In 2023, total foreign direct investment (FDI) in Cyprus reached €3.2 billion. At the same time, more than 2.5 thousand new jobs were created.
This was announced on Thursday 14 November by the head of the Cyprus Investment Promotion Agency (Invest Cyprus), Eugenios Eugeniou.
According to him, last year was a year of great challenges, but also a year of success for the Cypriot economy and investment initiatives. Moreover, despite international difficulties such as increased economic uncertainty and geopolitical tensions, Cyprus has managed to show remarkable resilience.
Eugeniou stressed that the technology sector is now stronger than ever. More than 800 technology companies are based on the island, of which more than 250 will be established between 2021 and 2023. Hundreds of organisations and their employees create a dynamic ecosystem whose contribution to Cyprus' GDP is said to be more than 10%.
Eugeniou mentioned that Cyprus has made tremendous progress in sustainable investments in areas such as health, education and green transition. The island nation's financial sector has also strengthened in recent years, with the number and size of investment funds growing significantly to over €10 billion in assets under management, of which €3 billion is invested locally.
The massive influx of foreign companies is helping to strengthen Cyprus' technology sector and improve the skills of its human resources. In the future, we plan to focus on investments that strengthen the industrial base, based on partnerships between Cypriot businessmen and foreign investors,' said the head of Invest Cyprus.
Cypriot Finance Minister Makis Keravnos, for his part, said that Invest Cyprus "has put a lot of effort into attracting investment to Cyprus and consequently to the local economy". He expressed his satisfaction with the work of the organisation and assured that "the Ministry of Finance will always work closely with Invest Cyprus to promote this very important work.
We want to attract even more investment in advanced sectors and ensure that Cyprus remains an attractive destination for international investors. Our goal is to build on the successes of 2023 and further strengthen our financial resilience in the years to come," Keravnos stressed.
It should be recalled that the main sources of foreign investment in recent years have been Russia and the Commonwealth of Independent States, the Middle East and the Persian Gulf, China, Greece and the United States.
At the same time, the attention of international investors has been drawn not only to tourism and real estate, but also to infrastructure projects, shipping, energy, telecommunications and even financial services and higher education. Cyprus has been an attractive destination for foreign companies for many years.
Among the advantages of Cyprus highlighted by foreign investors are
- Quality of life;
- Telecommunications/digital infrastructure;
- Stable political/social environment
- entrepreneurial culture;
- the local Cypriot market;
- Skills of the workforce;
- Advanced research and development capabilities;
- Labour costs.