Describing it as an essential step for the maintenance and development of businesses in Cyprus, TechIsland has welcomed the Council of Ministers' decision to revise the operating framework of the Business Support Center Register. As TechIsland points out, the decision creates more favourable conditions for the long-term presence of international companies in the country, boosting investment, job creation and the development of local human resources.
In a statement, the Board of Directors of TechIsland states that "we welcome the decision of the Council of Ministers to revise the operating framework of the Business Support Center Register."
This is, the organisation emphasises, a substantial and positive development, which responds to important needs of businesses and creates more favorable conditions for their long-term presence and development in Cyprus, while enhancing the prospects for further investment and development of local human resources.
According to the organisation, in recent years, Cyprus has managed to create a strong momentum in attracting international companies, investments and know-how.
Based on recent data from FT Locations, presented at the Invest Cyprus 20th anniversary event, the share of the IT software and services sector in new foreign direct investment projects in Cyprus increased from 6% in 2004-2011 to 43% in 2018-2025.
At the same time,the Board of Directors of TechIsland explains that Cyprus ranks first in the world in exports of Information and Communication Technology (ICT) services, as a percentage of the country's total exports.
"These figures highlight the important role that technology now plays in the Cypriot economy, with the sector contributing about 16% of the country's GDP," the announcement underlines.
At the same time, TechIsland indicates that "the challenge now is not only to continue to attract new investments, but also to maintain this momentum, ensuring that businesses that have already chosen Cyprus will be able to stay, grow and invest in our country in the long term, creating jobs, transferring know-how and strengthening the local technological ecosystem."
"TechIsland will continue to actively contribute to the dialogue with the State and support policies that enhance a stable and competitive business environment, for the benefit of the sustainable development of the technology sector and the wider Cypriot economy," concludes the Board of Directors of the organisation.
