The upcoming visit of the President of the Republic Nikos Christodoulides to Kazakhstan is not just another diplomatic mission but a move with a clear geopolitical and economic footprint for Cyprus.
With the participation of ministers, institutional bodies and a strong business delegation, Nicosia is attempting to strengthen its relations with the largest economy in Central Asia, promoting Cyprus as a reliable investment and business hub towards the European market.
In this context, the President of the Cyprus-Kazakhstan Business Association, Costas Markides, talked to InBusinessNews and CBN about the strategic importance of the visit, the messages it sends at a political and business level, as well as the new prospects that open up in sectors such as energy, technology, investments and tourism.
He also refers to the direct flights that will be launched from the summer of 2026, the increased investment flows between the two countries and the goal of transforming the Cyprus-Kazakhstan relationship into a substantial strategic cooperation with depth and duration.
What is the significance of the upcoming visit of the President of the Republic to Kazakhstan and what messages does it send at a political and business level?
The upcoming visit of the President of the Republic of Cyprus to Kazakhstan constitutes a historical milestone for the relations between the two countries, as it is the first official visit by a President of the Republic of Cyprus since the establishment of the Republic of Kazakhstan.
On a political level, it is taking place at a time when bilateral relations have been institutionally upgraded like never before. The operation of the Embassy of Cyprus in the capital Astana and the opening of the Embassy of Kazakhstan in Nicosia have created a new, stable framework of diplomatic presence, understanding and cooperation, sending the message that Cyprus and Kazakhstan are no longer limited to formal diplomatic contacts, but are building a relationship with depth, continuity and a shared vision.
On a business level, the visit highlights that Cyprus recognises Kazakhstan as the most dynamic and rapidly growing economy among the countries of Central Asia, while Kazakhstan sees Cyprus as a reliable European partner in the sectors of energy, technology, financial services, transport, health, tourism and education, and of course as a gateway to the single European market.
It is worth noting here that Kazakhstan is one of the European Union's most important trading partners in Central Asia, and Cyprus, as a member state, has every reason to strengthen this relationship.
Following the historic visit of the Kazakh Foreign Minister to Cyprus and the establishment of diplomatic missions in the two countries, what specific steps have been taken to strengthen bilateral relations and what results have already begun to emerge?
The visit of the Deputy Prime Minister and Minister of Foreign Affairs of Kazakhstan to Cyprus in March 2025 and the establishment of diplomatic missions in the two countries were decisive steps that significantly upgraded the level of bilateral relations. Since then, we have observed a significant increase in official bilateral contacts, both at the political and technocratic levels. The two countries have significantly strengthened their cooperation on issues related to the European Union, regional security and economic diplomacy.
At the same time, significant steps have been taken in the field of investment and the economy. Cypriot companies are already active in Kazakhstan, while others have begun to more actively consider their potential presence in Kazakhstan. At the same time, the presence and interest of Kazakh companies in Cyprus has increased significantly.
The first results are already visible: more business missions, increased investment flows and a clear political will to further strengthen relations.
What is the current picture of economic and trade relations between the two countries? How are investment flows between the two countries shaped and what is the balance of cooperation at the economic level?
Cyprus-Kazakhstan economic and trade relations have been on an upward trajectory in recent years and are characterised by mutual interest. Cyprus is one of the most important European destinations for investments from Kazakhstan, mainly due to the stable tax framework, access to the European market and the strong presence of professionals in financial and related services. On the other hand, Cypriot companies are active in Kazakhstan in sectors such as energy, technology and consulting services. The potential is great and the prospects are extremely encouraging.
The entry into force of the Double Taxation Avoidance Agreement in 2021 was of crucial importance, as it has, without exaggeration, catalysed economic and trade relations between the two countries. In the last 3 years, direct investments from Cyprus to Kazakhstan amounted to 1.2 billion dollars, while the performance of 2022 is remarkable, which alone amounted to 454 million dollars. The upward trend is expected to continue in the coming years and our goal and aspiration is for Cyprus to reach as high as possible.
What are the sectors that currently attract the greatest investment interest for companies from Kazakhstan and what opportunities does the Cypriot economy offer to investors from the country?
