Chairperson welcomes audiences as TechIsland Summit gets underway

The TechIsland Summit in Limassol is underway with Summit Chairperson Natasa Pilides, CEO, Med Energywise Ltd welcoming the audience to TechIsland’s annual gathering.

Pilides noted that the event aimed to bring stakeholders together to align on the progress of the tech sector and discuss the way forward.

“The TechIsland Summit is now being held for the fifth consecutive year —a Summit that is growing in importance, much like the work of TechIsland itself, which is increasing in significance from both an economic and a social perspective,” Pilides noted.

The Summit Chairperson continued, “I want to use a personal story to introduce TechIsland, the way it was introduced to me. It seems like a century ago—but it can’t have been more than five years—that I got a phone call from a good friend, who happens to be sitting in the front row: Mr Angelos Gregoriades. He said to me, “I need a few minutes of your time, because I want to introduce you to something big.” A few days later, what I could only describe as a group of youngsters, walked into my office with Angelos and described their vision for TechIsland. If there’s one word that captures Angelos, it’s visionary, but the magnitude and ambition of what they were describing seemed almost unreal.”

Pilides continued that, “Little could I have known that they would go on to achieve even greater things, in an even shorter period of time than even they had imagined back then.”

“So, what is the essence of TechIsland?,” Pilides continued, “Why has it now become so well known for in all our minds? TechIsland is now the largest tech association in Cyprus. It was established in 2021, as a non-profit organization to accelerate the growth of the tech sector and to do what its name suggests: turn Cyprus into a true and veritable tech island.”

She underlined that today, the Association has 350+ members, both local companies and multinational FDI companies, all with a tangible presence in Cyprus and at least five employees in the country.

“In a nutshell, TechIsland is a Tech Advocate, a Community Enabler, and an Impact Driver, driving positive change—both economic and, importantly, social,” she said.

“How do they do this?” Pilides continued, “By advocating for, fighting for, reforms that benefit our country’s economy and its tech ecosystem. From the migration policies that enabled thousands of talented people and their families to make Cyprus their workplace and home, to crucial tax incentives that attract and retain such talent, to fast-track mechanisms introduced for value-add businesses—so many positive changes have been either suggested or supported by TechIsland.”

Most recently, the Chairperson went on to note, TechIsland actively participated in the process of designing the upcoming tax reform, by sharing its position and suggestions to the Tax Reform Committee as a tech sector representative.

“Beyond simply advocating reform, TechIsland is also a pivotal platform for the crucial public-private dialogue that has historically been the cornerstone of Cyprus’s economic success. Today is just one example of that ongoing process. And the result? What was once a very small sector of the Cypriot economy—where tech and innovation indicators lagged behind those of our European counterparts—now represents 16% of our country’s Gross Value Added (GVA), according to KPMG’s estimations. And that 16% doesn’t account for the talented and affluent individuals working for those companies, who contribute to the economy in countless ways, having made Cyprus their home.”

She reminded the audience that KPMG’s presentation later in the morning would delve into the specifics of the sector’s contribution to the economy with some very interesting, new data.

“But beyond all the numbers and the statistics, what I want to stress is that 16%, or 17 or 18% could never capture the intellectual and social wealth of hosting these tech companies and tech experts in Cyprus. The fact that our economy is evolving—from a service-based economy to a knowledge-based one—and the fact that our children and young adults can be inspired to pursue careers in a wide range of innovative, creative, and rewarding fields, is transformative,” Pilides pointed out.

“For a long while now,” she continued, “there has been, and perhaps there still is, an ongoing discussion about the new economic model for Cyprus, where our economy should head and the sectors in which we should invest. If the last five years have proved anything, it is that investing in the tech sector, in intangible assets such as knowledge, expertise and capacity for innovation, is among the wisest choices we could make. Not just because of the very visible tangible benefits to the economy, but because of the intangible, and invaluable, benefit of safeguarding our society with such assets as knowledge, expertise, and specialisation. These are the assets that will equip future generations with the resilience, adaptability, and competitive edge needed to manage the risks of an unpredictable global economy. These are the assets that can provide future generations with a safe and rewarding professional and personal environment, where growth and innovation are part of our DNA.”

As Pilides went on to underline, “TechIsland strives to contribute meaningfully to this process through a series of ongoing projects. One example is the Tech Island GenTech Program, a dedicated initiative designed to equip the next generation of tech professionals in Cyprus with the tools to succeed. Through strategic collaborations with local universities, some of TechIsland’s most renowned tech experts provide guest lectures to students to bridge the gap between education and real-world expertise.”

Another great initiative, the Chairperson pointed out, is the Mentors’ Hub which focuses on supporting startups and it is organized by TechIsland in collaboration with Capacitor Partners.

“So today, ladies and gentlemen, we have an agenda that’s all about positive change—very much in line with TechIsland’s core mission. Positive change through unlocking opportunity, attracting and repatriating talent to our country, introducing measures and incentives to strengthen the startup ecosystem, expanding the private education sector, leveraging new regulations and AI technologies,” Pilides said, going on to thank the state representatives, including government ministers, present at the event.

She then introduced the event’s next speaker, appearing on behalf of the Board of Directors of TechIsland, CEO of the University of Nicosia and TechIsland Board Member, Antonis Polemitis.