2023 Doing Business in Cyprus (UK Edition)

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DOING BUSINESS C YPRUS 50 UNITED KINGDOM EDITION The education sector consists of state-of-the art schools and higher education institutions which receive high rankings and attract a great number of local and international students. The fact that the island is becoming a regional educational centre has already resulted in a great deal of cooperation between institutions in the UK and Cyprus. More specifically, the University of Central Lancashire (UK) has established a branch in Cyprus, which is one of the fully accredited Cyprus private universities. Furthermore, other universities in Cyprus have collaborated with UK universities to develop and offer joint academic programmes and to share common research initiatives. Likewise, the health sector in Cyprus has been through outstanding developments, with the complete modernisation of the national health service and the significant expansion of the public and private sector. The health sector consists of hospitals and clinics that offer world-class treatments and services to patients from all over the world, and especially the UK, Europe and MENA countries, as well as the Far East. Synergies between the UK and Cyprus can deliver excellent results in all fields of healthcare, from infrastructure and mobility to training and research. Cyprus is also creating an ideal ecosystem for information technology, research and development which currently attracts a great number of renowned companies and top talent from around the world. Some of the booming areas have been software development, data centres, customer service and back offices. For this reason, Cyprus achieved an increase of 35.6% in the innovation performance on the European Innovation Scoreboard, compared to the EU average of 8.5% between 2016 and 2022. What new prospects are on the horizon that could help strengthen the bilateral relations between the UK and Cyprus? am confident that the robust bilateral relationship between Cyprus and the UK will I continue to strengthen considerably over time. Cyprus remains a tried and tested reliable business partner and will seek to further advance its position as a significant international hub and investment destination. Despite its small size and several shocks through time, the country has managed to stay on track, diversify and attract new investment, earning a reputation as one of the most resilient EU economies. Following the global economic crisis of 2012, the island succeeded to emerge stronger from an unprecedented crisis and much faster IPost Brexit, the robust bilateral relationship between Cyprus and the UK will continue to strengthen considerably over time, especially as Cyprus can serve as an ideal EU base for British companies and individual investors. than predicted. Indeed, in less than five years, the Cyprus economy achieved full recovery and a growth of almost 4%, one of the highest in the EU. Recently the credit ratings agencies have upgraded Cyprus into investment-grade territory, and it is predicted that the economy will grow by 2.5% in 2023 and 2.9% in 2024. The Cyprus Government has set ‘Vision
DOING BUSINESS C YPRUS 51 UNITED KINGDOM EDITION 2035’, a long-term strategy, to build a resilient economy for Cyprus – a sustainable growth model focused on reforming the economy through traditional, but also new high-growth sectors, transparent governance and upgraded regulatory framework, more available financing sources, ICyprus’ and prominence on green and digital inward FDI stock has transition. almost doubled in the last 10 The UK has a long-standing worldwide reputation and expertise in fields such years and most of it is channelled as ICT, energy, healthcare, education and to the tertiary sector. financial products, which Cyprus aspires to become a regional hub in. This, combined with the stability, access to other markets and the European base the island offers, makes Cyprus the perfect partner for UK economic and trade interests. n
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