Although the coronavirus pandemic has slowed down Cyprus’ economy which is highly dependent on tourism, the Mediterranean island did attract formidable foreign investment over the past 15 months.
Specifically, from newly-registered investment funds and technology companies which helped reduce the island’s economic recession to 5.1% in 2020 compared to other Mediterranean countries whose average was 8.5%.
The coronavirus restrictive measures which came in effect early in 2020 forced Cyprus Investment Promotion Agency (Invest Cyprus) to promptly carry out all promotional activity digitally. The goal was to keep promoting the country’s advantages abroad as an investment destination and an international business and financial center.
“In collaboration with specialized companies abroad, we have ensured a constant presence in international media, carried out geographically targeted social media campaigns and organized more than 100 international web conferences updating important international markets,” Invest Cyprus board chairman Spyros Vassiliou told Philenews.
“Cyprus has managed to push forward new incentives and reforms that continue to offer interesting opportunities to important investors with an interest in the Eastern Mediterranean region,” he added.