Pilides attends youth entrepreneurship event in London

Minister of Energy, Commerce and Industry Natasa Pilides on Thursday evening attended the launch of the Gen Y Innovation Network in London.

Gen Y was set up to act as the entrepreneurial youth arm of the UK-Cyprus Enterprise Council (UKCEC).

The council, a non-profit London-based organisation, was founded in 2013 by British Cypriot professionals and entrepreneurs in order to promote and develop UK Cypriot businesses and investments, as well as academic, artistic and scientific initiatives.

During her participation at the launch event, Pilides presented her ministry’s strategy for the attraction of companies and investments from non-EU countries, including those from the United Kingdom, following the country’s departure from the union in 2020.

The minister referred to the creation of a more competitive and modern business environment in Cyprus, including the creation of the Cyprus Business Facilitation Unit (BFU).

The unit was designed to help speed up the process of registering foreign interest companies and the issuance of visas for modern workers, including those referred to as digital nomads.

Pilides also spoke about Cyprus’ plans for greater use of renewable energy sources, as well as the National Strategic Framework for Research and Innovation, with the aim of making Cyprus a “dynamic and competitive economy driven by research, scientific excellence, innovation and technological development”.

“We believe that the diaspora has a huge role to play in strengthening relations with all countries where Cypriots operate, as well as in strengthening exports of services and products,” the minister said.

“We have a very strong trade relationship with the United Kingdom because of the Cypriot community,” Pilides explained, adding that “this must be strengthened with the new generation”.

The minister stated by saying that the Gen Y initiative is particularly important for the activation of young Cypriots living in the UK.

“We hope that we will see many joint initiatives with the ministry regarding new entrepreneurship, as well as the technology and innovation sectors, where there are certainly prospects of partnering through the new strategy to attract companies from third countries,” Pilides said.

In terms of how the relationship between Cyprus and the UK in the post-Brexit era,  the minister said that Cyprus adjusted quite quickly.

“Certainly, there were some issues in terms of exports, such as some small delays that we had in the adjustment process, but they were overcome due to the excellent cooperation with our High Commission here,” Pilides said.

“We are confident that the situation has now normalised,” the minister concluded.