Dorita Yiannakou
Greek businesses have made a significant impact on the Cypriot market, investing across virtually every sector—from real estate and hospitals to supermarkets, toy stores, energy, electronics, car dealerships, and even banks. In fact, over 1,500 Greek-owned companies are currently operating in Cyprus, with many prominent names making their mark in key industries.
This is undoubtedly a positive development, bringing credibility to the Cypriot business environment and highlighting its attractiveness. Greek investments are generally seen as positive news for the local economy, as the shared culture and language between Greece and Cyprus create mutual opportunities for collaboration.
However, there’s another angle we need to consider: why have so many businesses been sold off or handed over? Without dismissing the challenges that entrepreneurs face, could it be that we’ve chosen the easier path, selling our businesses rather than trying to keep them in Cyprus?
For those who own a business, it’s often like a child—something they built from the ground up and nurtured over time. Naturally, this comes with its fair share of challenges and problems, requiring entrepreneurs to find solutions. I understand that businesses can be a major headache for their founders, especially during the early stages when they’re still finding their footing in the marketplace. This may be one reason why some choose to sell.
On the other hand, we must also acknowledge the presence of second- or third-generation entrepreneurs who have inherited businesses rather than created them. These heirs may not have the same emotional attachment to the business as those who built it from scratch. This could make it more understandable if they decide to sell, but it still leaves us with the question: Why are we losing our businesses to foreign interests?
Is it because we lack the skills or the drive to keep our businesses Cypriot? There are many reasons behind this trend—retirement, financial necessity, a desire for a career change, an attractive market offer, risk management, personal reasons, and business restructuring.
This is an issue that demands reflection from both business owners and stakeholders in Cyprus. We need to listen to the challenges faced by Cypriot entrepreneurs and provide solutions. While foreign investment is certainly beneficial, it is equally important to support and nurture businesses that are owned and run by Cypriots. It's a shame that foreign-owned companies dominate the local market. We must encourage and celebrate Cypriot entrepreneurship just as much as we do foreign investments.
This is an opportunity for us to reflect, address the challenges, and make sure the future of Cyprus' business landscape remains firmly in our hands.
*This op-ed was translated from tis Greek original
