2023 Doing Business in Cyprus (UK Edition)
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DOING BUSINESS C YPRUS<br />
43<br />
UNITED KINGDOM EDITION<br />
What k<strong>in</strong>d of new opportunities does <strong>Cyprus</strong> offer<br />
<strong>UK</strong> bus<strong>in</strong>ess or <strong>in</strong>vestment, and vice versa?<br />
<strong>UK</strong> companies and bus<strong>in</strong>ess organisations have traditionally been trad<strong>in</strong>g and<br />
<strong>in</strong>vest<strong>in</strong>g <strong>in</strong> <strong>Cyprus</strong> <strong>in</strong> all sectors of the economy. There is of course more activity<br />
<strong>in</strong> some sectors like f<strong>in</strong>ancial services, hospitality and tourism, real estate, shipp<strong>in</strong>g<br />
and education. Mov<strong>in</strong>g forward, and consider<strong>in</strong>g the chang<strong>in</strong>g bus<strong>in</strong>ess and political<br />
environment, more opportunities are develop<strong>in</strong>g <strong>in</strong> sectors like technology, AI and<br />
digital transformation, green energy and susta<strong>in</strong>able environment, smart cities,<br />
healthcare and education. These sectors may offer opportunities <strong>in</strong> both markets but<br />
perhaps at different stages of development, therefore, <strong>Cyprus</strong> and the <strong>UK</strong> may both<br />
benefit from the experiences and expertise of companies work<strong>in</strong>g <strong>in</strong> these sectors <strong>in</strong><br />
both countries. Collaboration is of the essence for progress and mutual ga<strong>in</strong>.<br />
What type of collaboration could be fostered <strong>in</strong> the future<br />
between the two countries to deepen economic relations?<br />
As mentioned, there are opportunities for further bus<strong>in</strong>ess and trade activities <strong>in</strong><br />
multiple sectors. More and new opportunities will come from sectors that are<br />
develop<strong>in</strong>g fast and are supported by political decisions and government policies<br />
such as environment policies, clean energy policies, susta<strong>in</strong>ability and smart cities to<br />
name a few. Also, the need to use new and<br />
advanced technologies and the progress<br />
of AI will offer significant opportunities<br />
for <strong>in</strong>vestment and trade collaboration<br />
between the two countries. Improv<strong>in</strong>g<br />
medical and social care services will<br />
enhance bus<strong>in</strong>ess collaboration, shar<strong>in</strong>g<br />
of expertise, as well as expand the<br />
tra<strong>in</strong><strong>in</strong>g and education offer which could<br />
be delivered <strong>in</strong> collaboration with the<br />
IThe need to use new and<br />
advanced technologies and<br />
the progress of AI will offer<br />
significant opportunities for<br />
<strong>in</strong>vestment and trade collaboration<br />
between the two countries.<br />
educational <strong>in</strong>stitutions <strong>in</strong> both countries. Overall, the bus<strong>in</strong>ess opportunities are<br />
available and <strong>in</strong>creas<strong>in</strong>g and the bus<strong>in</strong>ess communities <strong>in</strong> our two countries should<br />
move fast and effectively to take full advantage. We as HMG, will cont<strong>in</strong>ue to offer<br />
guidance and support to <strong>UK</strong> bus<strong>in</strong>esses where needed and of course I am sure that the<br />
<strong>Cyprus</strong> Government will aim to do the same.
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