Harris Pistos: Professional services sector enters a phase of transition and new opportunities
The view that Cyprus’ professional services sector has entered a new phase of maturity and growth was expressed by Harris Pistos, Director of International Banking at Bank of Cyprus.
During the 10th Professional Services Conference presented by Bank of Cyprus, the Conference moderator noted in his opening remarks that this is “a sector in transition, with new markets, new sectors and new opportunities,” highlighting that developments in recent years reflect a substantial shift in the priorities and challenges facing the industry.
Looking back at previous conferences, he pointed out that for a long time the dominant issue had been compliance with anti-money laundering (AML) requirements, as well as broader concerns about the survival of Cyprus’ international business model. As he explained, discussions focused on how the country could strengthen its processes, improve its image and ensure its sustainability.
Today, however, the picture has changed significantly, as he stressed that these issues “are now embedded in processes and mindset,” allowing the sector to focus on the next phase and on the potential for further growth.
Within this context, he also highlighted the key factors that remain timeless and decisive for the sector’s trajectory. First, he emphasised the importance of adaptability in an ever-changing environment, underlining the need to capitalise on emerging opportunities and maintain this flexibility as a core competitive advantage.
Second, he referred to the importance of maintaining Cyprus as an attractive place to live, work and do business, stressing that quality of life and the overall environment are critical factors in attracting investment and talent.
Third, he pointed to the need for a collective effort to further strengthen the country’s international reputation, noting that all stakeholders have a role to play in this direction.
In conclusion, he underlined that the transition from a period of challenges to one of opportunities creates the conditions for more dynamic and coordinated growth in Cyprus’ professional services sector.
