President: Two Silicon Valley companies to set up operations in Cyprus

Two companies from Silicon Valley will soon be arriving in Cyprus with the intention of investing in the fields of research and innovation, President Nikos Christodoulides announced as he opened the 15th Nicosia Economic Congress taking place in Cyprus, adding: “Cyprus is moving forward with vision and bold policies”.

During his speech titled “The Government's Vision for the Development of the Cypriot Economy and Entrepreneurship”, the President said the companies’ decision to come resulted from meetings he held in the United States last week. “We want the cooperation of the business community,” he added.

Earlier in his address, he referred to international developments, saying that the global system is now under challenge and that Cyprus cannot remain indifferent to these challenges. “Cyprus is not isolated from the effects of these geopolitical developments. Our stability depends also on our ability to adapt to the international environment,” he stated.

This current crisis, he said, confirms the country’s fiscal stability and the need to stay “away from populist approaches and policies,” because—as he reminded— “we paid a high price for that in the past”. He added pointedly: “If we had followed what some were urging us to do in the past two years, we certainly wouldn’t be where we are today.”

Referring to the European Union, he emphasised that Cyprus aligns itself with those who believe that dialogue can lead to solutions. He noted that the EU is now moving at a faster pace due to international developments, using defence as a key example. “We must take initiatives as the EU and move forward,” he stated.

The President outlined the government’s goals, placing strong emphasis on digital transformation, noting a 16.3% improvement in Cyprus compared to the EU average. He also deemed tax reform as a pivotal tool, especially for businesses.

He highlighted the importance of a “new sustainable business model” and reiterated his support for entrepreneurship.

“The image of our country is changing—and it is clearly for the better,” he concluded.

15th Nicosia Economic Congress

Presented by: ECOMMBX, Hellenic Bank, member of the Eurobank Cyprus Group
Gold Sponsors: EKO Cyprus, Logicom Distribution, Themis Portfolio Management
Sponsors: Cyfield Group, IMR/University of Nicosia, KPMG Cyprus, Nicosia Mall, PrimeTel PLC, zondacrypto
Legal Partner: Harris Kyriakides
Coffee Sponsor: Nespresso
Academic Partner: University of Limassol
Supporters: Ford Cyprus
Organisers: The Institute of Certified Public Accountants of Cyprus – ICPAC, GOLD magazine
Coordinator: IMH
Media Sponsors: IN Business magazine, REPORTER, Super FM