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The 9th Invest Cyprus International Investment Awards

The 9th Invest Cyprus International Investment Awards

On September, Wednesday 8, under the auspices of President Nicos Anastasiades, the ceremony for the 9th Invest Cyprus International Investment Awards took place in the lawns of the Presidential Palace, celebrating foreign companies for the investments they made and their contribution to the business world of the country.

The ceremony, organised by IMH and Invest Cyprus, with Eurobank Cyprus being the gold sponsor, powered by Ecommbx and with Alpha Cyprus taking on the media sponsor role, begun with the evening’s presenter John Vickers by thanking the six companies and the one individual who would receive the awards and welcomed the attendees.

George Michail, the CEO of IMH, started the round of opening remarks by noting the impact GOLD Magazine (IMH’s English-speaking business magazine) had in promoting business activity in Cyprus and stressed the importance of promoting the island as an international centre for finance and business, as well as a lifestyle destination. He also highlighted the potential the local ICT industry and the benefits it will offer to further develop the sector into a hub for technology and innovation in the Mediterranean. "We especially support the initiative of Invest Cyprus to create an attractive ICT ecosystem," Michail said. "Cyprus can really be a unique European destination for Business Research and Innovation companies, Startups, and ICT Headquartering. We need to have in place a combination of solid and competitive commercial, legal, financial and immigration frameworks. In this way we can attract even more technology companies and related Foreign Direct Investment to our country. Similar opportunities exist in other sectors such as Tourism and Hospitality, Real Estate, Investment Funds, Renewables, Shipping and Education."

PwC Cyprus CEO Evgenios C. Evgeniou took to the podium next, stating that, “During the past year and a half we have all faced a number of challenges, resulting from the unprecedented conditions created by the pandemic,” he said and went on to add, “The fact that we are all gathered here tonight to recognise and honour foreign investors gives us hope for the future.” He also noted that PwC strongly believes that foreign investments are of vital importance for economic growth, job creation and sustainable development.

The pandemic, in combination with a number of interconnected and mutually reinforcing global trends, created an even more competitive environment, he mentioned, which raises the bar higher for professional services. To this end, Evgeniou mentioned that PwC has launched The New Equation; a new landmark global strategy which responds to fundamental changes in the world focusing on two interconnected needs that businesses will face in the coming years. The first is to build trust, which has never been more important or more difficult. The second is to deliver sustained outcomes in an environment where competition and the risk of disruption are more intense than ever and expectations from society have never been greater.

“That is why,” he said, “as a country, we should intensify our efforts to improve, keeping in mind that investments must be a key component of our strategy that will shape the future. It is our strong belief that to reach a successful result, cooperation between the public and private sector is essential.”

He went on to mention that the implementation of the EU Recovery & Resilience fund reforms will be critical to achieve a long-tern sustainable growth. “We have the opportunity to embark on a green and digital transformation for our country that will create a more competitive, more productive and more diversified economy,” he stressed. “An economy that will create good quality new jobs on the basis of sustainable growth. I am proud of the involvement of PwC in both of these studies and I do hope that we will see them implemented.”

On his part, George Campanellas, CEO of Invest Cyprus, emphasized in his opening remarks the manifold benefits foreign companies offer the local economy by relocating their regional offices to the island. In fact, the arrival of these companies, was not hampered by the travel restrictions imposed to curtail the coronavirus pandemic by the coronavirus pandemic. What is more, he stressed that making it easier for global tech companies to relocate to Cyprus has been spearheading Invest Cyprus’ multipronged strategy since 2019.

The final opening address for the ceremony was given by President Anastasiades, who sang the praises of the Awards and their 9-year run, commenting on how Cyprus has evolved into a hub for international business in the region and has the potential to dream more globally.

Commenting on the economy, the President highlighted how the state efforts to curtail the economic sucker punch the pandemic has delivered have bear fruits, as in the Q2 of 2021 the economy grew by 12.8%. He also devoted a great deal of attention noting the promotion of the Cyprus Tomorrow plan, which has placed technology and innovation at the forefront of effort to create a sustainable economy, while several funding programs and grants will become accessible for SMEs. Congratulating the winners of this year’s awards, President Anastasiades stressed that “The Government is ready to offer any help deemed necessary to help them realise their business and investment plans.”

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