The economic partnership and collaboration between Italy and Cyprus emerged as a powerful catalyst for regional transformation during the 7th Cypriot-Italian Business Forum held in Nicosia on December 5, 2024. The significant event revealed the remarkable potential of the Italian-Cypriot axis as a dynamic bridge connecting European, Mediterranean, and Middle Eastern markets through innovative technological and commercial collaborations.
The forum consolidated a strategic alliance that positions Italy and Cyprus as key players in economic innovation within the region. The collaborative approach demonstrated how two communities with complementary strengths can create a solid gateway for technological development, trade, and cross-border investments.
The Italian-Cypriot Chamber of Commerce has successfully combined Italian technological expertise and industrial experience with Cyprus’s strategic geographical position and its emerging innovation ecosystem.
Following the opening speech by the President of the Italian-Cypriot Chamber of Commerce, Giuseppe Marino, who provided an overview of the Chamber’s activities since its foundation and previewed future projects, institutional greetings were given by the Secretary General of the Cyprus Chamber of Commerce and Industry, Marios Tsakkis. The latter, who will complete his term at the end of the year, was honored by President Marino with a plaque of appreciation for his valuable support and collaboration since the foundation. Subsequently, the Mayor of Nicosia, Charalambos Prountzos, delivered his institutional greeting, highlighting the excellent relations between Italy and Cyprus and emphasizing the importance and relevance of this year’s Business Forum theme.
Joining remotely from Beirut, Claudio Pasqualucci greeted the participants, recalling various initiatives carried out in recent years in collaboration with the Chamber to support Italian companies and announcing the handover to the new director Marina Scognamiglio. Following this, Christos Aspris, representing the Ministry for Research and Innovation, conveyed greetings from Minister Nicodemos Damianou, who was unable to attend due to prior commitments, focusing on the Ministry’s achievements and future objectives in terms of innovation and digitalization.
President Giuseppe Marino then took the floor to announce an important initiative decided by the Chamber’s council to honor the memory of Ambassador Minas Hadjimchael, former Ambassador of Cyprus to Italy (2019/2021) and member of the Advisory Board, who recently passed away in a tragic accident. President Marino, remembering the fundamental support provided to the Chamber by Ambassador Hadjimichael, dedicated the forum to his memory and announced the establishment of an annual Award in his name, which from 2025 will be awarded to institutional or industrial figures who have distinguished themselves in promoting or strengthening relations between Italy and Cyprus. A commemorative video followed, highlighting the key moments of the Ambassador’s brilliant career.
Following the video, Ambassador Charis Mortisis spoke on behalf of the Permanent Secretary of the Ministry of Foreign Affairs, who was unable to attend due to institutional commitments. In his speech, besides commemorating his prematurely departed colleague, he highlighted the crucial role of diplomacy in developing economic and commercial cooperation.
The Italian Ambassador Federica Ferrari Bravo, in her greeting to the participants, highlighted the dynamism of commercial relations between the two countries and the multiplicity of initiatives of common interest undertaken in recent years.
After the opening speeches, Demetris Skourides, Chief Scientist of the Republic of Cyprus, delivered the keynote speech, highlighting Cyprus’s role as an innovation hub in the area and illustrating the characteristics of the local ecosystem, particularly attractive for companies with development plans not only in Cyprus but throughout the region.
The first of four panels, titled “Technological Development and Security. Current Challenges and Future Prospects”, featured Alberto Bava, Vice President Europe and Africa of Leonardo SpA, and Harris Zacharatos, board member of the Cyprus Association for Research and Innovation Enterprises (CARIE). The latter announced plans to define a memorandum of understanding in the coming months between the association, under the aegis of the Cyprus Chamber of Commerce and Industry, and the Italian-Cypriot Chamber of Commerce, anticipating further development and strengthening of existing collaborative relations with the Italian sector cluster.
The second panel, “Cyprus and East Med Gateway. Opportunities for Business and Trade”, hosted various speakers and provided an opportunity for Gavin Suitcliffe, Director of the EMC Conference, to announce the next Eastern Mediterranean Conference to be held in Limassol from October 14-16, 2025. Other speakers included Fabio De Felice, Founder of Protom Spa, Paolo Casareale, CEO of ADG Srl, Nicos Ioannou, General Director of Infocredit Group, and Anna Charalambous, Director of Robura Asset Management, along with prominent banking sector representatives such as George Agioutantis, CEO of National Bank of Greece (which hosted the Business Forum in its beautiful historic location in central Nicosia), Khalil Letaif, CEO of Société Générale Cyprus, Ioannis Georgoullas, President of the Cyprus Association of Electronic Money and Payment Institutions, and Federico Aguggini, Head of AI, Data Science and Artificial Intelligence Transformation at Intesa San Paolo.
The third panel, “Healthcare. Value-Based Innovation Opportunities in East Med and Middle East”, opened with a remote intervention by MEP Michele Picaro, member of the Environment, Public Health, and Food Safety committee, who outlined the sector’s new challenges. This was followed by presentations from Fabio Sorrenti, Global Head of Market Access and Medical & Clinical Affairs at Solventum, Panos Ergatoudes, CEO of the Bank of Cyprus Oncology Center, a Cypriot center of excellence in healthcare, and Tahir Hussain, Global Head of Operational Excellence at Abu Dhabi Health Service Company (SEHA), who provided an overview of the healthcare system in the UAE and GCC countries, highlighting opportunities for synergies and collaboration with European facilities.
The final panel, “Energy and Transport. From Development to Implementation”, featured speakers including Filippo Cucinotta, Professor of Naval Engineering at the University of Messina, Angelos Menelaou, Head of Maritime Transport and Commerce Department at Frederick University and Group Controller at Marlow Navigation, Giampiero Soncini, CEO of Oceanly, Stephanos Stephou, CEO of Fameline Technologies Group, Matteo Apollonio, Sales Manager of DBA Group’s ICTC Division, and Alexander Bello, Head of Deal Flow and Partnerships at Ocean Hubb Consulting FZCO UAE.
The event concluded with remarks from Costas Katsaros, Vice President of the Italian-Cypriot Chamber of Commerce and President of the Cyprus-Italy Business Association, who emphasized the potential for collaboration and partnership in the region.
The forum consolidated a compelling narrative: the Italy-Cyprus partnership represents not just a bilateral relationship but emerges as a strategic corridor reshaping economic opportunities across Mediterranean and Middle Eastern regions. The Italian and Cypriot business communities are creating a new paradigm of cross-border economic engagement, combining technological innovation, strategic geographical positioning, and collaborative vision.
For more information about the article and the activities of the Italian-Cypriot Chamber, please email: segreteria@camcomitacipro.it
Last modified: December 28, 2024