ECOMMBX Group CFO Georgia Pitta analyses the significant role of Foreign Direct Investment (FDI) in bolstering Cyprus’ key growth sectors and driving lasting value for the economy, while highlighting the importance of public and private sector collaboration.
In a recent interview with GOLD magazine after ECOMMBX was the Gold Sponsor of the Cyprus International Investment Awards, Pittas shares her view on the evolution of Cyprus as a destination for FDI over the past decade.
Among other things, she also reveals which sectors she believes will drive the next wave of FDI in Cyprus over the next five years.
How would you assess the evolution of Cyprus as a destination for FDI over the past decade?
Over the last ten years, we’ve faced the global effects of the pandemic, which changed the picture across the international landscape. Geopolitical frictions in the region have also shifted investors’ interest towards solid jurisdictions they consider valuable and stable assets. Cyprus, while recovering from the wounds of the 2013 banking crisis, put in the effort to re-establish its reputation in the international landscape. Today, it has repositioned itself around technology, fintech, shipping and professional services, and is stronger than ever in its reputation for compliance. A strong European and global regulatory environment left no space for Cyprus not to adjust. The outcome of that adjustment has been the creation of a more attractive jurisdiction.
How important is collaboration between the public and private sectors in sustaining Cyprus’ investment momentum?
Public and private sector collaboration has always been a crucial element for the success of any country and any jurisdiction, and this is how we should perceive it in Cyprus as well. At the end of the day, policymakers – representing regulation – and business leaders – representing innovation – should sit at the same table to address the same challenges. Transparency, clarity and consistency are the key elements for successful collaboration. The aim is the same for everyone and unity will lead to success. At ECOMMBX, we put this into practice through direct, ongoing communication with the country’s regulators, such as CySEC and the Central Bank of Cyprus. We believe that this creates an honest communication channel, which aims to support not only ECOMMBX but also the industries we operate in.
Which sectors do you believe will drive the next wave of FDI in Cyprus over the next five years?
Technology and digital financial services will continue to be among the strongest drivers of Foreign Direct Investment in Cyprus over the next five years. As a fintech operating under a Cyprus licence, we have experienced first-hand the growing international interest in the sector. By investing in the in-house development of technology and expanding our presence across the European Union through passporting, we have seen how Cyprus can serve as a strong platform for innovation and international growth. Alongside fintech, Cyprus’ well-established professional and advisory services sector will remain a key competitive advantage. I also see significant opportunities in shipping and energy, particularly as global priorities continue to shift towards sustainability, energy security and digital transformation.
Ultimately, however, attracting high-quality investment will depend not only on the sectors themselves but on Cyprus’ ability to maintain a stable regulatory environment, invest in talent and continue building a business ecosystem that inspires long-term investor confidence.
As Gold Sponsor of the Cyprus International Investment Awards, why is it important for ECOMMBX to support an initiative that celebrates excellence in FDI in Cyprus?
Supporting the Cyprus International Investment Awards reflects how we stand behind the country’s efforts to establish itself as an attractive jurisdiction for foreign investors. ECOMMBX attracts and conducts international business, and that makes us feel responsible to give back to the ecosystem that helped shape us. What should FDI aim to achieve for Cyprus? It should generate sustainable growth that benefits society as a whole. The success of FDI should not be measured solely by the returns it delivers to investors or individual businesses but by the lasting value it creates for the wider economy and for future generations. At ECOMMBX, we are proud to support an initiative that celebrates investors who contribute to building a stronger, more resilient and more prosperous Cyprus for everyone.
This interview first appeared in the July edition of GOLD magazine. Click here to view it.
