Cyprus business & economy wrap-up from the day before
Ahead of his official address at the BusinessEurope summit, hosted in Nicosia, Christodoulides commented that the presence of representatives from the European business community has added value for the country.
He said that more than 70 per cent of the files to be handled during the Cyprus Presidency concern the competitiveness of the European Union.
“Finally, this issue is being discussed seriously,” the president said.
“We have moved beyond the stage of discussions and we have moved on to the stage of decisions, so that everything that needs to be done is done to strengthen the competitiveness of the European Union, an area where we lag behind internationally,” he added.
The foundation said that this helped to showcase “the dynamic potential of the island’s local research and innovation (R&I) ecosystem”.
The event drew more than 13,000 attendees, including 3,500 investors and 6,000 startup founders from around the world, offering a unique platform for networking and promoting innovative ideas.
The Cypriot delegation consisted of RIF executives and representatives from the 14 startups that have been funded or supported by the Foundation’s programmes.
These included Sim4Flow, Movingdoors, Wedding Aliens, Mentormatic, Appreci, Mamatech, Rinnoco, MetaForge Labs, Nanomicron, S.E. Compass Medical, Algamol, GENIONS BIOLAB, ISDI and Vycto.
Adobe will pay $12 a share in cash, a premium of about 77.5 per cent to Semrush’s last closing price.
Semrush shares jumped 74 per cent to $11.79 following the announcement.
Semrush, founded in 2008, develops AI-driven tools for search-engine optimisation, social media and digital advertising.
It has offices in 12 global cities, including Limassol, where it has maintained a significant presence since 2015.
Addressing president Nikos Christodoulides, association president Andreas Demetriades said that Cyprus needs a coherent national strategy built around “healthy and sustainable development” and clear incentives.
Speaking at the association’s general assembly, he noted that large projects “create jobs, strengthen the social fabric and safeguard the future prospects of Cyprus”.
He added that this underpinned the push for a Deputy Ministry able to drive competitiveness, attract high-quality investment and coordinate long-needed reforms, from simplification and digital services to “the operation of a real one-stop shops for investors”.
Such a body, he said, should also oversee targeted licensing for strategic projects to “measurably accelerate the development process”.
According to an announcement released on Friday, the shift is aimed at creating a more modern and efficient framework, since personal cheques frequently caused delays in clearance, mistakes in completion, and rejections due to incorrect details or insufficient funds.
As a result, citizens often had to repeat the payment, leading to further inconvenience.
By phasing out cheques, the accounting office says citizens will benefit from quicker and simpler transactions, while avoiding unnecessary bureaucracy.
Overall, 543,526 residents made at least one trip involving an overnight stay, a 9.1 per cent increase compared with the 498,026 recorded in 2023.
Domestic trips increased by 3.5 per cent, reaching 1.62 million in 2024.
Of these, 98.5 per cent were for personal reasons, and rented accommodation, including hotels, similar establishments, campsites and hostels, accounted for 51.2 per cent of stays.
The group “is taking decisive steps to embed Artificial Intelligence (AI) across our business, with a clear strategy to enhance efficiency, decision-making, and operational excellence”, according to Chief Technology Officer Gregoris Gregoriou.
He noted that, beyond early adoption, the company is “actively exploring how advanced technologies, such as Robotic Process Automation (RPA), Augmented Reality (AR), Blockchain, and next-generation cybersecurity, can work together to create a smarter and more resilient digital ecosystem for the Group”.
The Su4P Programme, Cyprus’ only bicommunal startup accelerator, is co-funded by the European Union and the Embassy of Finland in Cyprus and is implemented within the Eunite Programme, which is funded by the EU Aid Programme for the Turkish Cypriot community.
Following an application period, ten teams were selected to join the Su4P journey this year. They participated in two intensive bootcamps, each spanning two full days, where they received targeted training and guidance. Between the bootcamps, mentoring sessions continued to strengthen their business models and sharpen their strategies.
The process culminated in a pitching battle, evaluated by an expert jury, after which three winning teams were chosen to represent Su4P at Slush 2025.
According to Eurostat, the European Union’s overall annual inflation stood at 2.5 per cent in October, edging down from 2.6 per cent in September, while inflation in the euro area slipped from 2.2 per cent during the same period.
A year earlier, euro area inflation had been 2.0 per cent, and the EU rate had reached 2.3 per cent.
Eurostat, the statistical office of the European Union, confirmed these headline figures and highlighted Cyprus as the Member State with the lowest inflation rate, alongside France at 0.8 per cent and Italy at 1.3 per cent.
He added that the government is “continuing this year to support the promotion of Cypriot traditional products“.
The minister’s comments were delivered during an address at the 3rd CyFood B2B Forum, held in Larnaca by the local chamber of commerce and industry, in collaboration with the Larnaca regional tourism board.
He explained that the year 2025 is shaping into another record year for the country’s tourism sector.
The first ten months recorded an increase of 11.1 per cent compared with the same period of the previous year and 34.2 per cent over a three-year horizon, the minister mentioned.
The mission is organised by the Cyprus Computer Society with support from the Research and Innovation Foundation.
The World Robot Olympiad is regarded as one of the leading global educational robotics competitions, designed to inspire students to develop skills in technology, engineering, and problem solving through creativity and healthy competition.
The participation of the Cypriot teams in the international finals follows their success in the national WRO Cyprus competition, which was organised by the Cyprus Computer Society in collaboration with STEM Education Hellas and IET Cyprus, and hosted at the European University Cyprus in October.
or Cyprus, the data confirms it is a very small producer compared with most EU member states, consistent with its small agricultural base, limited pastureland and relatively small herd sizes.
The country’s 2024 production volumes were recorded as 56,310 tonnes for drinking milk, 12,440 tonnes for acidified milk products (like yoghurt), 0,050 tonnes for butter, and 42,550 tonnes for cheese, figures that place it among the smallest contributors in the EU.
Under current rules, businesses with turnover of up to €200,000 and assets of €500,000 may submit reviewed, rather than audited, financial statements.
However, a Disy bill proposes widening the turnover threshold to €900,000, a move that would place 60,399 companies, around 66 per cent of all firms, under the lighter regime.
According to the chamber, the Rioja Wine Trade Mission 2026 is set to take place from January 20 to 22, 2026, in La Rioja, Spain.
The event aims to bring together Rioja wineries and international wine importers for three days of tailored business meetings and exclusive winery visits.
The mission offers an ideal opportunity for international importers looking to discover unique, high-quality wines.
Cyprus-based Omnitouch provides inbound and outbound call-centre operations, online support, identity verification and confirmation services, as well as interactive voice response solutions.
In addition, its activities span banking, financial services, technology, communications, government and public services, travel, automotive, food services and emergency and trap lines, giving it a long-standing presence in multidimensional customer support.
According to the company, this was “part of the company’s ongoing commitment to sustainability and ocean conservation”.
“Working alongside Blue Thunder Diving and with the support of AKTI Project & Research Centre, a team of volunteers collected over 200kg of waste from the seabed, contributing to a cleaner and healthier coastal environment,” the company said.
It added that “the initiative forms part of the company’s broader sustainability efforts, aligned with DP World’s global “Our World, Our Future” strategy and the United Nations’ Sustainable Development Goal 14 – Life Below Water”.
The meeting was held on November 20 at the premises of the Athens Chamber of Commerce and Industry in Greece.
According to the announcement, the forum, hosted by the Greek chamber, aimed to present the project’s results and future prospects, with a particular focus on cultural and ecotourism routes.
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