The interest of investors from Kazakhstan in Cyprus is intense and constantly growing. The sectors that attract the greatest demand are investments in start-ups, technology and artificial intelligence development companies, financial services, land and real estate development, tourism and hotel investments, education, and the health sector.
Cyprus offers a safe, European and stable environment, with a high quality of life, modern infrastructure and a business ecosystem that fosters innovation and growth. Investors from Kazakhstan see Cyprus not only as a place for investment, but also as a place where they can develop long-term partnerships and gain access to the European market.
Direct air connections between the two countries have long been discussed as a catalyst for further strengthening relations. Where does this venture stand today and how much could it affect tourism, investment and business exchanges?
We are pleased to announce that from June 2026 until early September there will be direct flights twice a week on a trial basis. If demand is at a satisfactory level, and the early indications are extremely encouraging, then the aim is to create a stable connection, either seasonal or permanent, that will facilitate movement for both business and leisure purposes.
Such a development will have a multiplier effect: it will boost tourism, facilitate business missions, increase investment flows and bring the two countries closer together. It is a game-changing project and can create new opportunities in many sectors.
Kazakhstan is the largest economy in Central Asia and an important partner of the European Union in the region. How can Cyprus leverage its geostrategic position and its status as a member state and now as the EU presidency to act as a bridge between Europe and Kazakhstan?
Cyprus has all the characteristics to act as a natural bridge between the European Union and Kazakhstan. As an EU member state, with a strong voice in European institutions and a long tradition as an international business center, Cyprus can contribute substantially to promoting the European strategy for Central Asia. Its geographical location, at the crossroads of three continents, makes it an ideal hub for the interconnection of markets, infrastructure and energy networks.
Cyprus can leverage its EU membership to strengthen dialogue with Kazakhstan on issues such as energy cooperation, green transition, digital economy and regional security. In this way, it can become Kazakhstan's gateway to Europe and at the same time Europe's voice in Central Asia.
Let us not forget the very important role that Kazakhstan plays in the intergovernmental organisation of the Turkic states and we want to promote Cyprus in the best possible way as an important and reliable political ally of Kazakhstan in Europe.
Are there specific agreements or initiatives that can be announced that could mark a new chapter in Cyprus-Kazakhstan relations?
The President of the Republic will be accompanied by the Minister of Foreign Affairs, the Deputy Minister to the President, the Minister of Energy, Trade and Industry and the Deputy Minister of Research, Innovation and Digital Policy, as well as a group of technocrats who support them.
During the official visit of the President, agreements and memorandums of understanding will be signed in areas such as trade, technology, sports, culture, tourism and others.
Initiatives to create joint business councils and further deepen and strengthen bilateral cooperation on energy and green transition issues will be discussed. At the same time, student and researcher exchange programs are being promoted, which will strengthen cultural and academic relations.
All these initiatives are not merely symbolic. They are practical, applicable and measurable, and have the potential to transform Cyprus-Kazakhstan relations into a true strategic partnership with depth and duration.
Which organisations will participate in the mission and what will be the content of the contacts that will be made?
The business mission that will accompany the President consists of a wide range of entities and companies representing the most dynamic sectors of the Cypriot economy. Participating organisations and businesses from the financial sector, professional services, technology and innovation, energy, land development and tourism. The composition of the mission reflects the true will of Cyprus to develop multi-level relations with Kazakhstan.
High-level meetings with government officials, financial institutions and leaders of the Kazakh business community are scheduled during the visit. In addition, targeted bilateral meetings between Cypriot and Kazakh companies will take place, as well as a large business forum that will serve as a platform for the presentation of investment opportunities with the ultimate aim of initiating new partnerships.
What is the role of the Cyprus-Kazakhstan Business Association in the overall effort to create a channel of communication between the two countries?
Our business association's primary purpose is to expand economic cooperation and more specifically to further promote and encourage trade and economic relations between the two places.
Equally important, however, is the continuous improvement and expansion of bilateral relations at both the cultural and diplomatic levels. Certainly, the cultural heritage of each country is a priority in the healthy development of long-term bilateral relations between the two countries and should be given the appropriate importance and visibility. In this context, we also hope to organize cultural and other events.
