The essential ingredients for Cyprus’ future as an international business and financial hub

Against a backdrop of shifting global business dynamics and the pressing need to adapt to international economic developments, the 15th Nicosia Economic Congress hosted a high-level discussion last week on Cyprus’ future as an international business and financial centre.

The conversation highlighted critical issues — from the need for swift delivery of justice, to the strategic use of the potential of millennials and emerging technological tools.

Christos Vasiliou, Managing Director of KPMG Limited, focused on the momentum of the millennial generation and their role as a bridge between traditional and modern business models. At KPMG, he noted, they help young people commercialise their ideas by equipping them with the necessary tools to succeed.

He emphasised that this is a highly capable generation, full of energy, with much to teach and much to learn.

This relationship, as he described it, is reciprocal and essential for adapting the ecosystem to the demands of a new era. Cyprus, he concluded, has the potential to become a destination for digital nomads, offering the framework for modern, hybrid models of work and development.

Nikolas Kyriakides, Partner at Harris Kyriakides, emphasised that Cyprus would benefit from carefully studying successful international models. As he later stated, it is not enough to simply offer a foreign investor-friendly environment.

What is also essential is the added value that Cyprus brings — including political stability, a swift judicial system, and tax incentives. Although the country has activated lobbying and other mechanisms, the justice system, he argued, remains conservative.

Therefore, unless rapid changes are implemented, there is a serious risk that other, more agile countries will attract investors, he warned.

Piotr Szopa, Marketing Manager at zondacrypto, focused on how technological innovation can transform entrepreneurship. As he noted, “We have the tools, we can create new things, but it takes patience and more learning,” referring to the millennial generation.

He acknowledged that this generation often develops new products that haven’t been adequately tested — something that requires wisdom and responsibility.

As a digital nomad, he highlighted the difficulty of creating a unified space in sectors like cryptocurrency, where professionals collaborate daily with teams across Europe and the world.

Cyprus, he said, has the opportunity to evolve into a hub that embraces this diversity, provided it ensures an environment that encourages development.

The discussion was moderated by Nikos Potamaris, Head of Business & Strategic Operations at Themis Portfolio Management Limited.