Paphos is fast becoming a key headquartering destination

Companies and startups have been showing increased interest in moving their headquarters and staff to Paphos lately, with high tech companies in particular seriously considering the move.

In fact, consultations are currently underway that could come to fruition in the near future.

Speaking to InBusinessNews, the Head of the Paphos Chamber of Commerce and Industry, Marinos Stylianou, said bringing startups and high-tech companies to the town is a top priority for both the chamber as well as the local authorities.

“Our aim is to develop headquartering; that is, turn Paphos into an attractive destination to relocate company headquarters and staff,” Stylianou said.

He confirmed the information that there has been increased interest by companies to relocate to the town, saying two large companies have already made the move.

One is JetBrains, a company that creates software development tools with headquarters in Czechia and offices in 12 countries, and the other is JPB Solar Energy, member of the Dutch JPB Group.

Also, according to Stylianou, three new startups will relocate to Paphos through the American University of Beirut – Mediterraneo which recently opened, at facilities that were created especially by the Municipality of Paphos, providing all the services they need. The startups are active in EnergyTech and AgriTech.

"We are very pleased with the fact that Paphos is constantly attracting businesses, especially high-tech companies," he said, adding: "It is something we have been aiming to do for a long time now and it remains a firm position of the Chamber, that Paphos is suitable for companies to move their headquarters and we are trying in every direction to create the necessary infrastructure to attract more companies.”

Waiting for the Local Plan

As such, he said, the stakeholders in Paphos are eagerly awaiting the town’s new Local Plan being put to public consultation.

“Our intention is to see what we can do with the town-planning zones,” said Stylianou. “This is where we need to focus, because we need to designate special areas to host offices. This is what we, as a Chamber, will be pushing for when the public consultation for the Local Plan begins, to ensure the necessary suggestions and actions are made to change the zones so they can host new offices, which we believe there will be a lot of demand for.”

Paphos’ comparative advantages

According to Stylianou, Paphos has plenty of comparative advantages over the other Cypriot towns, which businesses take into serious account when choosing where to relocate.

Among other, he said, “We have a very low cost of living; it is safe for someone to live with their family, while Paphos is one of the best smallest towns for someone to live, according to a recent study”.

In addition, he said, Paphos is a coastal town with a remarkable history, and a wealth of entertainment, hospitality and other options.

“With all the above in mind, we believe that headquartering can be developed further in Paphos over the next few years,” Stylianou concluded.