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The head of the Cyprus Chamber of Commerce and Industry (CCCI) is urging action to protect local businesses from being swallowed up by foreign interests, calling for targeted tax reforms and incentives to encourage homegrown mergers.
In an interview with Kathimerini's Dorita Yiannakou, CCCI Secretary General Philokypros Roussounides warned that iconic Cypriot companies are increasingly being acquired by international players, especially Greek firms, posing a risk to the country’s business identity. “It’s something we’re closely watching,” he said, stressing the need for Cypriot firms to join forces instead of selling out.
Roussounides said that reforms should level the playing field between local and foreign companies operating on the island, with incentives that support mergers, help struggling businesses survive, and ultimately safeguard jobs. “We believe consolidation is the only way forward,” he added, given growing competition and foreign interest in the market.
He also pointed to staffing shortages and ongoing red tape as top concerns holding businesses back. Streamlining bureaucracy and staying fiscally responsible are essential, he said, especially as the country pushes forward with tax reforms.
Despite challenges, including the pandemic, war in Ukraine, inflation, and geopolitical instability, Roussounides remains optimistic. He believes Cyprus is well-positioned to become a regional investment hub, attracting interest from countries like India, the U.S., and the UAE. He emphasized that the CCCI is working through trade missions and international partnerships to help Cypriot companies scale up and expand abroad.
Looking ahead, Roussounides said Cyprus must modernize its economic tools and adapt to the digital era to stay competitive. “We’re in a new era,” he said. “And our role is to advise the state and defend business, because strong businesses mean a stronger society.”
