The need for the Cypriot economy to move into a new phase of development, leveraging technology, innovation and international investments, but also facing critical challenges such as energy costs, the lack of specialised personnel and institutional reforms, was at the center of discussion within the framework of the 16th Nicosia Economic Congress.
Representatives of the business community discussed the prospects of the Cypriot economy in a rapidly changing international environment, highlighting the role of technology, innovation and entrepreneurship in shaping a more resilient and competitive economic model.
The panel included Τheodosios Theodosiou, CEO, Primetel, Dr. Nicolas Kyriakides, Partner, Harris Kyriakides, Alexander Sapov, CEO & Co-founder, GetTransfer.com, Dr. Marios Ioannides, Managing Director, Medicover Genetics Cyprus, and Michael Tyrimos, Founder/Managing Director, Capacitor Partners.
Τheodosios Theodosiou underlined that technology and especially artificial intelligence are already changing the way businesses operate, noting that every company must treat itself as a technology company. As he mentioned, the use of AI can improve decision-making, reduce the execution time of procedures and increase efficiency. At the same time, he pointed out that Cyprus has already created strong telecommunications infrastructure, with extensive 5G coverage and significant international connectivity through submarine cables. The next step, as he said, is the creation of large data centers in the country, which, however, requires reducing energy costs.
For his part, Dr. Nicolas Kyriakides referred to the changes taking place in the legal sector, emphasizing that artificial intelligence is already transforming the profession. He emphasized that the reduction in court cases is a positive development, however, he pointed out that there are still significant outstanding issues in institutional reforms. Among these, he mentioned the need to review legal fees, as well as the delay in the implementation of important reforms in the judiciary, such as the creation of an independent mechanism to supervise the operation of the courts.
Alexander Sapov noted that Cyprus is entering the era of artificial intelligence from a relatively strong position, as it has a dynamic technological ecosystem and a favorable business environment. As he mentioned, the country can develop into an important hub for technology companies, especially in sectors such as travel tech, leveraging its strong tradition in tourism and hospitality. The main issue, he said, is that businesses created in Cyprus can grow globally.
Michael Tyrimos stressed that the Cypriot economy has seen significant growth in recent years, but the challenge now is to create the conditions for a new development path. He said that education and the availability of talent are critical issues, as many businesses are struggling to find qualified personnel. At the same time, he pointed out that the economy must become more resilient to future crises, noting that developments in international markets or in sectors such as tourism can significantly affect the country.
For his part, Dr. Marios Ioannides highlighted the role of artificial intelligence and innovation in the health and biotechnology sectors. As he explained, the use of advanced technologies can significantly reduce the time to diagnosis and improve disease management. He also emphasized that in order to maintain the momentum of innovation, closer cooperation between the private sector and public health structures is required, in order to bridge the gap between research and application.
Participants agreed that Cyprus has significant potential in areas such as technology, services and innovation. However, fully exploiting these potentials requires targeted investments in infrastructure, human resources and institutional reforms to ensure the economy remains competitive in an environment of increasing international uncertainty.
The discussion was moderated by Yangos Hadjiyannis, CEO CIM-Cyprus Business School & Vice Chairman Invest Cyprus
(Source: InBusinessNews)
