TechIsland Hosts Workshop on Attracting Foreign Tech Companies in Cyprus

TechIsland, Cyprus's prominent tech business association, marked a significant achievement with the conclusion of the "Building Tech Islands: A Workshop on Attracting Foreign Tech Companies." The workshop, conducted as part of the TechIsland Summit 2023, brought together government officials and senior executives from various companies in Cyprus.

In the context of Cyprus's ongoing efforts to establish itself as a tech hub, the workshop centered on Ireland's successful model for attracting global tech giants like Google and Meta, along with top-tier global talent. Ireland has effectively transformed into a world-class destination for investors, talent, and entrepreneurs.

The event featured two distinguished speakers from Ireland, Mary Harney, who has held multiple government roles in Ireland, including Deputy Prime Minister (Tánaiste), and Clive Ryan, former Regional Director for EMEA at Meta.

Valentinos Polykarpou, Chairman of TechIsland, highlighted the importance of attracting global tech companies and international talent, leading to economic growth and high-quality job opportunities in his opening remarks. He emphasized the ongoing journey to learn from Ireland's success story and discussed strategies for attracting more tech companies and professionals while retaining those already in Cyprus.

Polykarpou also stressed the need for collaboration to develop the necessary infrastructure to meet the growing demands of the tech sector. He stated, "Today, we're here to find solutions to critical challenges," adding that the goal was not merely to discuss what makes a tech hub successful but to lay the foundation for Cyprus to be among the world's best.

Mary Harney shared insights from Ireland's success story, highlighting key factors that make Ireland attractive to international investors, such as continuous policy transformation, a strategic focus on education and industry, significant investments in Research and Development (R&D), and a consistent industrial policy. She also mentioned the contribution of a skilled workforce, fostered by progressive immigration policies, targeted education initiatives, and favorable tax incentives.

Clive Ryan addressed critical issues shaping Ireland's tech ecosystem and the challenge of over-reliance on corporate tax revenue. He called for diversification and investment in local talent and startups to ensure long-term sustainability.

The event exemplifies TechIsland's commitment to transforming Cyprus into a leading tech hub. Established in 2021 as a non-profit organization, TechIsland has played a pivotal role in fostering the exponential growth of the tech industry in Cyprus, working to create favorable conditions for sector competitiveness and growth.

By fLEXI tEAM