2020 Cyprus Country Report

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Education Sector Profile Cyprus’ public and private universities, all part of the Erasmus programme, have rapidly expanded their offering and continue to forge new links and collaborative agreements with renowned universities abroad. Distance learning is another growth area, with UNIC a pioneer in this field. Its medical schools offer busy working doctors worldwide the opportunity to take master’s degrees online in family medicine and in public health. MEDICAL SCHOOLS Medical schools are a relatively new and growing aspect of the Cyprus educational sphere. In the last decade, Cyprus has gone from no medical schools to three programmes offered by Cypriot universities. These are proving popular with both local and international students, as academic standards in Cyprus rival those of well-established British and American medical schools and students graduate with qualifications recognised across the EU and beyond. UNIC, which established the island’s first medical school in 2011, did so in partnership with London University and its prestigious teaching hospital, St George’s. It offers a four-year programme for graduate-level entry students, knowing this would appeal particularly to students from the US, which is the world’s biggest exporter of medical students, but also to regional markets such as Israel and Lebanon which have decent numbers of graduate-entry students. UNIC has since launched a second medical school, with a six-year programme for high school leavers. The approximately 650 students at UNIC’s two medical schools come from almost 60 countries, proving its international appeal. Following suit, EUC established a medical school four years ago with a six-year course that has attracted students from Israel, Germany, Iran, Austria, Greece and Cyprus, among others. In 2017, it also launched a dentistry school. The mostly state-funded UCY established its medical school six years ago and graduated its first students in 2019. It also offers parallel courses in English to cater to 100 students a year. Cyprus’ main competition for medical students comes from eastern and central European countries where tuition fees and living costs are often lower, and some of the universities have hundreds of years of heritage. However, many of these universities sign up overseas students knowing that after four years they cannot provide enough clinical training slots for all students to complete their courses. Whereas, according to UCY all the medical schools in Cyprus operate on the basis of having clinical training spots for all students right from the beginning. INVESTING IN EDUCATION The location of Cyprus as the EU’s easternmost outpost and bridge to Asia and Africa also gives Cyprus a natural advantage in attracting overseas students and investment from foreign universities. For example, keen to recruit more students from Russia, the Middle East and China, the aforementioned British UCLan chose Cyprus as the site for its very first overseas campus almost a decade ago, built near Larnaca at a cost of €53 million. The potential for further growth and foreign investment is reflected in the building boom of the last few years of universities expanding and creating new departments, building new luxury and high-tech accommodation to house increasing numbers of students with facilities unlike anything seen in Europe so far, featuring rooftop pools, restaurants, gyms and private gardens. For example, the UNIC residences are the result of a €60 million investment constituting the largest university infrastructure investment to date in Cyprus – and once completed claims to be one of the most functional student hubs in Europe. However, in order to maintain the momentum of attracting foreign students Cyprus must improve its cumbersome visa application for non-EU nationals. Otherwise, the universities have few complaints and value the government’s assistance in forging new academic and research links and organising visits from international accreditation agencies. The global market for anglophone higher education geared at internationally mobile students is estimated to be up to €50 billion, and it is growing at 5% per year. Cyprus is well placed to capitalise on this provided it continues to develop its educational offering. Part of this effort is the government’s dedication to support this sector along with its investment promotion agency, Invest Cyprus, who in cooperation with the Ministry of Education and Cypriot universities launched a new campaign in 2019 branded ‘Study in Cyprus’. The campaign is a concerted effort to promote Cyprus as an educational centre of excellence and provide information on studying, living and working in Cyprus. Cyprus has always valued, and continues to invest in, education and today the innovative drive of Cyprus’ universities is enriching the island’s human capital and enhancing its attraction as an international centre for business and education. With expanding global links, spin-off projects and business ventures in multiple sectors, these institutions are bringing together a multinational and multidisciplinary community that is supporting the development of Cyprus into a veritable knowledge hub. n Discover more at www.cyprusprofile.com I see more programmes transitioning into online delivery methods. Several education institutions, including universities, have increased their online offerings opening new possibilities to attract a global audience. The online approach also provides solutions to individuals who lack the time to attend face-to-face classes or who cannot combine education with working hours. For certain, the use of technology in education will continue to play an important role for local education institutions. Marios Siathas CEO European Institute of Management & Finance PUBLIC UNIVERSITIES The University of Cyprus The Open University of Cyprus The Cyprus University of Technology PRIVATE UNIVERSITIES European University - Cyprus Frederick University - Cyprus Neapolis University - Cyprus University of Nicosia - Cyprus University of Central Lancashire - Cyprus 78 Country Report CYPRUS 2020
