"The sectors we work with at the moment – shipping and maritime, healthcare and financial services – are exceptionally robust in Cyprus, Monica Ioannidou Polemitis, the Partner & Managing Director, EMEA Operations of global leader in software and AI engineering and consultancy firm TKI notes, continuing, "the high concentration of activity and expertise in these industries has revealed opportunities well beyond our initial expectations."
"This strong sectoral foundation, combined with Cyprus’ evolving ecosystem," she continues, "has prompted us to seriously consider establishing our AI hub here, positioning the island not only as a regional base but as a centre for supporting our global operations. In this way, Cyprus has evolved from being simply a strategic bridge to becoming a genuine engine for innovation and enterprise growth within our global footprint."
A global leader in software and artificial intelligence engineering and consultancy firm, TKI offers enterprise-grade AI, data, and digital transformation solutions to clients in both the public and private sectors worldwide. Headquartered in New Jersey, TKI operates its EMEA region from its office in Nicosia and maintains a development centre in Mumbai, India.
In a recent interview with GOLD magazine, Ioannidou Plemitis talks about what first drew the company to Cyprus and elaborates on the experience of doing business here,
Among other things, she also shares her view of the local sector, noting, "Cyprus has a realistic and compelling opportunity to position itself as an AI services hub for the EMEA region."
What initially positioned Cyprus as the right strategic choice for TKI?
At the outset, our decision to establish TKI in Cyprus was primarily driven by its strategic utility as a gateway to Europe and the Middle East, given that the local market itself is relatively small. We saw Cyprus as an ideal platform for reaching these broader regions efficiently, rather than as a destination for large-scale domestic activity. However, over time, our perspective has broadened considerably – we have come to appreciate that Cyprus offers far more than just geographic convenience.
The sectors we work with at the moment – shipping and maritime, healthcare and financial services – are exceptionally robust in Cyprus. The high concentration of activity and expertise in these industries has revealed opportunities well beyond our initial expectations. This strong sectoral foundation, combined with Cyprus’ evolving ecosystem, has prompted us to seriously consider establishing our AI hub here, positioning the island not only as a regional base but as a centre for supporting our global operations. In this way, Cyprus has evolved from being simply a strategic bridge to becoming a genuine engine for innovation and enterprise growth within our global footprint.
Are there specific operational or structural challenges for US companies operating from Cyprus?
It would be disingenuous to say it’s all smooth sailing. There is a pressing need for Cyprus to step up and significantly accelerate the digitalisation of its public sector. Although the Government has made commendable efforts and progress is evident, much remains to be done before the public sector can truly keep pace with the demands of a modern, innovation-driven economy. In addition, the banking system needs to become more efficient and business-friendly. Modernisation in this area is crucial to facilitate smoother business operations and to attract and retain international investment. The exclusion from the US Visa Waiver Program has also been a hurdle for executive mobility. While technical hurdles are being resolved, the delay in seamless travel creates friction for US-Cyprus collaboration.
Can Cyprus realistically position itself as an AI services hub for the EMEA region?
Cyprus has a realistic and compelling opportunity to position itself as an AI services hub for the EMEA region. Success, however, will not come from competing on scale. Instead, Cyprus should focus on specialisation and security. By aligning closely with the EU AI Act and establishing itself as a "safe harbour" for responsible AI practices, the country can attract enterprises that require stringent compliance and sophisticated data governance. This boutique approach, centred on high-compliance and high-intellect solutions, will set Cyprus apart as a preferred destination for EMEA businesses seeking expertise and trust in AI deployment.
How would you assess the current depth of AI, data and engineering talent in Cyprus? What role can TKI play in upskilling the local workforce and improving its business culture?
The talent pool in Cyprus is concentrated but volatile. We have brilliant engineers but the "brain drain" and competition from the local gaming and fintech sectors make hiring moderately competitive. So, we have taken a strategic decision in relation to this: we don't just "buy" talent; we build it. Our role is to introduce "learning in the flow of work." By involving local engineers in global projects for US clients, we provide exposure to enterprise-grade AI complexities that they might not find elsewhere on the island. We are helping to shift the culture from "pure engineering" to "strategic AI consulting," which is where the true value lies.
What advice would you give other US companies considering Cyprus for their operations?
I’d highlight three areas: First, companies should avoid being mere “brass plate” operations by hiring local talent, establishing a physical presence and actively engaging with the broader ecosystem. Second, expectations around talent need to be realistic: don’t assume you’ll find a ready-made workforce of 500 AI PhDs. Instead, plan for a hybrid model that combines resilient, multilingual local professionals with specialised expertise brought in from abroad. Finally, allow more time than you would in the US for banking processes and regulatory compliance.
This interview first appeared in the February edition of GOLD magazine. Click here to view it.
