2020 Cyprus Country Report
The 2020 Cyprus Country Report features in-depth articles on the economy, foreign direct investment, international trade and headquartering as well as detailed sector profiles and insights from Cyprus’ 100 most influential political, economic and business leaders shaping the future of their country and its industries.
The 2020 Cyprus Country Report features in-depth articles on the economy, foreign direct investment, international trade and headquartering as well as detailed sector profiles and insights from Cyprus’ 100 most influential political, economic and business leaders shaping the future of their country and its industries.
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Manufacturing & Industry<br />
Sector Profile<br />
MODERNISING<br />
MANUFACTURING<br />
The manufacturing and industry sector in <strong>Cyprus</strong> is looking<br />
to the future with a strong focus on digital transformation<br />
and better access to export markets. With the support<br />
of government-backed initiatives and new tax incentives<br />
to attract foreign direct investment, the country is<br />
determined to create a more high-tech economy.<br />
KEY<br />
contacts<br />
<strong>Cyprus</strong> has a new vision to transform<br />
manufacturing and industry and to<br />
bring this sector on par with its other<br />
star-performers like tourism and<br />
professional services. The goal is to<br />
develop more high-value-added and<br />
innovative products and services that<br />
will contribute to the competitiveness<br />
of <strong>Cyprus</strong> – and increase productivity by strengthening<br />
the industrial ecosystem and investing in<br />
sustainability, innovation, digitalisation, infrastructure<br />
and skills. This ambitious new strategy<br />
is set to better connect traditional industry and<br />
manufacturing with other sectors and to transform<br />
<strong>Cyprus</strong> into a more tech-driven economy.<br />
The country has a solid foundation on which<br />
to build on as it already has many comparative<br />
advantages in place. The island has one of the EU’s<br />
lowest corporate tax rates at 12.5%, double taxation<br />
treaties with 65 countries across the globe,<br />
a highly educated workforce and a sophisticated<br />
transport and logistics infrastructure. <strong>Cyprus</strong> is<br />
also an attractive and affordable base for manufacturers<br />
in Europe and beyond, providing high<br />
connectivity to supply existing and emerging<br />
markets. As the EU and eurozone’s most eastern<br />
member, <strong>Cyprus</strong>’ geostrategic location provides<br />
a competitive edge for producers in the Middle<br />
East, Africa and Asia to access the European<br />
Union’s 500 million consumers.<br />
Ministry of Energy,<br />
Commerce and Industry<br />
www.mcit.gov.cy<br />
<strong>Cyprus</strong> Chamber of<br />
Commerce and Industry<br />
www.ccci.org.cy<br />
<strong>Cyprus</strong> Employers and<br />
Industrialists Federation (OEB)<br />
www.oeb.org.cy<br />
<strong>Cyprus</strong> Association of<br />
Research and Development<br />
Pharmaceutical<br />
Companies (KEFEA)<br />
www.kefea.org.cy<br />
112 <strong>Country</strong> <strong>Report</strong> CYPRUS <strong>2020</strong>