Invest Cyprus Spearheads National Transformation
In the heart of the Mediterranean, Cyprus is undergoing a significant transformation, with Marios Tannousis at the helm as CEO of Invest Cyprus. The National Investment Promotion Authority is on a mission to position the island nation as a premier destination for international investors.
Invest Cyprus is not only showcasing the strategic advantages of Cyprus as a burgeoning tech hub and dynamic financial centre within the EU but also providing comprehensive support to investors. With a focus on sectors such as energy, hospitality, healthcare, education, and shipping, the authority is enhancing Cyprus’ reputation as a competitive and attractive location for international business.
The island’s commitment to sustainability has recently been recognized, with Cyprus named among six EU countries making significant strides towards 2030 energy targets. This commitment includes a €500 million investment by 2026 to combat climate change and foster the green transition, emphasizing cleaner fuels and investments in various sectors.
Despite these advancements, Tannousis acknowledges that there is no room for complacency. Cyprus must continue to work towards meeting the UN’s Sustainable Development Goals (SDGs), addressing areas such as nitrogen use in agriculture and CO2 emissions.
Invest Cyprus’s strategy aligns with “Vision 2035,” aiming to make Cyprus the best place in Europe to live, work, and do business. This includes transitioning to renewable energy systems, improving energy efficiency, and reducing carbon emissions across the economy.
As part of this vision, Cyprus is driving towards a circular zero-waste economy and implementing ESG criteria in all sectors. The European Investment Bank (EIB) has provided €257m to support economic competitiveness and climate change initiatives, with substantial funds allocated to smart and green investments and wastewater infrastructure projects.
Tannousis also emphasizes the need for Cyprus to diversify its economy beyond traditional sectors like agriculture and tourism, which are vulnerable to climate change. He envisions Cyprus as a leader in sustainability, with potential growth models that could increase the economy by 10 to 12 percent. These models include becoming a business and trade hub, a centre for renewable energy research, and transforming into the high-tech capital of Europe.
Invest Cyprus’s strategic plan for 2024-2026 is fully aligned with Vision 2035, applying sustainability criteria to investment projects across strategic sectors such as hi-tech, innovation, energy, tourism, healthcare, shipping, and regulated services.
The upcoming “International Conference on Sustainable Finance” on April 9 in Cyprus is a testament to the nation’s commitment to sustainable finance. Invest Cyprus, as a strategic partner of this event, highlights the importance of sustainable finance for Cyprus’ financial industry and its broader economic goals.
With international companies investing in Cyprus and experts relocating to cover EU and MENA markets from the island, Tannousis is optimistic about Cyprus’ global reputation as a sustainability leader. He stresses that through engagement with the business community, society, and effective policies, Cyprus can achieve economic growth with sustainable planning and become a resilient example on the world stage.
