Invest Cyprus chairman Evgenios Evgeniou addressed foreign investors at the 13th Invest Cyprus International Investment Awards in Nicosia on Wednesday, reaffirming the organisation’s commitment to working with the international investment community to build a more diversified and innovative Cyprus.

Speaking at the event, Evgeniou highlighted the growing confidence in Cyprus as an investment destination, pointing to President Nikos Christodoulides’ visit to the United States and the official visit of Indian Prime Minister Narendra Modi to the island as clear signs of this momentum. 

These, he noted, were not isolated events but part of Cyprus’ emergence as “a strategic investment partner, a gateway to the European Union and a European hub for the wider Middle East.” 

He went on to outline the steady progress of Cyprus’ economy, citing GDP growth of 3.4 per cent in 2024, above the EU average, along with unemployment down to 4.8 per cent, public debt falling below 65 per cent of GDP, and an upgraded sovereign credit rating of A.  

Foreign direct investment, he added, remains one of Cyprus’ key strengths. 

Addressing the audience, Evgeniou stressed that foreign investors have a government “that listens and acts.” He pointed to several recent measures, including the implementation of the Blue Card scheme, progress towards joining the Schengen area, the enactment of a law on fund management, and steps to improve housing availability.  

At the same time, while education continues to pose challenges, he noted that policies are being developed to incentivise the expansion of school capacity. 

He also underlined the transformation of the Business Facilitation Unit into a fully-fledged Business Support Centre, describing it as “an important step forward.” Invest Cyprus, he said, is playing an active role both operationally and in supervising this initiative at ministerial level. 

Moreover, Evgeniou placed particular emphasis on the “Minds in Cyprus” initiative, which he described as a key effort to bridge the talent gap in the labour market.  

“The new platform that will be launched soon will connect international Cypriot talents with employers,” he added, referring to plans for a digital tool linking Cypriots abroad with job opportunities at home. 

Turning to Invest Cyprus’ broader mission, he reaffirmed its role as a single point of contact for investors, offering guidance, solutions and support.  

“Our goal is not just for investors to remain in Cyprus but to grow, prosper and become ambassadors for the island globally,” Evgeniou said. 

“Our strategy is fully aligned with the government’s, leveraging foreign direct investment to create a more diverse economy by attracting high-value investments and developing new sectors,” he explained.  

He also stressed that “the fundamentals are there,” noting Cyprus’ position among the top 10 most innovative countries in Europe and its status as the only country in Southern Europe ranked as a strong innovator.  

The island hosts seven Centres of Excellence, nine research institutes, 12 universities and more than 3,500 researchers, he said, while the ICT sector alone supports 62,000 jobs and contributes 14 per cent of GDP. 

“In 2024, foreign direct investment in ICT rose by over 200 per cent and by more than 40 per cent in scientific and technical activities. Our startups are ranked in the global top 40 and continue to climb,” Evgeniou added. 

Meanwhile, President Nikos Christodoulides said Cyprus is ready to position itself as a reliable gateway to the European market and a regional innovation hub for the Middle East.  

He pointed out that over the past year, bold steps have been taken to expand international partnerships and attract investment, as part of a wider effort to transform the country into a modern, competitive economy. 

Christodoulides underlined Cyprus’ resilience in challenging times, noting GDP growth of 3.4 per cent in 2024, a budget surplus, and public debt reduced to 64 per cent of GDP.  

He also spoke of reforms including the creation of a single supervisory authority and the launch of the Business Support Centre, alongside initiatives such as “Minds in Cyprus” and the EU Blue Card scheme to draw top talent.  

These measures, he said, are designed to strengthen Cyprus’ role as a stable and trusted partner for investors in Europe and the wider Middle East. 

Finally, a total of seven foreign companies were honoured at the event for their significant contribution to the Cypriot economy and for helping to strengthen the island’s position as an international business hub. 

The event, now firmly established as a key platform for recognising foreign investment, underlined the vital role these companies play in driving economic, social and business development in Cyprus. 

Eurobank S.A. was among those recognised for its growing footprint in Cyprus following its acquisition of Hellenic Bank, one of the largest cross-border transactions in the EU banking market.  

Semrush, a global SaaS leader for online visibility, was also awarded for its strong presence on the island and its role in supporting Cyprus’ growing tech ecosystem. 

Sword Group, a Luxembourg-based software and consulting company, was recognised for setting up operations in Nicosia and helping position Cyprus as a regional technology hub.  

My.Games, a major European game developer, was also honoured for its decade-long presence in Cyprus and its contribution to the island’s emergence as a hub for gaming innovation, with access to both European and Middle Eastern markets. 

Marfields Group, known for landmark luxury developments such as The Ritz-Carlton Residences in Limassol, was recognised for reshaping Cyprus’ premium real estate market.  

Sklavenitis Cyprus, the retail arm of the Greek supermarket giant, was honoured for its extensive operations across the island and commitment to supporting the local economy. 

Completing the list of awardees was Monaco Telecom, recognised for its investment in Epic and for delivering cutting-edge telecommunications services in Cyprus, including the island’s top-rated 5G network and expanding FTTH infrastructure. 

The ceremony was organised by Invest Cyprus, with the support of PwC Cyprus as presenter, Eurobank as Elite Sponsor, and Cyta Business as Strategic Partner.