"It is not enough to convince someone to invest in Cyprus. We must give them reasons to stay. To grow. To invest again. To become part of our own history of progress. This is the mission of Invest Cyprus," said Evgenios Evgeniou, Chairman of Invest Cyprus, underlining that the success of the investment policy is also judged by the country's ability to maintain and strengthen the presence of businesses that choose to operate in it.
In the same speech, he sent an equally clear message about managing the challenges that accompany development: "The answer to the challenges that development creates cannot be to stop development. It cannot be to discourage investments that create jobs, boost public revenues and open new prospects for our country. The answer is to increase the potential of Cyprus."
These messages formed the central axis of Evgeniou's speech at the anniversary event for the 20th anniversary of Invest Cyprus, which took place at The Landmark Nicosia, Autograph Collection, in the presence of the President of the Republic, Nikos Christodoulides, government representatives, members of parliament, diplomats, former presidents and members of the Organization's Board of Directors, as well as important investors and representatives of the business community.
Looking back at the founding of Invest Cyprus in 2006, the Chairman of the Board of Directors reflected on the concept that led to its creation: for a small country like Cyprus, an international orientation is a necessity. The mission of the Organisation has been from the beginning to open new paths for the Cypriot economy, to connect the country with the international investment community and to transform its potential into real business opportunities.
In the twenty years that followed, Cyprus was faced with successive crises and significant upheavals. The global financial crisis, the banking crisis and the 2013 bailout, the impact on the country's credibility, the pandemic and geopolitical turmoil created a challenging environment for the economy. Despite the difficulties, the country proceeded with reforms, strengthened its institutions and regained some of its international credibility, creating new growth prospects.
Along this path, as Evgeniou mentioned, the role of Invest Cyprus has also changed. From an organisation promoting the country, it has evolved into a strategic partner of the state and an institutional arm of the Republic of Cyprus for attracting and facilitating investments. With an active presence in international markets, cooperation with the Business Centre and the competent ministries, the Organisation operates as a point of reference for foreign investors wishing to operate in Cyprus.
Particular mention was also made of the contribution of Invest Cyprus in shaping a new national narrative for the country, as well as the 'Minds in Cyprus' initiative, which concerns the attraction and return of talent to Cyprus. These two initiatives, as he noted, are linked to the broader vision of the country and the priorities set by the President of the Republic.
Cyprus's place on the international investment map
Analysing the international environment, Evgeniou pointed out that, according to UNCTAD data, while the global economy and trade are recording an average annual growth of 4%, international flows of foreign direct investment remain stagnant. Investors now appear more selective, taking into account geopolitical risks, the stability and prospects of each market, at a time when international competition to attract capital is intensifying.
In this environment, Cyprus is recording remarkable performance. As he mentioned, it ranks second among the member states of the European Union and among the top ten countries worldwide in terms of foreign direct investment per capita. At the same time, according to preliminary data from the Central Bank, foreign direct investment amounted to €11.6 billion in 2025.
The importance of these investments is also reflected in the real economy. According to a study by the University of Cyprus, annual new foreign investment inflows contribute approximately 3.3% to GDP and support 4.4% of domestic employment. This is a contribution that extends beyond capital inflows into the country, as it is linked to job creation, skills development and the expansion of economic activities.
Technology and human resource attraction
As a typical example of the evolution of Cyprus' investment profile, Evgeniou referred to the technology sector. Today, more than 800 companies in the sector are active in the country, employing approximately 30,000 workers and accounting for approximately 14% of the Cypriot economy. The sector is among the fastest growing in Cyprus, recording the highest growth rate in the European Union and the third largest share in GDP among the member states.
The attraction of international companies has also been accompanied by the establishment of specialised human resources. More than 20,000 highly paid professionals have relocated to Cyprus, many with their families, strengthening the country's presence in high value-added activities.
As an indication of the trust that has been developed, the President of Invest Cyprus cited the results of a survey among international companies, according to which nine out of ten intend to remain in Cyprus, while two out of three plan to expand their activities or reinvest. These figures are directly linked to the message of his speech: attracting a business is the beginning of a relationship, which needs a stable environment, support and prospects to develop into a long-term presence.
The broader economic footprint of foreign investment
Evgeniou also referred to the contribution of international businesses to public revenues and economic activity. Presenting data for 2024, he noted that tax revenues from corporate profits in Cyprus corresponded to 6.9% of GDP, compared to 3.1% in the European Union. In contrast, revenues from personal income tax amounted to 3.7% of GDP, compared to 9.6% in the EU.
This report was part of the broader argument that foreign investment creates benefits for society as a whole, through its contribution to public revenues, employment and the expansion of the economic base. At the same time, the development of new sectors and the presence of international companies can create opportunities for local entrepreneurship and human resources.
However, the development path is also accompanied by pressures. The increase in demand for housing, infrastructure and services is one of the challenges that needs to be addressed, as economic activity and the settlement of new workers increase the country's needs. At this point, Evgeniou argued that the appropriate response lies in strengthening infrastructure, accelerating procedures and improving services, so that Cyprus can meet the demands of development.
As he stressed, the regulation of economic activity is not in itself an obstacle to investment. What creates difficulties is uncertainty. Predictability, clarity of procedures and the ability of businesses to plan safely are essential conditions for maintaining investor confidence.
Invest Cyprus' new strategy for 2027-2030
Looking ahead, the Chairman of the Board of Directors referred to Invest Cyprus’ new strategy for the period 2027–2030, which will be presented in the coming months and is summarised in the phrase “Stability with Perspective”. The strategy will be based on four key priorities: attracting quality investments, providing substantial support to investors, strengthening international extroversion and improving the investment environment.
This approach also reflects a broader evolution in the way the Organisation understands its role. The emphasis is shifting from simply attracting businesses to creating strong economic ecosystems, from promoting individual investments to developing meaningful links between international companies and the Cypriot economy. At the same time, success is measured through the skills developed, the opportunities created and the overall quality of life in the country.
This strategy is linked to the broader framework of the 'Vision 2035' National Strategy, which aspires to make Cyprus one of the best countries to live, work and do business in. In this context, attracting investment takes on a broader dimension, as it is linked to long-term competitiveness, upgrading the economy and creating an environment that offers prospects for both businesses and people.
In closing, Evgenios Evgeniou acknowledged the contribution of successive governments, former Presidents and members of the Boards of Directors, the management and staff of Invest Cyprus, as well as the partners, international companies and investors who contributed to the course of the Organisation. The completion of twenty years of operation was, through his speech, an occasion for taking stock, but mainly for highlighting the priorities that will determine the next phase of Cyprus' investment presence.
(Source: InBusinessNews)
