Invest Cyprus: 2023 performance and 2024 strategy - Tech sector leads the way

With its annual review of 2023, along with an analysis of strategic directions for 2024, Invest Cyprus held its Annual General Meeting on 14 November at the Ministry of Finance.

The year 2023 was marked by significant challenges but also notable achievements for the Cypriot economy and investment initiatives.

In the area of sustainable investments, Cyprus made progress in fields such as health, education, and the green transition, attracting strategic investments that support the shift to a more sustainable economy.

The financial sector also strengthened, with both the number and value of investment funds increasing. Managed assets surpassed €10 billion, €3 billion of which were invested locally.

Cyprus recorded a 129% increase in Foreign Direct Investments (FDI) according to FDI Intelligence by the Financial Times—the highest increase among European Union member states.

Activities in 2023

In 2023, Invest Cyprus promoted the country internationally through participation in major global conferences and roadshows in strategic markets such as London, New York, Abu Dhabi, Zurich, Saudi Arabia, Israel, Lebanon, Jordan, and Egypt, among others. Significant bilateral investment agreements were also signed with Saudi Arabia and Jordan.

These actions strengthened collaborations and enhanced relationships with international investors.

Cyprus' strong economic performance was recognised by the European Commission and Moody’s, which upgraded the country’s credit rating, emphasising the importance of foreign investments.

Strategy for 2024

In 2024, Invest Cyprus will focus on improving the investment climate through digital transformation and enhancing the regulatory framework.

“I would like to thank the Minister of Finance for attending today’s Annual General Meeting and for the support and collaboration provided throughout the year, as well as for the insights shared regarding our planning for the upcoming year. Over the last few years, with the Ministry of Finance’s backing for the specialized company and talent attraction program, Cyprus has developed an ecosystem of 300 technology companies that significantly contribute to our economy,” stated Evgenios Evgeniou, Chairman of Invest Cyprus.

• Read also: Evgenios Evgeniou: €3.2b in foreign investments over 2023, creating 2,500 new jobs

The organisation’s CEO, Marios Tannousis, added: “We aim to attract even more investments in high-growth sectors and ensure that Cyprus remains an attractive destination for international investors. Our goal is to build on the successes of 2023 and further enhance our economic resilience in the years ahead.”

Minister of Finance Makis Keravnos expressed his satisfaction with the work of Invest Cyprus, saying, “I am absolutely pleased with the efforts of Invest Cyprus—the Cyprus Investment Promotion Agency. Their initiatives have significantly boosted investments in Cyprus, which, in turn, have positively impacted our economy.

I thank and congratulate them for their work, and the Ministry of Finance will continue to work closely with them to sustain this important momentum. We have also exchanged views on areas where we should focus further efforts to achieve positive results for our economy and maintain its strong standing despite geopolitical uncertainties.”

Ongoing Commitment

Invest Cyprus remains committed to targeted initiatives for attracting new investments and offering aftercare services to investors. This includes expanding the Invest Cyprus Project Bank, which provides transparent access to high-interest investment projects.

By collaborating closely with the government, business stakeholders, and the House of Representatives, the agency will continue promoting Cyprus as a business and technology hub.

Invest Cyprus is dedicated to advancing sustainable investments aligned with the “Vision 2035” framework, ensuring that the country’s economic growth is based on sound and long-term practices.

Access Invest Cyprus’ Annual Report for 2023 at the following link