Mr. Michael P. Michael, Chairman of the Board of Directors of Invest Cyprus, Guest of May Smart Talk.

June 1, 2021

It was held on May 27th the Monthly Smart Talk organized by the Italian-Cypriot Chamber of Commerce, which saw as guest Mr. Michael P. Michael, Chairman of the Board of Directors of Invest Cyprus.

After the introductory greetings by the President of the Italian-Cypriot Chamber of Commerce Giuseppe Marino, Mr. Federico Maria Bega, Chief Strategy Officer (CSO) at Promos Italia – Italian Agency for Internationalization of Enterprises of the Italian Chamber system, moderated the discussion with Mr. Michael P. Michael.

The Smart Talk was enhanced by explaining the role of CIPA, which stands for Cyprus Investment Promotion Agency, a government entity that has the role to facilitate and give invest-care to start a business in Cyprus. The appeal for foreign investors of the nation island, based among three continents, is due to its strategic geographical place, benefits related to an attractive tax regime and the access to the vibrant business environment that involves young talents and high-tech companies, other than a stable political situation.

Answering to the questions that covered several areas, the discussion focused on the resilience of Cyprus after the pandemic that changed as well the way of doing business. The main driver to adapt to the new situation has been the use of technology and CIPA’s communication strategy to encourage foreign investments in establishing a base of multinational tech companies, investing in strategic sectors, and benefiting from investment funds.

Of particular interest were the in-depth main topics of the Smart Talk regarding the Energy Sector, in which CIPA promotes Cyprus as an energy hub, both for its hydrocarbon reserves exploitation and investment opportunities in renewable energies; the new technologies, as several high-tech ICT companies are choosing Cyprus and CIPA established a fast-track mechanism that allows foreign investors to get licensed and start their business the quickest.  CIPA also promotes the sector creating synergies with Universities that prepare a high-tech specialized working class. Furthermore, it was highlighted how Cyprus is a key player in the development of tourism strategies and even if the sector has been heavily affected by the pandemic, CIPA is supporting all the actions of the Deputy Ministry of Tourism to attract investments by creating a dedicated platform on the Agency’s website. Moreover, the change of the healthcare sector, which since June 2019 has become public, not only transformed Cypriot life but also changed all the infrastructure of the system, creating great opportunities, besides private hospitals, wellness, and spa resorts addressed to health tourism.

Finally, Cyprus’ entrepreneurial spirit made the island a financial hub amongst the European countries, pacing the economy in services, tourism, shipping industry, banking system, and all professional services offered. Nowadays, all the professional services are focused on investments that bring value to the Cypriot economy. CIPA continues offering facilitation and after-care services once the foreign investor has started the business activity in the local territory, and in the same logic operates Promos-Italia, because these strategic agencies are committed in supporting business in every single phase of their development and growth.

At the end of the meeting, Michael P. Michael recalled the opportunity to sign a Memorandum of Understanding with the Italian-Cypriot Chamber of Commerce, which has become the main point of reference for the Cypriot Italian Business Community, to establishing in-depth relations.

You can watch the full video of the May Smart Talk on the Chamber YouTube Channel at the following link: https://www.youtube.com/watch?v=T6Z9MssCOgM

For information and insights on the content of this article and on the activities of the Italian-Cypriot Chamber of Commerce: segreteria@camcomitacipro.it

Last modified: June 1, 2021

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