Invest Cyprus is pivotal in shaping the nation’s economic landscape, as highlighted by Finance Minister Makis Keravnos during the organisation’s annual general meeting on Friday. He emphasised the importance of Invest Cyprus in positioning the island as a safe and competitive investment destination.
Invest cyprus: Support for Economic Development
During his speech, Keravnos expressed his satisfaction with the achievements of Invest Cyprus in enhancing the country’s international investment profile. He stated, “We will continue our close cooperation with Invest Cyprus so that we bring even better results for our economy, despite the many uncertainties created by negative geopolitical developments.”
Strengthening International Relations
The minister underlined the significance of coordinated efforts between the finance ministry and Invest Cyprus in fostering economic growth and stability. He pointed out that initiatives planned for 2025 would aim to strengthen Cyprus’ relationships with key international partners, including India and the United Arab Emirates.
Foreign Technology Companies Show Interest
Keravnos noted a growing trend of foreign technology companies choosing Cyprus as their base, which has positively impacted the domestic economy. “The attraction of foreign businesses in the technology sector that we have observed in Cyprus in recent years has strengthened local capabilities, improved productivity and enhanced innovation and research,” he said, reflecting on the broader benefits to the economy.
Impressive Foreign Direct Investment Figures
The finance minister highlighted the strong performance of foreign direct investment (FDI) in Cyprus, revealing that gross foreign investment inflows reached €8.5 billion in 2024. This figure positions Cyprus second in the EU for foreign direct investment per capita, and among the top ten countries globally. “It is no coincidence that these investments play a crucial role in strengthening Cyprus’ economic resilience and development,” he added.
Reviewing Performance and Setting Future Goals
At the annual general meeting, Keravnos stressed the importance of reviewing Invest Cyprus’ performance to plan future priorities. He remarked, “Today’s meeting with Invest Cyprus is not only an institutional obligation, but also an opportunity to conduct a sincere review of the organisation’s course and to redefine our goals in a constantly changing and unstable international environment.”
The Importance of Foreign Investment
The finance minister highlighted the vital role of foreign investment in the development of small countries like Cyprus, where resources are limited. “Foreign investment can contribute significantly to the country’s economic resilience,” he stated. Keravnos explained that these investments not only bolster domestic businesses but also create new job opportunities, stimulating broader economic activity across the country.
Facilitating Technology Transfer and Talent Attraction
Foreign investment also plays a key role in facilitating the transfer of advanced technologies, expertise, and best practices, which support the evolution of a modern and competitive economy. Keravnos noted that such investments help attract highly specialised talent, further enhancing Cyprus’ economic and technological capabilities.
Acknowledging Contributions of the Outgoing Board
In his concluding remarks, the finance minister expressed gratitude to the members of the outgoing board of Invest Cyprus for their dedication and hard work. He acknowledged their invaluable contributions to strengthening the international outreach of the organisation, stating, “Their dedication and work have been crucial in pushing our initiatives forward.”
As Cyprus continues to navigate the challenges posed by a turbulent global environment, the collaboration between the finance ministry and Invest Cyprus will be vital in ensuring the country remains an attractive destination for investors, fostering stability and growth in the years to come.
