Cyprus pitches stability and growth as seven international investors honoured

Cyprus is seeking to turn its economic performance, political stability and growing international ties into further foreign investment, President Nikos Christodoulides said this week, as seven companies were honoured at the 14th Invest Cyprus International Investment Awards. The ceremony at the Hilton Nicosia recognised Hartmann Group, Accor, Kraken, a Payward company, SayGames, Reconiq Software Ltd, a member of the Plath Group, Coral S.A. – Coral Cyprus and Premium Access Cyprus. Addressing investors, Christodoulides said the country’s direction was built around “stability, perspective, development and security”, arguing that investment decisions ultimately depended on trust in a country’s institutions, people and long-term prospects. That approach, he said, was also reflected in Cyprus’ renewed national promotion strategy, launched earlier this week, which presents the island as “a stable European state with a global orientation” and a European business hub with an international footprint. The president pointed to the economy’s recent performance, including stronger growth, healthy public finances, lower public debt and Cyprus’ return to an “A” investment-grade rating for the first time since 2011. He also referred to conditions of full employment for the first time since 2008, describing these developments as evidence that responsible economic policy, political stability and reform could strengthen investor confidence. However, he said the country’s credibility would also depend on further progress in modernising the state, simplifying procedures and accelerating digital transformation, while improving the speed and predictability of public services. Christodoulides also tied Cyprus’ investment strategy more closely to foreign policy. Following his state visit to India last month, he said opportunities were emerging across technology, financial services, shipping, education, energy, tourism, supply chains and trade. Cyprus, he said, could serve as “a reliable European gateway for Indian businesses”, offering access not only to the European Union but also to the Eastern Mediterranean, the Gulf and North Africa. At the same time, relations with Kazakhstan were expanding, while a visit to the United States was planned later this year as part of efforts to deepen economic ties and attract new investment. Foreign policy, he added, should not be treated as something separate from the economy, but as a direct tool for development and security. The president also emphasised the importance of skilled labour, pointing to the Minds in Cyprus initiative as part of the effort to repatriate talent and support a more knowledge-based economy. Invest Cyprus chairman Evgenios Evgeniou said the companies honoured had contributed far more than capital, with their impact reflected in the jobs they created, the innovation they supported, the sectors they developed and the international links they built. He said foreign direct investment had helped turn technology into one of the country’s main growth sectors, while Cyprus’ economic performance continued to compare favourably with much of Europe. Evgeniou also linked the country’s investment appeal to its new international positioning, “Stability with Perspective”, which presents Cyprus as a European hub with a global outlook and a trusted partner in an increasingly complex region. At a time when investors were becoming more selective, he said, they were looking for stability, predictability and trusted partnerships, all of which Cyprus could offer. However, Evgeniou warned that the country could not rely on its current strengths alone. To remain competitive, he said Cyprus needed to reduce bureaucracy, speed up digitalisation and judicial procedures, improve the ease of doing business and invest further in housing, education, healthcare and infrastructure. These reforms, he added, were necessary not only to attract new investors, but also to allow existing businesses to expand with confidence. PwC Cyprus chief executive Andreas Yiasemides struck a similar note, saying Cyprus should focus not simply on attracting more investment, but on securing the right investment—long-term, sustainable and innovative. He said the economy had become more diverse, spanning financial services, technology, energy, shipping and innovation, while Cyprus’ ability to adapt remained one of its strongest advantages. Further progress, he added, would depend on close cooperation between the government, regulators, businesses and the professional services sector. Yiasemides concluded by saying that “the companies recognised at the ceremony had become valuable ambassadors for Cyprus, reflecting the country’s ambition and increasingly international outlook, while the awards themselves sent a wider signal of confidence in the island’s future.”