Economy category powered by

Andreas Yiasemides on how Cyprus can consolidate its position as a modern international business centre

The growing importance of the green transition and ESG opens up new prospects for professional services, says Andreas Yiasemides, Partner, Advisory, Clients & Markets Leader, Head of Cyprus & Greece Market, in charge of Fund Services at PwC Cyprus.

In an interview in the February issue of IN Business magazine, within the context of the meeting of Cypriot business leaders with the House President and President of DISY, Annita Demetriou, Yiasemides emphasises that Cyprus must maintain its reputation as an international centre for professional services, enhancing transparency and compliance with international standards.

At the same time, Andreas Yiasemides emphasises that the country can consolidate its position as a modern international business centre if it adopts a clear and investment-friendly institutional framework.

“Strengthening the digitalisation of public services, accelerating business licensing procedures and creating incentives for start-ups and innovative businesses will improve the business environment,” he suggests.

According to Yiasemides, the Cypriot state must adopt policies that will enhance the competitiveness of professional services and attract more international businesses, with tax stability - in this context - being considered important.

2024 was the year in which the Cypriot economy recorded strong growth and returned to investment grade after many years. What are your suggestions and recommendations for continuing this course and for further development, both of the economy and entrepreneurship?

The Cypriot economy has demonstrated resilience in recent years, however, it must maintain this course with strategic actions and reforms.

Key growth axes are the acceleration of digital transformation and the training of human resources. The future of the labour market now depends on the continuous upgrading of skills and the cultivation of a culture of continuous learning.

Additionally, Cyprus must maintain its reputation as an international professional services centre by enhancing transparency and compliance with international standards.

The development model must be sustainable, promote the green and digital transition, and create a favourable environment for foreign investment and international businesses.

Professional services in Cyprus

What are the biggest problems/challenges facing Cypriot business today, as well as the sector in which you operate, and what great opportunities do you see in the new year? What are the priorities on your agenda for 2025?

Professional services in Cyprus operate in an ever-changing environment, with increasing regulatory requirements, digital competition and new expectations from clients.

One of the biggest challenges is the need to attract and retain human talent.

In addition, businesses must adapt quickly to technological developments, adopting innovative solutions to improve their services and making investments in technology, human resources and new markets.

But there are also opportunities. Cyprus can leverage its small size and flexibility to attract more technology and financial services companies, making the country a modern hub for entrepreneurship.

At the same time, the growing importance of the green transition and ESG (Environmental, Social and Governance) compliance opens up new prospects for professional services.

A clear and investment-friendly institutional framework

Based on Vision 2035, what policies do you believe could make Cyprus an even more attractive destination for foreign investment? What needs to be done to transform the country into a modern international business centre and an ideal place to live, work and do business in?

Cyprus can consolidate its position as a modern international business centre if it adopts a clear and investment-friendly institutional framework.

Enhancing the digitalisation of public services, accelerating business licensing procedures, and creating incentives for start-ups and innovative businesses will improve the business environment.

At the same time, Cyprus must focus on the development of high value-added sectors, such as financial technologies (FinTech) and artificial intelligence.

Policies that enhance growth, innovation and sustainability

What would you ask the Cypriot state (state, government, Parliament and political parties) to do in order to support business activity on our island? In what ways do you believe the state should come to the aid of business?

The Cypriot state must adopt policies that will enhance the competitiveness of professional services and attract more international businesses. Tax stability is important.

A clear and predictable tax system, aligned with international best practices, will enhance business confidence and we hope this will be the result of the ongoing tax reform.

It is important to improve both air connections with Cyprus and appropriate technology infrastructure.

Strengthening digital infrastructure and promoting innovation will make Cyprus an even more attractive destination for investment.

The state has the opportunity to play a decisive role in the transformation of Cyprus into a modern business and technology centre, provided it adopts targeted policies that enhance growth, innovation and sustainability.

(Source: IN Business magazine)

Read More

Bank of Cyprus partners with FIBA EuroBasket 2025 as Main Event Sponsor
Cypriot scientist Dr. Xenia Loizidou celebrated for EU ocean and waters mission success
Infocredit Group’s 'Call Centre Cyprus' secures ISO 18295-1 certification
Bank of Cyprus achieves ISO 37301 certification
TITAN Group expands global reach of low-carbon building materials with cementitious venture in India
Cyprus and UAE enter strategic cooperation in the field of Artificial Intelligence
Carnival with the Princesses by Inspired Family Fun: A magical weekend at Paradox Museum Limassol Event Venue
Tassos Yiasemides: Trump's tariffs, the consequences on the global economy and the most extreme scenario for Cyprus
Commission gives positive preliminary assessment for 3rd payment for Cyprus
Cyprus’ improved corruption index position a recognition of our work, President says