Cyprus Business Now: weekly wrap-up

Here are the top business stories in Cyprus from the week starting February 5:

Recently, the Cyprus Securities and Exchange Commission (CySEC) reached settlement agreements with two Cypriot companies, namely the Cyprus Trading Corporation and Woolworth (Cyprus) Properties.

As for short-term rental properties in Cyprus, they are gaining popularity, rapidly becoming a staple in accommodation choices for both travellers and locals. According to Yiannis Kotzias, general manager of operations at Phaedrus Living, a prop-tech residential rental platform.

Representatives from the Paphos regional tourism board (Etap) are currently visiting the city of Faenza, Italy, as part of the Interreg Euro MED European program, titled ‘MED-Routes’, for the opening meeting of the project’s partners.

In terms of renewable energy sources in transport in Cyprus, the share remained at 7.2 per cent in 2022, according to a report released by Eurostat, the statistical office of the European Union, indicating no significant change compared to 2021.

Meanwhile, the Larnaca regional tourism board (Etap) announced its participation in several European programs aimed at enhancing specialisation and professional qualifications in Cyprus’ tourism and hospitality sector.

Moreover, Bank of Spain governor Pablo Hernández de Cos stated that the European Central Bank (ECB) will proceed with cutting interest rates, emphasizing the ECB’s commitment to data-driven decisions regarding its inflation policies.

On another note, the Association of Large Investment Projects released a statement indicating that large-scale projects, exceeding a total value of €8 billion, will play a central role in Cyprus’ economic development journey in the coming year.

Additionally, Finance Minister Makis Keravnos announced that the Cabinet has approved the revision of the strategic plan aimed at attracting foreign businesses to Cyprus, with the revised strategy designed to increase the presence of these enterprises in Cyprus, thereby creating new job opportunities and adding significant value to the Cypriot economy.

Moving forward, the Cabinet, led by Deputy Minister of Shipping Marina Hadjimanoli, approved updated green incentives for the Cypriot shipping sector in 2024, aligning with the European Green Deal‘s objectives.

Furthermore, Vice President and Senior Analyst at Moody’s risk assessment group Haiko Peters praised Cyprus’ economy for its steady improvement, referencing both its growth and its ability to withstand a tumultuous global economic environment.

Addressing the importance of cooperation, the Central Bank of Cyprus (CBC) highlighted the significance of the visit by Pablo Hernandez de Cos, the governor of the Central Bank of Spain, emphasising mutual commitment to enhancing cooperation between the two central banks.

Providing further insight, government spokesperson Konstantinos Letymbiotis stated that nearly 2,000 companies had registered with the Company Facilitation Unit since 2022, employing 19,000 skilled workers. He also mentioned that 500 digital nomad visas were granted.

Moreover, the national investment promotion agency Invest Cyprus expressed satisfaction with the meeting held at the Presidential Palace, aimed at providing support to foreign investors in Cyprus, describing it as “highly constructive”.

Meanwhile, Cyprus’ trade deficit reached €8.57 billion in 2023, marking an 18 per cent year-on-year increase, according to a report released by the Cyprus Statistical Service (Cystat).

Lastly, the Research & Innovation Foundation (RIF) hosted its ‘Partner Day’ conference at the Hilton Hotel in Nicosia, aiming to foster collaboration between Cyprus’ research and business communities. The event, held under the auspices of Chief Scientist Demetris Skourides, brought together key stakeholders, including government officials, entrepreneurs, scientists, and researchers, under the theme “Innovation, Collaboration, Development”.