Tech sector arrivals boost innovation in Cyprus, says minister
Finance Minister Makis Keravnos on Friday said the role of Invest Cyprus remains decisive in establishing Cyprus as an attractive, safe and competitive investment destination, during remarks delivered at the organisation’s annual general meeting.
Speaking during the event, the minister expressed satisfaction with the work carried out by Invest Cyprus in strengthening the country’s international investment profile.
“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,” said Keravnos.
Keravnos emphasised that the finance ministry will maintain strong collaboration with the organisation, underlining the importance of coordinated efforts to support economic growth and stability.
He also referred to the organisation’s initiatives during 2025 aimed at strengthening Cyprus’ relations with key international partners.
“Very important were also the initiatives of the organisation during 2025, strengthening Cyprus’ relations with strategic partners such as India and the United Arab Emirates,” the minister stated.
What is more, the minister highlighted the growing attraction of foreign technology companies to Cyprus in recent years, noting the broader impact on 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,” Keravnos said.
He added that these developments have contributed to the expansion of the country’s innovation ecosystem and increased economic dynamism.
Keravnos also pointed to the strong performance of foreign direct investment in Cyprus, highlighting the significant capital inflows recorded in recent years.
“It is no coincidence that in 2024 gross foreign investment inflows reached €8.5 billion, placing Cyprus second in the EU in foreign direct investment per capita and among the top ten countries globally,” Keravnos mentioned.
The minister further explained that foreign direct investment continues to play a crucial role in strengthening Cyprus’ economic resilience and development.
Referring to the annual general meeting itself, Keravnos stressed the importance of reviewing the organisation’s performance and planning future priorities.
“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,” Keravnos stated.
He underlined that foreign investment plays a decisive role in the development and evolution of every country, particularly in economies that rely on international partnerships and capital flows.
“Especially for small countries with limited resources such as Cyprus, foreign investment can contribute significantly to the country’s economic resilience,” said the minister.
Keravnos also pointed out that foreign investment contributes to strengthening domestic businesses by encouraging them to improve productivity and competitiveness.
He added that these investments create new employment opportunities and stimulate broader economic activity across the country.
At the same time, the minister explained that foreign investment facilitates the transfer of advanced technologies, expertise and best practices, supporting the development of a modern and competitive economy.
He also stressed that international investment helps attract highly specialised talent, further strengthening Cyprus’ economic and technological capabilities.
Moreover, the minister expressed appreciation to members of the organisation’s outgoing board, “for their dedication and work”.
He added that “their contribution to strengthening the international outreach of Invest Cyprus had been invaluable”.