Energy: Oil & Gas Publisher’s Sector Profile Information Cyprus has ambitions to become a strategic energy hub with energy giants investing in the region following significant gas-deposit discoveries in the last decade. Inevitably, KEY contacts HARNESSING THE HYDROCARBONS POTENTIAL the impact of the Covid-19 pandemic on the global economy has also affected exploration plans in Cyprus by delaying drilling, but the country is strengthening its role as a key player in the Eastern Mediterranean. Ministry of Energy, Commerce and Industry www.mcit.gov.cy Cyprus Energy Regulatory Authority (CERA) www.cera.org.cy Cyprus Energy Agency www.cea.org.cy Cyprus Hydrocarbons Company (CHC) www.chc.com.cy Natural Gas Public Company (DEFA) www.defa.com.cy The discovery of vast natural gas reserves in both the Exclusive Economic Zone (EEZ) of Cyprus and its immediate neighbourhood in recent years has sparked an exploration race in the region and a new industry in Cyprus. The involvement of multinational oil and gas companies in Cyprus’ EEZ has strengthened the island’s ambition to become an important hydrocarbons player in the Eastern Mediterranean, and the developing industry has become a new opportunity for business and foreign investment. Cyprus’ strategic location in the East Med, at the southeast tip of the European Union and close to the Suez Canal, makes it ideally suited not only as an important fuel hub and headquartering location, but also as an energy interconnection node, connecting the electricity grids of the Eastern Mediterranean and North Africa to those of Europe. Cyprus has completed three successful offshore licensing rounds, awarding the majority of its offshore blocks to some of the world’s top international oil companies. Global energy giants such as Italian ENI, South Korean Kogas, French Total, American ExxonMobil, Qatar Petroleum, American Noble Energy, Israeli Delek Group and Country Report CYPRUS 2020 79
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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
Page 29 and 30: operations, the island is sharpenin
Page 31 and 32: A GROWING ENERGY SECTOR Since US co
Page 33 and 34: The sectors that have seen the most
Page 35 and 36: Melco International Country of Orig
Page 37 and 38: Headquartering Cyprus’ entry into
Page 40 and 41: Headquartering CONNECTING WITH THE
Page 42 and 43: HQ Insights WHY DID YOU CHOOSE CYPR
Page 44 and 45: Interview Natasa Pilides Minister o
Page 46: Interview Interconnectors. The Mini
Page 49 and 50: Total Exports €3.15 billion Domes
Page 51 and 52: Sector Profiles Education Energy: O
Page 53 and 54: Over 50% of agricultural exports go
Page 55 and 56: u Cyprus cannot compete with countr
Page 57 and 58: TASTE OF CYPRUS Ministry of Energy,
Page 59 and 60: Although key indicators are under p
Page 61 and 62: CyprusProfile EVERYTHING YOU NEED &
Page 63 and 64: The unfolding of Covid-19 into a gl
Page 65 and 66: and bonds, which operate under the
Page 67 and 68: CSE’s goal for 2020 is to be reco
Page 69 and 70: In this last year the Ministry of I
Page 71 and 72: A development by
Page 74 and 75: Construction & Real Estate Sector P
Page 76 and 77: Education Sector Profile EDUCATING
Page 78 and 79: Education Sector Profile Both UCY a
Page 82 and 83: Energy: Oil & Gas Sector Profile Ro
Page 84: 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
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Cyprus is ready to boost investment
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Also the country’s investment pro
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Telecom operators are being faced w
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OPERATING 24/7, 365 DAYS AT LARNAKA
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KEY players Deputy Ministry of Tour
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Sector Profile 2020 has taken an un
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We are currently experiencing a dis
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“Investing in sustainable tourism
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Sector Profile Following the Covid-
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The unprecedented coronavirus pande
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Business Operating Environment BUSI
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Business Operating Environment Cypr
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Business Operating Environment Lega
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Business Operating Environment Key
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Travel & Living CountryProfiler Ess
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Travel & Living SHOPPING In Cyprus
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Travel & Living PUBLIC TRANSPORT Wi
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Travel & Living COMMUNICATIONS Cypr
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Travel & Living Key Tourist Areas i
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Who’s Who - Cyprus Business Direc
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2020 Cyprus Country Report

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