Tanya Romanyukha, General Manager of TechIsland, highlighted Cyprus’ growing role as an emerging technology, innovation and start-up hub within the European Union, at the 8th Cyprus-Israel Business & Investment Summit in Tel Aviv, during a presentation titled “Cyprus: A Rising Technology, Start Up and Innovation Hub”.
As she noted, Cyprus has established itself as a technology destination with a rapidly growing ecosystem, with the information and communications technology (ICT) sector recording continuous growth and increasing its contribution to the economy.
According to the figures presented, the technology sector accounts for 16% of Cyprus’ GDP and employs approximately 79,000 people. Cyprus was also presented as the country with the fastest-growing technology sector in Europe.
Romanyukha also referred to the development of the start-up ecosystem, the strengthening of research and development (R&D), and the digitalisation and innovation policies being implemented by the country, with the aim of attracting further investment to the technology sector.
Advantages for Israeli companies
Particular emphasis was placed on the opportunities Cyprus offers to Israeli companies seeking to expand their operations within the European Union.
Cyprus can serve as an entry platform into the European market, while also providing access to specialised executives and talent from across the EU. In addition, the already significant Israeli community living in Cyprus is another factor that facilitates the relocation of businesses and personnel.
Among the country’s competitive advantages are its intellectual property (IP) regime and the specialised incentives available for technology and innovation companies. The combination of the European regulatory framework, tax incentives, human talent and quality of life further enhances Cyprus’ appeal to international businesses with growth ambitions.
“The biggest advantage is life in Cyprus”
Beyond the tax and business incentives, Romanyukha highlighted quality of life as one of Cyprus’ most important advantages.
As she stressed, the ability for a company to establish its base in the country and relocate the families of its owners and its executives is a significant factor in relocation decisions. In this way, Cyprus is presented not only as a business destination, but also as a place to live and work.
The role of TechIsland
Referring to TechIsland’s role, its head underlined the organisation’s importance in further developing Cyprus’ technology sector.
TechIsland acts as a key interlocutor between the technology community and the Government and other decision-making centres, seeking to strengthen the sector’s growth and help address the challenges faced by businesses and professionals within the ecosystem.
The aim, as highlighted at the summit, is to further empower the technology ecosystem, so that Cyprus can attract more international companies and strengthen its position as a regional hub for technology, innovation and business activity.
Sponsors
The summit is being held in collaboration with Invest Cyprus.
Platinum sponsor: Eurobank
Sponsors: Alpha Bank Cyprus, Bank of Cyprus, bbf:, CYFIELD, DOMO, PwC Cyprus, K. Treppides & Co Ltd
Exhibitors: Aristo Developers, City of Dreams Mediterranean, D. Zavos Group, St. Chara Developers
Supporters: Nobel Trust, Ioannides Demetriou LLC
Media sponsors: CBN (Cyprus Business News), GOLD, IN Business
Organiser: IMH
