Dorita Yiannakou
The Presidential Palace appears to be in search of the 200 companies that have invested in Cyprus—a surprising development given the article published in "K" on November 24th. The report highlighted the arrival of investors who have established a total of 200 companies on the island, capitalizing on the favorable business environment that Cyprus has worked hard to cultivate. While the report shines a positive light on the country’s business climate, it also raises questions about the government’s awareness—or lack thereof—of these significant developments.
Citing well-sourced information, the article underscored how these investments are a positive milestone for Cyprus, fostering optimism and creating new prospects for growth. However, the government’s apparent lack of awareness is concerning. Preoccupied with other challenges—falling approval ratings, labor disputes, NATO considerations—this remarkable influx of investors seems to have been overlooked. Yet these 200 companies have already created 1,200 jobs in vital sectors like technology, tourism, and education, while also contributing to state tax revenues. Such achievements should not only be on the government’s radar but also celebrated as evidence of a thriving business strategy.
The government has succeeded in building a competitive business environment capable of attracting companies of this caliber. Organizations focused on investment attraction have played a critical role in this success. Particularly notable is the fact that some of these companies hail from non-EU countries, using Cyprus as a European hub—a testament to the island’s growing appeal.
Despite this, the Presidential Palace seems to have been left in the dark. This raises a pressing question: why wasn’t the Presidential Palace informed? The Ministry of Energy, Commerce, and Industry established the Business Facilitation Unit (BFU) in 2022 specifically to act as a “Contact Point” for businesses operating or seeking to operate in Cyprus. The unit’s goal is to modernize investor support, reduce bureaucracy, and enhance the business environment—core objectives of the government. Given these aims, it is logical to expect that the Minister of Energy would have relayed this information to the Presidential Palace. However, if such communication took place, why wasn’t the matter prioritized?
Highlighting these achievements is not about self-congratulation or complacency. Positive developments that benefit the economy deserve recognition—grounded in facts, without exaggeration. Moreover, maintaining this success requires vigilance and ongoing effort. The Presidential Palace, as the linchpin of investor relations, must remain proactive in preserving and nurturing the business climate that Cyprus has worked so hard to build.
Attracting investors is a challenging feat, but losing them is far easier. Ensuring the longevity of these achievements demands constant attention and upkeep—responsibilities that rest squarely on the Presidential Palace’s shoulders. It’s time to make sure they are properly informed and engaged in this critical aspect of governance.
This opinion was translated from its Greek original.
