2020 Cyprus Country Report

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Telecoms & Satellite Communications Sector Profile ment the country’s efficient fibre-optic connections and provide integrated solutions for a reliable worldwide 24/7 connection. A key player in the fibre-optic cable and satellite networks is Cytaglobal, which is a semiautonomous Strategic Business Unit under stateowned operator Cyta and specialises in providing global electronic communication products and services. Through its global network, Cytaglobal also provides a wide range of international telecommunications products. In 2020, the company announced its Makarios Teleport was certified and ranked as Tier 4 – the highest degree of excellence – by the World Teleport Association (WTA). The Cyprus teleport site is one of only 16 fully certified teleports worldwide to achieve a Tier 4 certification, and distinguishes it from other teleports in the Eastern Mediterranean region. Another major player in satellite services is Greek-Cypriot consortium Hellas Sat, which was formed in 2001. This agreement helped put Cyprus on the global satellite map and was an important step in strengthening the country’s position as a successful regional satellite communications centre. In 2019, the company successfully launched its third satellite, Hellas Sat 4, into orbit. The launch started a new chapter in the space history of Cyprus and Greece with its mission to provide innovative satellite services and expand the operations of Hellas Sat in Europe, the Middle East and Africa – which will bring further geopolitical, technological and commercial benefits to both countries. The new satellite will extend capacity and geographical reach to meet the growing demand for applications that include video, internet and mobile phone services, maritime connectivity, cellular backhaul, corporate networks and government services. It is also the most advanced commercial communications satellite ever built by Lockheed Martin. Cyprus has been gaining ground in the field of space-tech services and has so far granted 10 licences to organisations to launch telecommunication satellites using space that Cyprus has secured through the International Telecommunications Union (ITU). The number of licences is substantial, as many countries in the world have issued only one license. The country’s economic benefit from these services is expected to multiply as more satellites are launched. This type of activity also boosts the prestige of Cyprus as a country engaged in space technology services, and its strategic advantages are increasingly promoted in a bid to attract infrastructure to Cyprus from the European Space Agency. The growing sector has also inspired new endeavours on the academic front, such as the Eratosthenes Centre of Excellence (ECoE), created by the Cyprus University of Technology in 2018, to conduct research into space technologies. Its Excelsior project is motivated by the big European space programmes like Galileo and Copernicus and their downstream effects on European economy and science. The project’s vision is to establish the ECoE as a world-class Digital Innovation Hub (DIH) for earth observation and geospatial information in the next few years and becoming the reference centre in the Eastern Mediterranean, Middle East and North Africa (EMMENA). INVESTING IN DIGITAL Cyprus has already successfully capitalised on its location at the crossroads of Europe, Asia and Africa on many economic fronts, and can continue to strengthen its role as a convenient regional communications base of strategic importance. Developing digital policies that attract further investment are absolutely crucial in opening new avenues to take advantage of the numerous economic opportunities provided by the dynamic digital era. Global demand for bandwidth is accelerating, with the rise in cloud computing, data transfer and storage, as well as the Internet of Things (IoT). Data centre IP traffic is also growing as more companies begin utilising data centres to cut costs and streamline workflows. This in turn will increase the demand on networks to ensure seamless and secure transfers between data centres and business locations. Privacy and security are the buzz words of the day with these developments and Cyprus will have to ramp up its efforts to meet these demands. With its infrastructure the country is well-placed to boost its competitiveness and realise its vision of a digital future if it stays on track and keeps up with the rapid evolution of the global communication and tech industry. According to the European Commission, if the proposed measures to roll out 5G across Europe are implemented by 2020-2025, the EU could gain an estimated €113 billion every year, creating up to 2.4 million new jobs. This would also allow Cyprus to use all the available 2021- 2027 funding tools to resolve main issues in its digital transformation – such as ultrafast coverage and take-up, high pricing and low digital literacy. The combined use of digital technologies with other emerging technologies will certainly bring new and innovative business models, generating competitiveness, jobs and growth for Cyprus. n Discover more at www.cyprusprofile.com Digital Boost from Coronavirus Pandemic Cyprus has taken a large number of targeted digital measures to deal with the Covid-19 crisis. Initiatives to minimise contagion and to support e-health solutions for patients and healthcare service providers include among others a dedicated call centre (1420), interactive voice response and text messaging for any movement of citizens. Cyprus also launched a data register for tracking confirmed Covid-19 cases (Covid-19 platform), a location tracker of citizens/suspected cases (COVTRACKER) and a platform illustrating the spread of the virus (WEBGIS Covid-19). In the area of education, various online activities were developed to facilitate the provision of the best possible education to students of all levels. Supportive educational materials have been uploaded to the Ministry of Education and Culture and individual school webpages, for all students of all grades. Digitisation of the public administration is also being accelerated, enabling citizens to use their e-banking credentials to engage with e-government services. Teleworking has also been promoted for civil servants through the use of services supporting remote access and teleconferencing. Key Players Cyta Cytaglobal Epic Cablenet PrimeTel Hellas Sat 134 Country Report CYPRUS 2020
