At the 9th International Funds Summit and EXPO in Limassol, notable figures in Cyprus' financial and technology sectors celebrated the country's burgeoning growth in the investment fund sector. As of the second quarter in 2023, assets under management surged to an impressive €10.7 billion, a monumental 175% growth since 2017.

Chief Scientist for Research, Innovation, and Technology, Demetris Skourides, emphasized the government's commitment to fostering innovation and technology. He championed Cyprus Vision 2035, a strategic blueprint aiming to transform Cyprus into a global innovation hub, backed by digitization.

Skourides further highlighted the Research and Innovation Foundation's pivotal role, with a new framework allocating €150m to a myriad of sectors, from research to internationalization, from 2021 to 2027.

The Cyprus Investment Funds Association President, Andres Yiasemides, pointed to the surge in the number of licensed companies engaged in activities – up to 254 from 237 the previous year. The increasing appeal of Cyprus to fund managers, especially from India, the Middle East, and Japan, showcases its rising prominence as a fund jurisdiction.

Vice Chairman of the Cyprus Securities and Exchange Commission, George Karatzias, shared illuminating statistics: 162 UCIs invested in Cyprus, amounting to over a quarter of total assets, at €2.8 billion. Additionally, 48.3% of these assets are invested in Private Equity, 9.8% in Hedge Funds, and around 9.3% in Real Estate.

CySEC's role in maintaining stringent regulatory standards was emphasized, especially with Cyprus recently ranking first in Europe for cross-border investment services.

Marios Tannousis, CEO of "Invest Cyprus," spoke of the industry's resilience amidst global volatility. He affirmed Invest Cyprus's commitment to sustainable finance, aligning with global shifts towards responsible investing that brings both financial and societal gains.

The summit, taking place on 23-24 October at Parklane, Limassol, offers a platform for stakeholders to navigate the evolving investment landscape.