“The value of these initiatives is that they create structured engagement before, during and after an investment decision. International events and missions allow us to present Cyprus directly to decision-makers, to understand investor needs and move promising cases into aftercare and facilitation,” Marios Tannousis, Chief Executive Officer of Invest Cyprus on the occasion of the 14th International Investment Awards, organised by Invest Cyprus and hosted by GOLD magazine.
Invest Cyprus has played an important role in shaping the decisive outcomes for Cyprus’ investment landscape. Tannousis discusses the latest developments and identifies the economic sectors that are gaining greater momentum.
The Government, together with Invest Cyprus, has recently undertaken a series of high-profile missions to strengthen bilateral relations and promote Cyprus as an attractive business and investment destination. How would you assess the impact of these contacts so far and which new countries or regions are on Invest Cyprus’ radar for the coming year?
The impact of the recent missions is measured in relationships, leads and follow-up actions. In the US, we strengthened engagement with investors, technology companies and institutions. In India, the dialogue has moved from awareness (visibility) to implementation, with strong interest noted in technology, financial services, shipping, tourism and innovation. Cyprus has further strengthened its cooperation with the GCC countries, particularly in fintech, investment services, logistics and tourism. For the coming year, we are again looking towards the US, India, the UK, the Arabian Gulf and North Africa, as well as to selected European markets such as France, Germany and Italy where Cyprus can offer a clear value proposition.
Which sectors do you believe offer the greatest potential for new investment in Cyprus and are there any emerging markets or industries that you expect to play a more prominent role in the country’s investment landscape over the next few years?
From an operational perspective, we see strong investor interest in technology, ICT, fintech, wealth management and professional services, shipping, renewable energy, education, tourism and hospitality, and strategic infrastructure. We also expect more activity in AI, cybersecurity, digital transformation, sustainable transport, health services, biotech and pharma, defence-related innovation and projects linked to the green transition.
Cyprus offers incentives such as an efficient corporate tax and IP Box regime, R&D deductions, talent-related tax advantages and film incentives. Which of these has delivered the strongest results?
The IP Box regime remains one of the most effective tools for attracting companies with Intellectual Property and technology-driven business models, complemented with the high-quality talent tax-related incentives. Shipping, R&D and innovation incentives and advantages have also delivered clear results by strengthening Cyprus as a world shipping centre and as an emerging technology and innovation hub. R&D deductions are increasingly important as companies place more emphasis on substance, innovation teams and development activity in Cyprus. Film incentives are more sector-specific but they help diversify Cyprus’ offer and support international visibility.
Over the past year, the Government and Invest Cyprus have launched and supported a number of initiatives, including international events, investment missions and programmes such as Minds in Cyprus. To what extent have these initiatives strengthened Cyprus’ investment proposition?
The value of these initiatives is that they create structured engagement before, during and after an investment decision. International events and missions allow us to present Cyprus directly to decision-makers, to understand investor needs and move promising cases into aftercare and facilitation. Minds in Cyprus supports the talent side of the equation by reconnecting skilled Cypriots abroad with opportunities at home. Recent activity has helped generate quality investment interest, support new establishments, strengthen strategic partnerships and promote Cyprus more clearly in priority sectors and markets.
What message do the Invest Cyprus International Investment Awards send to the international business community about Cyprus as an investment destination?
The Awards show the international business community that Cyprus does not only attract investment; it retains and supports investors over time. The companies honoured at this year’s awards ceremony are practical examples of what can be achieved from Cyprus: regional expansion, job creation, innovation, knowledge transfer and stronger links with international markets. Their stories are among the most credible ways to present Cyprus as a prominent business and investment hub.
This interview first appeared in the July edition of GOLD magazine. Click here to view it.
