Cyprus showcases investment prospects at UK conference

Cyprus on Monday showcased its prospects as an investment destination at the 8th annual investment conference organised by the UK-Cyprus Enterprise Council in London.

The conference also examined the opportunities arising from Cyprus’ close economic ties with the United Kingdom.

Costas Hadjipanayiotou, director general of the Labour Ministry, delivered the keynote address on behalf of minister Yiannis Panayiotou.

He emphasised that in recent years, Cyprus has embarked on a “transformation journey” aimed at building a “prosperous, resilient economy characterised by ease of doing business in a sustainable environment”.

This journey, he noted, involves a range of actions and guiding principles.

These include creating a stable macroeconomic environment through responsible fiscal policy, strengthening financial sector stability, and continually advancing economic reforms to support green transition and competitiveness.

Hadjipanayiotou cited examples such as Cyprus’ attractive tax system, services facilitation in the renewable energy sector, EU membership, strategic geographic location, bilateral and regional partnerships, and talented workforce as key advantages.

Meanwhile, Invest Cyprus deputy director general Lia Riris also showcased Cyprus’ economic potential.

She referenced a projected 3 per cent GDP growth rate for 2024 and 2025, and the country’s recent climb to 27th place among 133 countries on the global innovation index.

Kyriacos Kouros, Cyprus’ High Commissioner to the UK, praised Cyprus’ role as a “stabilising and strategically important factor for Europe” amid ongoing global challenges, citing its enduring trade ties with the UK across various sectors.

Moreover, UK-Cyprus Enterprise Council founder and chairman Savvas Kyriakides acknowledged the Cypriot government’s dedication to strengthening investment relations with the UK.

The event, concluding this evening, includes networking opportunities and discussions focused on sectors such as Cyprus’ labour market and property sector, the latter of which is a core theme of this year’s conference.