Invest Cyprus remains steadfast in its mission to promote sustainable investments that align with the nation’s “Vision 2035.” The organization hosted its Annual General Meeting on Thursday at the Ministry of Finance, with Finance Minister Makis Keravnos and senior ministry officials in attendance. The event featured a review of 2023 achievements and laid out strategic priorities for 2024.

In a statement, Invest Cyprus highlighted its ongoing efforts to attract new investments and enhance investor support through aftercare services. The organization is also expanding the Invest Cyprus Project Bank, providing transparent access to high-value investment opportunities.

Despite global challenges, including economic uncertainties and geopolitical tensions, Cyprus demonstrated resilience, according to Invest Cyprus President Evgenios Evgeniou. Foreign Direct Investment (FDI) reached €3.2 billion in 2023, creating over 2,500 new jobs. The technology sector led this growth, with more than 800 tech companies now operating in Cyprus, including 250 established between 2021 and 2023.

The influx of specialized companies and talent contributed to a vibrant ecosystem, which now accounts for over 10% of the country’s GDP. This trend bolsters the tech sector and upgrades workforce skills, Evgeniou noted.

Progress was also evident in sustainable investments, spanning health, education, and green transition projects. Strategic investments supported Cyprus’ shift toward a sustainable economy.

In the financial sector, the value of investment funds exceeded €10 billion, with €3 billion invested locally. Cyprus also recorded a 129% increase in FDI, the highest among EU member states, as noted by FDI Intelligence of the Financial Times.

Invest Cyprus enhanced the country’s global visibility through participation in major international conferences and roadshows in markets such as London, New York, Abu Dhabi, Zurich, Saudi Arabia, Israel, Lebanon, Jordan, and Egypt. Notable bilateral agreements were signed with Saudi Arabia and Jordan, strengthening international partnerships.

The European Commission and Moody’s recognized Cyprus’ strong economic performance, with Moody’s upgrading the country’s credit rating, underscoring the importance of foreign investments.

Invest Cyprus CEO Marios Tannousis emphasized the organization’s goal of attracting more investments in key sectors, ensuring Cyprus remains an attractive destination for global investors. “Our aim is to build on the successes of 2023 and further enhance our economic resilience in the years ahead,” he concluded.