OPERATING 24/7, 365 DAYS AT LARNAKA AND PAFOS INTERNATIONAL AIRPORTS OUR VISION IS TO BE THE AVIATION INDUSTRY’S MOST TRUSTED SINGLE-SOURCE GROUND SERVICES AND CARGO HANDLING PROVIDER. Swissport is a people-focused organisation – without our people we simply cannot meet our goals and achieve our vision. As such, we focus on the principles of sustainability and compliance, living by the “Three Ps”: People, Professionalism & Partnership. The ongoing professional development of the people within the Swissport family ensures that: • We show respect towards our people and their values • We do not compromise on safety and work with enthusiasm and enjoyment • We are pioneers; working constantly on achieving sustainable results, we creatively explore new options and improved solutions • Continually striving to exceed the expectations of our clients and our commitments, we deliver excellent service; in any place at any time The World of Swissport: With a workforce of some 66,000, the world’s leading provider of ground and air cargo services, is active at over 300 airports in 50 countried on six continents. AMERICAS EUROPE • MIDDLE EAST • AFRICA ASIA • PACIFIC Argentina Aruba Brazil Canada Chile Costa Rica Dominican Republic Dutch Caribbean Ecuador Honduras Mexico Peru Trinidad & Tobago United States of America Venezuela Algeria Austria Belgium Bulgaria Cameroon Cyprus Denmark Equatorial Guinea Finland France Germany Ghana Greece Ireland Israel Kenya Morocco Netherlands Nigeria Oman Poland Romania Saudi Arabia Spain Switzerland Tanzania United Kingdom Australia China Japan New Zealand South Korea cargo services ground handling executive aviation For information about our services please contact: Michael Kokkinos • Phone: +357 24 008 781 • E: michael.kokkinos@swissport.com
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CountryProfiler Global Edition 2020
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DESTINATION DEVELOPMENTS BY CYBARCO
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Publisher’s Information CountryPr
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Contents Contents 10 12 16 18 26 32
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Contents Sector Profiles 50 AGRICUL
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Foreword Without any doubt, the Cov
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35ºN 33ºE Publisher’s Cyprus at
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Fast is too slow. Is the rapid pace
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Government Structure President of t
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Economy GROWTH ON THE ORIZON Follow
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Economy Real GDP Growth Source: Eur
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Harmonised Consumer price inflation
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Foreign Direct Investment (FDI) FDI
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operations, the island is sharpenin
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A GROWING ENERGY SECTOR Since US co
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The sectors that have seen the most
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Melco International Country of Orig
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Headquartering Cyprus’ entry into
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Headquartering CONNECTING WITH THE
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HQ Insights WHY DID YOU CHOOSE CYPR
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Interview Natasa Pilides Minister o
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Interview Interconnectors. The Mini
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Total Exports €3.15 billion Domes
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Sector Profiles Education Energy: O
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Over 50% of agricultural exports go
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u Cyprus cannot compete with countr
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TASTE OF CYPRUS Ministry of Energy,
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Although key indicators are under p
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CyprusProfile EVERYTHING YOU NEED &
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The unfolding of Covid-19 into a gl
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and bonds, which operate under the
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CSE’s goal for 2020 is to be reco
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In this last year the Ministry of I
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A development by
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Construction & Real Estate Sector P
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Education Sector Profile EDUCATING
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Education Sector Profile Both UCY a
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Education Sector Profile Cyprus’
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Energy: Oil & Gas Sector Profile Ro
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Energy: Oil & Gas Sector Profile me
Page 87 and 88: Renewables have the potential to cr
Page 89 and 90: To decrease dependence on heavy fue
Page 91 and 92: The multiplier effect to the local
Page 93 and 94: BENEFITS: Diverse landscapes never
Page 95 and 96: Having managed to bring to Cyprus
Page 97 and 98: Cyprus ranks 24th (out of 195 count
Page 100 and 101: Insurance Sector Profile MITIGATING
Page 102 and 103: Insurance Sector Profile fintech co
Page 104 and 105: International Financial Services Se
Page 106 and 107: International Financial Services Se
Page 108: International Financial Services Se
Page 111 and 112: Cyprus funds have been a platform f
Page 113 and 114: Competitive Tax Regime for Fund Man
Page 115 and 116: A NEW VISION The backbone of the ne
Page 117 and 118: The economy of Cyprus is expected t
Page 119 and 120: GROWING APPEAL Cyprus has proven it
Page 121 and 122: 2020 has been a challenging year fo
Page 124 and 125: Research & Development Sector Profi
Page 126 and 127: Research & Development Sector Profi
Page 128: Research & Development Sector Profi
Page 131 and 132: Cyprus is ready to boost investment
Page 133 and 134: Also the country’s investment pro
Page 135: Telecom operators are being faced w
Page 139 and 140: KEY players Deputy Ministry of Tour
Page 141 and 142: Sector Profile 2020 has taken an un
Page 143 and 144: We are currently experiencing a dis
Page 145 and 146: “Investing in sustainable tourism
Page 147 and 148: Sector Profile Following the Covid-
Page 149 and 150: The unprecedented coronavirus pande
Page 152 and 153: Business Operating Environment BUSI
Page 154 and 155: Business Operating Environment Cypr
Page 156 and 157: Business Operating Environment Lega
Page 158 and 159: Business Operating Environment Key
Page 160 and 161: Travel & Living CountryProfiler Ess
Page 162 and 163: Travel & Living SHOPPING In Cyprus
Page 164 and 165: Travel & Living PUBLIC TRANSPORT Wi
Page 166 and 167: Travel & Living COMMUNICATIONS Cypr
Page 168 and 169: Travel & Living Key Tourist Areas i
Page 170 and 171: Who’s Who - Cyprus Business Direc
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Who’s Who - Cyprus Business Direc
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2020 Cyprus Country Report

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