Between January and June 2024, around 200 foreign companies invested in Cyprus. As a result, more than 1.2 thousand new jobs have been created in various sectors of the island's economy.
This was announced by the Cyprus Investment Promotion Agency (Invest Cyprus) on Wednesday 27th November.
It should be noted that the greatest activity was shown by companies from third countries interested in opening their headquarters in Europe. According to Invest Cyprus, this surge in interest is mainly due to the numerous promotional activities undertaken by the agency to enhance Cyprus' business reputation. The agency's director general, Marios Tannousis, stressed that the organisation had made significant progress in attracting companies from abroad. It has also encouraged many companies already based on the island to expand their operations in Cyprus.
In particular, Invest Cyprus has actively promoted Cyprus on the world stage, organising 65 conferences and events in 19 countries. Special emphasis was placed on the combination of factors such as security, a stable economic environment and unique competitive advantages. These events also showcased the successful experiences of foreign investors in Cyprus, further enhancing the country's image as an attractive investment destination. As a result, companies from the Middle East, Europe and emerging markets such as Brazil, India and the US are now showing active interest in Cyprus, particularly in areas such as energy, renewable resources and IT developments.
In particular, the first Investment Agreement with Brazil, formalised by a Memorandum of Understanding (MoU) with Invest Ragapa, needs to be highlighted. Brazilian companies have shown interest in developing the industrial, tourism and energy sectors. In addition, the growing interest of Indian and American investors confirms Cyprus' growing status as a centre for high-tech and innovative industries.
On a positive note, two transnational investment agreements were signed between Cyprus, Saudi Arabia and Jordan. This year, for the first time, an attempt was made to promote Cyprus' business package in Latin American countries. Companies from outside Europe are keen to open a European office in the region and are using Cyprus as an important hub.
In order to enhance its international reputation, Invest Cyprus has initiated a €1.5 million rebranding exercise. The aim of the project is to promote Cyprus as a stable and forward-looking business location, fully in line with the country's strategic objectives set out in the Vision 2035 programme. The focus is on priority sectors such as high technology, energy, healthcare, education, shipping and financial services.
In 2023, foreign investment in Cyprus will reach €3.2 billion, contributing to the creation of 2,500 new jobs. Major international companies are considering expanding their operations on the island by 2025. Although the details of these plans have yet to be announced, such initiatives point to a favourable outlook for the country's economic development.
By actively promoting partnerships between local companies and foreign investors, Cyprus is strengthening its industrial base and setting the stage for sustainable growth. Attracting foreign companies not only creates new jobs, but also reinforces the country's global status as a key centre for business and investment.