articleposted 14 December 2021

Cyprus International Investment Awards

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Cyprus’s technology sector is showing its potential, thanks to its potent blend of international technology companies that have chosen Cyprus as their home, and innovative indigenous firms. It is with a great feeling of appreciation, watching the International Investment Awards which took place at the Cyprus Presidential Palace, where 6 Companies received an award for their recognition of their significant contribution to the Cypriot economy.

It is highlighted that out of the 6 companies receiving awards, the 5 are Technology companies, and among them 3 members of TechIsland non-profit organization - Exness, Nexters and Easybrain. In this respect, the Board of TechIsland would like to congratulate all 6 companies and their continuous contribution to the Cypriot economy. The fact that 5 out of the 6 companies that received an award are coming from the Technology and Innovation sector, show that Technology is key to underpinning Cyprus future sustainable economic growth which has the potential to be developed on solid foundations.

The technology and innovation sector in Cyprus provides an opportunity for people to build exciting careers, which creates economic growth and competence in the country, and in order to sustain this sector and ensure continued growth, a ready supply of individuals with contemporary knowledge and skills is vital. It is highlighted that the contribution of the Tech sector in Cyprus, is expected to reach the 7% percentage of the country’s annual GDP. To retain this traction, one of the biggest challenges is the attraction of talent. The education system cannot provide the numbers needed, and Cyprus must have an efficient regulatory framework to allow people to come in sufficient numbers.

TechIsland warmly welcomes the statement made by the President of the Republic of Cyprus H.E. Nicos Anastasiades on Wednesday, stating that the government will within the following months announce a new incentive scheme for attracting high-tech companies that will facilitate the establishment and hiring of employees, and also offering tax incentives and expedited licensing procedures.

The above statement is in line with one of the mandates of TechIsland, to make Cyprus the tech island of the Mediterranean, by consulting the Government for improving the regulatory framework that will result in the continuous expansion of Technology companies activities, along with attracting Tech companies to the country.

TechIsland welcomes the actions that are being taken and which are expected to accelerate the development of the sector of technology and innovation in Cyprus, a sector which TechIsland predicts to become a new main pillar for the development of the country's economy.

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