“International investors assess the overall business environment. They expect efficient institutions, modern public services, reliable infrastructure and an ecosystem that encourages innovation and long-term planning. Cyprus has made important progress through the modernisation of its public services, continued investment in national infrastructure and closer cooperation between government and business,” Michael Skender, Chief Financial Officer at Cyta says.
In an interview with GOLD magazine, Skender discusses Cyprus’ growing appeal as an international business destination, looks at the sectors poised to drive the next wave of investment and explains why innovation and connectivity remain key to the country’s long-term competitiveness.
As Strategic Partner of the Cyprus International Investment Awards, why is it important for Cyta Business to support an initiative that celebrates investment excellence in Cyprus?
Foreign Direct Investment (FDI) is a key driver of economic growth, innovation and job creation. The Cyprus International Investment Awards recognise organisations and individuals whose investments contribute to Cyprus’ long-term prosperity and international competitiveness. For Cyta Business, supporting this initiative reflects our commitment to the continued growth of Cyprus and its business community. Every successful investment strengthens Cyprus’ economy, creates new opportunities and enhances the country’s reputation as an attractive destination for international business. These Awards also send an important message: that Cyprus values entrepreneurship, innovation and long-term investment. Celebrating success helps build confidence and encourages further investment that benefits the economy and society as a whole.
How would you assess the evolution of Cyprus as a destination for FDI over the past decade?
Over the past decade, Cyprus has significantly strengthened its position as an international business destination. Beyond its strategic location and business-friendly environment, the country has built greater credibility, resilience and international confidence. Today’s investors look beyond traditional incentives. They seek political and economic stability, a transparent regulatory framework, access to skilled talent and the confidence that a country can support long-term business growth. Cyprus has made meaningful progress across all these areas.
Looking ahead, our ambition should not simply be to attract more investment but to attract higher-value investment in sectors that promote innovation, productivity and sustainable growth.
How important is collaboration between the public and private sectors in sustaining Cyprus’ investment momentum?
Strong collaboration between the public and private sectors is essential to sustaining Cyprus’ competitiveness. International investors assess the overall business environment. They expect efficient institutions, modern public services, reliable infrastructure and an ecosystem that encourages innovation and long-term planning. Cyprus has made important progress through the modernisation of its public services, continued investment in national infrastructure and closer cooperation between government and business. Cyta has been proud to contribute to this broader effort through strategic technology programmes and infrastructure projects that support the modernisation of both the public and private sectors. Maintaining this collaborative approach will be key to attracting high-quality investment and strengthening Cyprus’ long-term competitiveness.
Which sectors do you believe will drive the next wave of FDI in Cyprus over the next five years?
Cyprus has traditionally attracted foreign investment in sectors such as financial and professional services, tourism, shipping and real estate. I believe that these sectors will remain important, while technology, renewable energy and healthcare are expected to attract increasing investment over the coming years.
Technology will undoubtedly continue to grow as an investment sector in its own right. At the same time, it has become a critical enabler across almost every other industry. Businesses in financial services, healthcare, tourism, shipping and energy increasingly rely on advanced communications, cloud services, cybersecurity and data infrastructure to operate, innovate and compete internationally. This creates significant opportunities for Cyprus. As these sectors continue to evolve, the country’s ability to offer reliable infrastructure, skilled talent and a supportive business environment will become an even more important differentiator. Cyta’s continued focus on strengthening Cyprus’ digital infrastructure, expanding data centre capabilities and investing in next-generation technologies contributes to this broader vision – helping create an environment in which international businesses can establish, grow and innovate with confidence.
This interview first appeared in the July edition of GOLD magazine. Click here to view it.
