Tech companies’ vote of confidence in Cyprus

Cyprus is gradually winning over the tech industry, evident from the case studies presented by businessmen Alexey Gubarev and Roman Zanin at the 2nd Cyprus: The New Global Tech & Innovation Hub Summit.

Alexey Gubarev is Co-Founder & Board Member at Palta, and Co-Founder and Board Memvber at TechIsland, while Roman Zanin is General Counsel, Tax & Compliance, at Wargaming.

According to Gubarev, the war in Ukraine forced many companies to flee the country and Cyprus was one of the options on the table for relocation. And he said that being a tech hub, the country was an ideal destination.

He said the island currently has human capital that is deeply devoted and skilled, with 2022 proving an amazing year for the country; despite certain difficulties, particularly in the relocating families’ efforts to find schools for their children.

Gubarev also expressed his concerns about the country’s banking sector, saying he hoped it would become even friendlier to the business world, especially when it comes to the ease of making transactions, and the time it requires to complete them.

On his part, Zanin presented Wargaming’s journey to becoming established in Cyprus and highlighted the huge number of services it offers worldwide from the island.

He said Wargaming employs around 450 people in Cyprus, of whom 40% is local talent. Most of its staff specialises in software engineering and corporate services, he explained.

The biggest rush of relocations to the company’s Cyprus headquarters was recorded in 2022.

Zanin went on to describe the current landscape in the local video games industry, which is currently defined by a large community of game developers and higher budgets to develop games due to attracting significant investments. 

Organiser: IMH

Strategic Partner: Invest Cyprus

Strategic Telecom Partner: Cyta Business

Innovation Partner: Research & Innovation Foundation

Ecosystem Partner: TechIsland

Gold Sponsors: Bank of Cyprus, KPMG Cyprus

Silver Sponsors: Energame, Pafilia

Supporters: IMR, Island Private School

Official Media Sponsors: Cyprus Business News, Gold magazine, IFC Media, IN Business magazine