Attracting foreign companies to Paphos remains one of the top priorities of the city's Chamber of Commerce and Industry.
This was stated recently by its president, Marinos Stylianou, who stressed that Paphos has a number of key advantages over other cities in Cyprus.
Among the main advantages of Paphos, he highlighted
- Low cost of living - compared to Nicosia and Limassol, housing, office rentals and services are cheaper here.
- Accessibility - the city has its own international airport, making it convenient for international business.
- Security - one of the lowest crime rates on the island.
- Climate and environment - picturesque beaches, clean air and a favourable living environment.
- Developed infrastructure - active construction of business centres, international schools, residential complexes and leisure facilities.
According to Stylianou, a number of major projects involving foreign investment are currently underway in Paphos.
For example, the Paphos Oasis Building, a landmark building at the entrance to the city, which previously housed the RIO cinema. The new owner of the building is a Cypriot company, majority-owned by the large Dutch JPB Group, which moved its headquarters to Cyprus in 2020, specifically to Paphos. The new owner plans to renovate the former cinema building and turn it into a modern 'green' business centre. Another major development will take place on the site of the former Orfanidis supermarket. The building has been sold to an Israeli investor for €3 million. According to the press release, he intends to renovate it in order to rent it out as an office to large companies.
Stylianou stressed that there are already many foreign companies operating in Paphos and that interest in the city is only growing. He is confident that this trend will lead to economic recovery, job creation and an improvement in the quality of life for locals. Stylianou also expressed confidence that with the completion of the new Paphos port and other key infrastructure projects, the area will become an even more attractive destination for potential investors.