Insider Business Emphasis on technology rather than on public sector

Emphasis on technology rather than on public sector

Major changes will have to be made to the development model of the Cypriot economy in the coming years to win the challenge of stable and long-term growth in an increasingly competitive environment, according to an in-depth study by private consultancy firm EPOQ Partners on behalf of ruling Disy party.

This was presented at a working dinner focusing on the Cyprus 2030 vision and development agenda during the recent visit to Cyprus of Greece’s New Democracy leader Kyriacos Mitsotakis.

The study provides a roadmap and milestones for the development of each sector of the Cyprus economy. Specifically, it puts forward the underutilised capacity of infrastructure and the potential of Cyprus to harness growth with a technology-driven economy.

The study also points out that Cyprus may be a small economy but should target specific sectors to achieve economies of scale. This means that the Mediterranean island will have to escape the growth of the Public Service rationale and focus on technological developments instead.

If Cyprus does want to have a present and a future it cannot base its growth on the expansion of the state mechanism because this is not development, said the consultancy firm. The study then showed that there were 60,600 public employees in Cyprus in 2018 for a population of 860,000. This corresponds to one civil servant for every 14 citizens.

Cyprus, the report noted, should therefore invest in areas such as education so as to become a regional training center, in medical tourism, professional services, private banking, digital technology, as well as in sustainable energy research.

The consultancy firm also referred to the economic and institutional advantages of Cyprus such as the high educational level of its citizens, the possibility of becoming an energy hub for the region, exceptional infrastructure in tourism, the adoption of the EU’s public and financial rules.

Special reference was also made to high-end investments such as in Artificial Intelligence, Blockchain Services, and IT – a sector that should be developed further.


Read more:

Top Stories

12-new covid cases at the same levels, nothing from abroad or schools

  12 new cases of Covid-19 were detected in Cyprus over the past 24 hours out of a total of 3 thousand 338 diagnostic tests. The...

Cyprus extends support to Armenia as FM calls counterpart

  Cyprus has expressed its deep concern over the escalating situation in Nagorno Karabakh over the past 48 hours and condemned 'the Azeri violation of...

International concern over Karabakh, as energy corridor is threatened (latest)

  Clashes erupted between Armenia and Azerbaijan over the volatile Nagorno-Karabakh region, reigniting concern about instability in the South Caucasus, a corridor for pipelines transporting...

38 C on Monday, close to 40 C on Tuesday, cooler on Wednesday

The warm air current affecting the island will take temperatures a touch under August levels over the next 48 hours, with 38 C on...

War fears in Karabakh as Armenia and Azerbaijan clash with civilian casualties

  Armenia declared martial law and mobilised its male population after clashes with Azerbaijan over the breakaway Nagorno-Karabakh region in which sources on both sides...



Sheftalies, a very tasty dish from the charcoal grill, are minced meat shaped into small sausages and wrapped in “panna” (suet). Panna is a...

Spicy grilled soutzoukakia

Place all ingredients for soutzoukakia in a bowl and mix well, preferably using a food processor, until well combined. Using the mixture, form cigar-shaped...


Pork souvlaki: Put the meat and all the other ingredients in a bowl (not metal) and mix well. Cover the bowl and keep in...

Pastelli (Carob Toffee)

The nutritional sweet of Pastelli is made with the syrup of carob pods, produced by boiling their pulp until it forms a thick, sticky...