In a recent statement, the Cyprus Chamber of Commerce and Industry (CCCI) commented on the recent reports that Limassol-based software development company BrainRocket is suspending its operations on the island, calling on stakeholders to not take it for granted that Cyprus’ current advantages were enough to keep international companies on the island.
More specifically, the statement said, “In light of recent reports concerning the scaling back or possible suspension of BrainRocket’s operations in Cyprus, the Cyprus Employers & Industrialists Federation (KEBE) believes a responsible and evidence-based approach is required.
Without official and comprehensive information from the company itself, it would not be appropriate to conclude the reasons behind its business decisions. At the same time, however, a development of this magnitude should not go unnoticed, nor should it preclude a serious public dialogue on our country’s competitiveness.”
It continued, “Cyprus enjoys significant advantages as a business and investment destination: its status as an EU member state, a high-quality professional services ecosystem, specialised human resources, a strategic geographic location, and a growing technology and innovation sector. The establishment and growth of major international companies in recent years confirm the country’s potential.
These advantages, however, cannot be taken for granted. International competition to attract and retain businesses and talent is intensifying constantly. We must, therefore, honestly and consistently assess issues such as operating costs, energy costs, housing, bureaucracy, the speed of licensing and migration procedures, infrastructure, access to specialised staff, and the need for a stable and predictable tax and regulatory environment.”
The CCCI went on to note, “Within the framework of its longstanding close and constructive cooperation with the Government, KEBE considers it useful to jointly assess the facts of this specific case, and to continue a substantive dialogue between the Government, the Chamber and companies operating in the technology sector and the wider business community. The common goal is the timely identification of challenges and the formulation of practical solutions that will further enhance the country’s competitiveness and attractiveness as a business and investment destination.”
“A single business decision does not negate the dynamism and prospects of the Cypriot economy. Every such development, however, should be an occasion for reflection, assessment and action, so that Cyprus remains a modern, reliable and truly competitive destination for both international and domestic businesses,” the statement concluded.
