Cyprus Woos Tech and Innovation: Minister Highlights Strategic Advantages and Growth in UK Trade

In London on Tuesday, Cyprus' Minister of Energy, Commerce, and Industry, George Papanastasiou, positioned the Mediterranean nation as an alluring destination for technology and innovative companies. During his presentation, Papanastasiou pointed out a significant 10% increase in trade volume between Cyprus and the United Kingdom in 2022 compared to the previous year.

Notably, the minister emphasized the fourth consecutive year of escalating Cypriot exports to the UK, citing dairy products, especially the popular halloumi cheese, potatoes, pharmaceuticals, and gold as the primary exported goods. Papanastasiou delved into the potential of Cyprus as an emerging hub for technology and innovation, outlining various factors that might attract foreign companies to consider the country for their operations.

These factors encompass a skilled workforce, a high quality of life, reliable service infrastructure for businesses, modern legal and regulatory frameworks, low operating costs, an appealing and transparent tax regime, strategic geographic positioning, and Cyprus's membership in the EU and the Eurozone. Additionally, the minister unveiled a new strategy aimed at enticing companies, incorporating fresh tax incentives and legislation facilitating strategic investments.

Furthermore, Papanastasiou underscored Cyprus's standing in innovation, citing its ninth-place ranking among EU countries in performance indicators for 2022, positioning the country between France and Ireland. The Global Innovation Index also placed Cyprus at 28th among 132 countries, highlighting strengths in application development for smart communication devices and exports in information and communication technology. The minister's comprehensive presentation showcased Cyprus as a multifaceted and appealing destination for companies seeking strategic advantages and a conducive environment for technological and innovative endeavors.

By fLEXI tEAM