Invest Cyprus: Playing a pivotal role in Cyprus’ economic landscape

Marios Tannousis has been proudly leading Invest Cyprus as its CEO. As the investment authority of the Government of Cyprus, Invest Cyprus plays a pivotal role in the nation’s economic landscape

“Our primary objective is to attract and facilitate foreign direct investment, a mission that involves not only showcasing Cyprus’ strategic advantages as an investment destination but also providing comprehensive support to investors,” he said. “We work closely with various stakeholders to ensure a smooth investment journey, enhancing Cyprus’ reputation as a competitive and attractive location for international business.”

How does your organisation actively involve itself in attracting and facilitating foreign direct investment into Cyprus?
“Invest Cyprus actively involves itself in attracting foreign direct investment by strategically communicating the unique benefits of Cyprus as an investment destination. Our approach encompasses a holistic facilitation of business operations, from providing critical market information to assisting in navigating the regulatory landscape.

“We engage in robust collaborations with government departments, agencies, and the private sector, ensuring that every potential investor receives tailored support. Our aim is not only to attract investment but also to position Cyprus as a top choice for business headquarters, leveraging our strategic location and business-friendly environment.”

What, in your opinion, have been the key highlights for Invest Cyprus in 2023?
“2023 has been a landmark year for Invest Cyprus, marked by several significant achievements. We have successfully attracted a number of international technology companies to Cyprus, bolstering our position as an emerging tech hub. This has been coupled with facilitating impactful foreign direct investments in various strategic sectors, contributing to diversified economic growth.

“Our support extended to the burgeoning financial sector, especially in promoting Cyprus as an attractive destination for investment funds and asset management companies.

“Another highlight includes the attraction of Cyprus as a prime location for filming and audiovisual productions, which has not only brought economic benefits but also showcased our cultural richness.

“Additionally, our collaborative efforts with governmental departments have been central in refining Cyprus’s investment framework, further improving the ease of doing business here.”

Multiple disruptive forces are reshaping the foundational architecture of Cyprus’ financial industry. What, in your opinion, are the key drivers behind this transformation?
“The transformation of Cyprus’ financial industry is being driven by several dynamic forces. The advent of Fintech innovations has introduced new paradigms in financial services, demanding adaptability and modernisation from our institutions. The evolving needs and expectations of clients, both corporate and individual, are prompting financial entities to offer more customised and responsive services. “Furthermore, the globalised nature of the financial system compels Cyprus to continuously align with international standards, ensuring we remain an attractive and secure choice for global investors.”

What are the key strategic trends and opportunities expected to drive Cyprus’ growth sectors through 2024 and beyond?
“Looking towards 2024 and beyond, Cyprus is poised to capitalise on several strategic trends and opportunities. We anticipate a sustained influx of foreign direct investments in key strategic sectors, which will be instrumental in driving our economic growth.

“The Cyprus Recovery and Resilience Plan is set to provide a significant impetus to our development strategies, focusing on sustainable and digital transformations. Moreover, the implementation of Vision 2035 is expected to be a game-changer, outlining a comprehensive roadmap for long-term economic and social development, with a focus on innovation, sustainability, and inclusivity.”

Cyprus is fast becoming a hub for digital innovation. How is Invest Cyprus embracing this innovation to offer benefits to consumers, businesses, and potential investors?
“The rapid evolution into a hub for digital innovation is a significant development for Cyprus. This progress is highlighted by a remarkable 129 per cent increase in foreign direct investment from 2021 to 2022, the largest in the EU and ranking Cyprus within the top 20 globally. The resultant job creation, marked by a 99 per cent increase, further underscores the economic significance of this sector.

“In 2022 alone, the tech sector’s impact on our economy exceeded €3 billion a testament to its growing importance. In line with this, Invest Cyprus will start implementing a forward-looking strategy for 2024-2026, in full alignment with Vision 2035. Our goal is to consolidate Cyprus’ position as an ideal destination for living, working, and doing business, capitalising on our strengths in digital innovation.”

2024 is already shaping up to be a watermark year for ESG regulation. What are some of the initiatives Invest Cyprus has, or is implementing, which will affect positive changes for the future?
“In 2024, Invest Cyprus is placing a strong emphasis on Environmental, Social, and Governance (ESG) initiatives. Recognising the increasing significance of sustainability in investment decisions, we are actively encouraging Cypriot entrepreneurs to develop projects with a sustainable focus.

“Our aim is to align these projects with the evolving preferences of global investors and societal needs. By promoting sustainable developments, we intend to elevate the attractiveness of Cyprus as an investment destination that is not only economically viable but also environmentally and socially responsible.”

What new initiatives/tools is Invest Cyprus planning to launch in 2024 to lure more investors to our shores?
“In 2024, Invest Cyprus is set to launch and continue several strategic initiatives and tools to enhance our attractiveness to investors globally. We will persist in organising and participating in international events in targeted countries. These events are crucial for showcasing Cyprus’ investment opportunities and for networking with potential investors. Our online marketing campaigns will also continue, leveraging digital platforms to reach a wider audience and to highlight the unique advantages of investing in Cyprus.

“In addition to these outward-facing initiatives, we are committed to supporting investors who have already chosen Cyprus for their operations. This ongoing support is vital for ensuring their ventures are successful and sustainable, which in turn encourages further investment.

“Our proactive approach in the past two years has yielded substantial results. During 2022 and 2023, Invest Cyprus engaged in 662 one-on-one meetings with potential investors. These meetings are invaluable for understanding investor needs and for providing tailored information and assistance. As a result of these efforts, we received 103 letters of intent, indicating strong interest in Cyprus as an investment destination.

“Furthermore, we celebrated 28 direct success stories, which are testament to the effectiveness of our strategies and the appealing business environment of Cyprus.

“These initiatives, combined with our continuous efforts to enhance Cyprus’s overall investment climate, underscore our commitment to making Cyprus an increasingly attractive destination for foreign direct investment. By offering a blend of targeted outreach, robust support, and a welcoming business environment, we aim to continue this positive trajectory and bring more investors to our shores in 2024 and beyond.”