Cyprus is becoming a magnet for foreign direct investment (FDI).
This was announced recently by Invest Cyprus, a company dedicated to attracting foreign investors to the island.
Specifically, in 2023 alone, FDI in Cyprus will amount to €3.2 billion, while 2,500 new jobs will be created. Thanks to this, Cyprus has been able to significantly reduce its dependence on the sectors that have been the backbone of its economy for many years. By the way, we are talking about real estate, tourism and services.
Today, the technology sector accounts for more than % of Cyprus' GDP (about 32 billion euros) and employs about 17 thousand people (about 3.5% of the total workforce). It is worth noting that the benefits of a strong technology sector were particularly evident during the pandemic, as economies with a strong technology base proved to be more resilient.
According to Invest Cyprus, more than 270 companies, of which 70 are international technology companies, have completed the process of relocating to the island through the Business Assistance Division (MDE) of the Ministry of Energy, Commerce and Industry.
As mentioned above, Cyprus attracted €3.2 billion in FDI in 2023, which on a per capita basis placed Cyprus second in the EU (after Malta) and among the top ten countries in the world.