“Artificial intelligence is not the future. It is your new competitor,” said George Malekkos, President of the Cyprus Information Technology Enterprises Association (CITEA), speaking at the 5th Digital Cyprus Conference 2026.
Artificial intelligence is already reshaping the rules of business, he stressed, warning that organisations that move quickly will gain a decisive competitive edge in the coming years. The real question for companies is no longer whether they will adopt AI, but how fast their competitors will.
Malekkos described AI as the most significant technological shift the market has experienced in decades. While previous technological revolutions connected people, systems, and information, AI is now linking knowledge directly with execution for the first time.
He noted that traditional competitive advantages are evolving. Capital, infrastructure, and organisational size are no longer the dominant factors.
“Speed is the new capital,” he said, highlighting that the companies that will stand out are those able to learn, experiment, and implement new ideas faster than others.
Addressing common misconceptions, he clarified that AI is not here to replace people but processes, enabling employees to focus on higher-value work.
He added that globally, roles such as AI developers, AI-powered customer service agents, AI sales agents, and even AI accountants and legal professionals are already emerging. In the coming years, organisations are expected to increasingly collaborate with autonomous digital assistants.
Referring to Cyprus, Malekkos expressed confidence that the country can develop into a regional AI hub. He pointed out that the island’s relatively small market size can be an advantage, allowing faster adaptation compared to larger economies.
He also called on businesses to invest in AI product development, support startups, and export technological expertise.
Malekkos further emphasised that CITEA’s mission is to unite the technology ecosystem, foster collaboration, and help position Cyprus as a key player in the digital era.
The conference was organised by CITEA and IMH.
