistance to Gaza. Additionally, research and innovation initiatives have expanded with significant projects involving NASA and the National Science Foundation.
It is particularly encouraging for AmCham Cyprus that this cooperation extends beyond political and diplomatic engagement, fostering a consistent upward trend in investment from US-affiliated companies across various sectors, including energy (with notable involvement from Exxon Mobil and Chevron), technology, healthcare, and transportation. We are also witnessing a rise in US companies relocating operations to Cyprus, further reinforcing the longstanding presence of American organisations on the island.
A significant milestone anticipated in this evolving partnership is Cyprus' inclusion in the US Visa Waiver Program. Both President Christodoulides and US Ambassador Davis have indicated public support for finalising this process. Such a development is expected to strengthen economic, trade, and investment ties, as well as foster closer people-to-people connections between our countries.
AmCham Cyprus remains at the forefront of these efforts—advocating for policy reform, facilitating high-level business delegations, and serving as the primary forum for US and Cypriot companies to exchange ideas and pursue shared interests.
Despite the substantial progress achieved in recent years regarding diplomatic, economic, and investment relations, significant potential remains for further enhancement. In particular, finalising the US Visa Waiver Program, when combined with other strategic measures, will streamline investment flows and deepen bilateral relations. These additional priorities include:
- Modernising the double tax treaty, which has remained unchanged for over 40 years. While challenging, recent precedents involving smaller countries suggest feasibility, and both administrations recognise the importance of strengthened banking and legal sector integrity to address reputational concerns and promote economic growth.
- Improving air connectivity and tourism through the establishment of direct flights.
- Concluding a bilateral Social Insurance Benefits Transfer agreement, which would allow American businesses to deploy personnel to Cyprus without incurring dual social security costs—an essential step given Cyprus’ ambition to serve as a regional investment hub.
- Establishing student exchange and internship programs to provide opportunities for students and graduates of institutions in both countries.
- Renewing the “CY-US Economic Action Plan 2021-2024” through joint coordination by the Ministry of Foreign Affairs and the United States Embassy in Nicosia, thereby unlocking additional bilateral potential.
With the visionary leadership of President Christodoulides and the steadfast support of Ambassador Davis—whose contributions have been pivotal in advancing our strategic partnership—Cyprus continues to demonstrate its reliability as a credible US partner. We are confident this foundation will encourage increased American investment in major infrastructure initiatives, such as the Great Sea Interconnector and the privatisation of the Port of Larnaca, among others.
Turning to broader economic trends in the US, how do you assess the impact of financial developments—such as tariffs and other policy shifts—on Cyprus’ business environment and economy, both now and in the future?
The United States, as the world’s largest economy, wields substantial influence over global trade, investment patterns, and regulatory standards. In recent years, policy developments—including tariff adjustments, modifications to trade agreements, and the introduction of new regulatory frameworks and fiscal measures—have significantly impacted international markets, Cyprus included.
Alterations in US tariffs or trade policy may directly influence the volume and composition of goods and services exchanged between Cyprus and the United States. For instance, higher tariffs in targeted sectors may diminish the competitiveness of Cypriot exports, whereas the removal of trade barriers can create new avenues for local enterprises to engage with the US market.
Emerging economic trends in the US also drive sector-specific growth. Notably, American investments in energy—particularly oil and gas exploration—as well as technology and healthcare, have promoted innovation and job creation within Cyprus.
Nevertheless, Cyprus’ diversified economic base and resilient financial sector have allowed it to adjust effectively to global developments. The nation’s recent double credit rating upgrade by Moody’s underscores its positive economic trajectory and capacity to withstand external shocks.
Furthermore, the deepening of bilateral relations between Cyprus and the United States—exemplified by the establishment of a Strategic Dialogue and enhanced security cooperation—has elevated Cyprus’ status as a reputable and attractive partner for American businesses. This strategic partnership mitigates risks amid global economic volatility. With its skilled workforce and favorable business and regulatory environment, Cyprus is ideally positioned to attract US firms seeking a location for research and development, regional operations, or pilot initiatives.
While certain challenges persist, Cyprus continues to demonstrate adaptability and resilience. AmCham Cyprus remains dedicated to assisting its members and the broader business community in successfully navigating these evolving dynamics and seizing emerging opportunities.
Earlier this year, President Nikos Christodoulides visited the US, where he met with key American companies. How do you foresee these engagements evolving—for example, could we expect more US firms to establish a presence in Cyprus?
This visit was undertaken as part of a strategic initiative to position Cyprus as a gateway for innovation, technology transfer, and investment between the United States and Europe.
President Christodoulides met with executives from leading multinational companies, presenting Cyprus as a reliable and business-friendly destination. He highlighted the country’s highly skilled workforce, strong legal framework, and strategic location connecting Europe, the Middle East, and Africa.
The President emphasised Cyprus’ expanding digital ecosystem, government incentives for research and development, and the nation’s ongoing commitment to digital transformation. He extended invitations to US technology firms to consider Cyprus as a preferred location for regional headquarters, R&D centers, and innovation hubs.
Additionally, the President promoted Cyprus’ universities and research institutions, encouraging educational exchanges and collaborative research initiatives with American partners.
Through these engagements, President Christodoulides reinforced Cyprus’ image as an innovation-driven economy prepared to welcome US investment. This approach aligns with the growing trend of US companies establishing operations in Cyprus, attracted by its strategic advantages, talented workforce, and supportive business environment. It is anticipated that more US firms will consider establishing a presence in Cyprus.
AmCham Cyprus remains committed to supporting these efforts by facilitating high-level meetings, advocating for policy enhancements, and providing platforms for US companies to interact with local stakeholders. We have expressed our readiness to assist the President and the government in implementing the actions agreed upon during the visit.
