Technology cornerstone of economic growth

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Enhancing technology and innovation are at the cornerstone of the government’s vision for the economy, President Nikos Christodoulides said at the first Techisland Awards in Limassol.

He said the government promotes initiatives to enhance the competitiveness of Cyprus as an investment destination, with changes to the Strategy for Attracting Investment and Talent soon being approved to make it more attractive.

“Technology encourages the development of cutting-edge solutions and services that can address challenges in all fields, whether in healthcare, education, finance or sustainable energy, technology innovation has the power to transform.”

A newly appointed Chief Scientist has been extended to cover research and innovation, issues on technology, “ensuring a holistic approach in the support provided by the state”.

“A stable, resilient and sustainable economy is a necessary pre-requisite for this and any sector to thrive.

“In these challenging times for the global economy, the government remains committed to a three-pillar policy approach: fiscal discipline with government budget surpluses, a stable and healthy banking sector and continuous promotion of structural reforms to increase our competitiveness.”

The President said he strongly supports open communication channels with investors in Cyprus, aiming to create a truly attractive business environment that promotes transparency, efficiency, and a level playing field.

“That is why, immediately assuming the Presidency, we organised the first roundtable discussion with investors; some of you were there.

“We noted the challenges mentioned during the discussion; these concern challenges in attracting and retaining talent to Cyprus, the lack of schools and affordable residential options”.

Christodoulides said his government is streamlining doing business in Cyprus.

“We place significant emphasis on the satisfaction of existing investors in Cyprus because, ultimately, we consider you our best Ambassadors.

“Our efforts in improving the business environment are in the framework of the Strategy for Attracting Investment and Talent, launched in 2022.

“The Strategy has been critical in the impressive growth of the technology sector in Cyprus in the past year.

He said the government is promoting specific actions for the branding of Cyprus to appeal to investors and professionals.

“A strong and positive brand image can significantly influence perceptions and decisions.

“When we effectively communicate the unique attributes of Cyprus, we create a compelling narrative that resonates with international audiences”, Christodoulides said.

“This attracts foreign investments and skilled professionals seeking career opportunities, which is an urgent need for the technology industry.

“Through the enhanced branding, we aim to establish trust, showcasing Cyprus as a reliable, forward-thinking, and attractive destination for diverse opportunities and experiences.”