Cyprus Business Now

Deputy Minister for Research, Innovation and Digital Policy Kyriacos Kokkinos on Thursday met with the Paphos Chamber of Commerce and Industry to discuss a number of issues, including digitisation, entrepreneurship, as well as the district’s business ecosystem.

“We have carried out an expanded discussion on issues that concern Paphos in particular,” Kokkinos said.

“We have also agreed on specific actions of cooperation, including the merging of the business community with the research and academic community, as well as the acceleration of Paphos’ digital transformation in business,” the minister added.

Regarding Paphos’ efforts to become a smart city, Kokkinos said that the city has already achieved it, having implemented a number of initiatives up to this point.

Kokkinos added that Paphos has had a balanced business development, with an emphasis not only on tourism and land development, but also on higher education, starting in 2023 with the American University of Beirut and other private institutions.

“There is an ecosystem of innovation and startups, which is growing in Paphos and this, as he said, is the real responsibility of both the state and the Paphos Municipality, to encourage and support business, because that is what secures the long-term sustainability of the city and Cyprus,” Kokkinos explained.

Moreover, the minister said that “Cyprus is the technology capital of the Mediterranean”, saying that many researchers and scientists operating in Paphos are working towards providing services abroad.

“This area has already begun and will continue to grow,” Kokkinos said.

The Nicosia Chamber of Commerce and Industry, in collaboration with the European Investment Bank (EIB), on May 2 will hold a conference on the topic of investing during moments of crisis, with a particular focus on Cyprus’ perspective on the matter.

The conference, titled ‘Investment at times of shocks – the Cyprus perspective’, will take place between 11:00 and 14:00 on that date and will be conducted in the English language.

The conference will highlight the current economic challenges, including digitisation and green investments, the effects of the Russia – Ukraine war on investment, but also the role of the European Investment Bank in supporting the Cypriot economy.

The conference will include speeches by the president of the Limassol Chamber of Commerce and Industry, EIB vice president Lilyana Pavlova, Finance Minister Constantinos Petrides, as well as Central Bank of Cyprus governor Constantinos Herodotou.

The Cyprus Stock Exchange (CSE) ended Thursday, April 21 with losses.

The main Cyprus Stock Market Index was at 68.93 points at 13:13 during the day, reflecting a drop of 0.35 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 41.52 points, which represents a decrease of 0.38 per cent.

The total value of transactions came up to a relatively high amount of €127,513.

In terms of the sub-indexes, the main index fell by 0.53 per cent, while the alternative index rose by 0.03 per cent.

The hotel and investment firm indexes remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (-0.97 per cent), Hellenic Bank (-1.53 per cent), Atlantic Insurance (+1 per cent), Louis (-2.5 per cent), and Logicom (+1.51 per cent).