- May 2024
Limassol - Conference, Seminars
and Board Meetings - Investment Opportunities
and Introductions
REPORTAGES from previous events
COMPREHENSIVE PROGRAM 2023
Best Invest Congress took place on May 29-30 at the Parklane Hotel in Limassol, bringing together experts and stakeholders from the local business and technology community to share their insights.
Organised annually since 2015, this international expert platform has become a prominent event in the field of investment in Cyprus. It serves as a gathering point for industry leaders, investors, government officials, and various business sectors, facilitating valuable networking and collaboration opportunities.
In 2023 the event aimed to explore the convergence of business and technology under the theme "Business Meets Tech." The two-day event offered a comprehensive programme designed to engage participants and provide insights into key investment areas.
With a diverse range of topics, the congress ensures valuable knowledge sharing and facilitates meaningful discussions among industry experts.
Moreover, the congress focused on several vital subjects that reflect the current investment landscape and opportunities in Cyprus. These include:
Organised annually since 2015, this international expert platform has become a prominent event in the field of investment in Cyprus. It serves as a gathering point for industry leaders, investors, government officials, and various business sectors, facilitating valuable networking and collaboration opportunities.
In 2023 the event aimed to explore the convergence of business and technology under the theme "Business Meets Tech." The two-day event offered a comprehensive programme designed to engage participants and provide insights into key investment areas.
With a diverse range of topics, the congress ensures valuable knowledge sharing and facilitates meaningful discussions among industry experts.
Moreover, the congress focused on several vital subjects that reflect the current investment landscape and opportunities in Cyprus. These include:
- Public infrastructure and property investments: An exploration of Cyprus' top priorities for 2023 in terms of infrastructure development and property investments.
- Start-ups and entrepreneurship: The Congress will delve into initiatives supporting research and development (R&D) and innovation, with a particular emphasis on fostering a thriving startup ecosystem.
- Unlocking the potential of the gaming industry: This session will uncover opportunities and strategies for game development investments, shedding light on the growing potential of the gaming sector in Cyprus.
- The payment revolution: Addressing the evolving landscape of payments, cybersecurity, and banking innovation, this session will provide insights into the future of digital currencies and payment systems.
- Investment horizons in Cyprus: A comprehensive guide to funds, stock markets, and financial instruments available in Cyprus, enabling attendees to make informed investment decisions.
- Technology and innovation: Recognising the significance of technology and innovation in driving economic growth, this session will explore the role of technology as a pillar of development in Cyprus and beyond.
MENA AND INDIA
The event featured two special dialogue sessions focusing on Cyprus-India and Cyprus-MENA (Middle East and North Africa) business cooperation. These brainstorming sessions provided a platform for experts, business leaders, and stakeholders from Cyprus, India, and the MENA region to exchange insights and experiences on cultivating successful business partnerships.
Recognising the significance of such collaborations, these sessions aim to contribute to mutual economic growth, development, and geopolitical stability.
Recognising the significance of such collaborations, these sessions aim to contribute to mutual economic growth, development, and geopolitical stability.
MODERATED NETWORKING
The Congress concluded its business programme on May 30 with a special networking session, 'Business Meets Tech', followed by a Farewell Party, facilitating further interaction and relationship-building among delegates.
PHOTO HIGHLIGHTS
Below you'll see a photoreportage from the BEST INVEST Congress 2023
GOOD PLATFORM FOR COMMUNICATION
october 17-18, 2022
LIMASSOL, four seasons and mediterranean hotels
LIMASSOL, four seasons and mediterranean hotels
Investments in Cyprus: impact, challenges, forecasts
The main subjects of the conference were Energy, IT-Fintech-NewTech, Innovations-MiCA-Blockchain, Investments Funds and Venture Investments. The event program is prepared in cooperation with Invest Cyprus, Association of innovation companies TechIsland, Cyprus International Funds Association, other professional associations and experts to create valuable content.
The program of the BEST INVEST Congress 2022 included also afternoon meetings and seminars, discussion on prospects of Cyprus-MENA countries cooperation, welcome and farewell parties and other side events aimed for better networking and information exchange.
The program of the BEST INVEST Congress 2022 included also afternoon meetings and seminars, discussion on prospects of Cyprus-MENA countries cooperation, welcome and farewell parties and other side events aimed for better networking and information exchange.
Evgenios Evgeniou, Chairman, Invest Cyprus
The future of the global and Cyprus' economy as well as Cyprus oil, gas and renewable energy sources sectors was the topic at the opening session of the Best Invest Congress at Limassol's Four Seasons Hotel on Monday, October 17.
The keynote address opening the Congress dealt with recent developments in the Cyprus' and global economy and was delivered by Evgenios Evgeniou, Chairman of Invest Cyprus. Highlighting the current difficulties of the global economy, Evgeniou declared that Cyprus «is again proving to be resilient».
Despite the impact of the pandemic and the war in Ukraine on «vital sectors of the country's economy such as tourism, retailing and professional services the expectations remain favourable for a significant economic growth in 2022 and 2023» he said. He noted that the IMF had upgraded its forecast on the growth rate of the Cypriot economy in 2022 to 3.5 per cent from the 2.1 per cent that had been expected a few months earlier, adding that it had downgraded its 2023 estimate from 3.5 to 2.5 per cent.
«Personally I remain optimistic that the growth rating for Cyprus in 2023 will be higher than the current IMF estimate» he commented. He pointed out that international rating agencies recently upgraded «our economy's outlook based on the resilience» shown to date. «Apart from prudent and targetted fiscal policies, a resilient financial system, an adaptive tourist sector, the foreign direct investments are also of paramount importance for Cyprus,» he said.
The keynote address opening the Congress dealt with recent developments in the Cyprus' and global economy and was delivered by Evgenios Evgeniou, Chairman of Invest Cyprus. Highlighting the current difficulties of the global economy, Evgeniou declared that Cyprus «is again proving to be resilient».
Despite the impact of the pandemic and the war in Ukraine on «vital sectors of the country's economy such as tourism, retailing and professional services the expectations remain favourable for a significant economic growth in 2022 and 2023» he said. He noted that the IMF had upgraded its forecast on the growth rate of the Cypriot economy in 2022 to 3.5 per cent from the 2.1 per cent that had been expected a few months earlier, adding that it had downgraded its 2023 estimate from 3.5 to 2.5 per cent.
«Personally I remain optimistic that the growth rating for Cyprus in 2023 will be higher than the current IMF estimate» he commented. He pointed out that international rating agencies recently upgraded «our economy's outlook based on the resilience» shown to date. «Apart from prudent and targetted fiscal policies, a resilient financial system, an adaptive tourist sector, the foreign direct investments are also of paramount importance for Cyprus,» he said.
Philip Ammerman, Co-Founder, Navigator Consulting Group
In an address entitled «The New Normal: Managing in an Age of Continual Crises and Instability», the co-founder of the Navigator Consulting Group Philip Ammerman offered a visionary analysis of the current situation with regard to Cyprus.
Ammerman, who is himself an investor in the island, made clear that while his remarks focused on market instability, that wasn't «necesarily negative», although it could be negative «for companies who are not prepared to adapt to it». Ammerman spoke of how «in the 'Old Normal' we had this concept that in the business cycle we have about six decades of positive GDP growth, followed by two to three years of recession; then the cycle resets and growth restarts».
Since Cyprus joined the EU and the «tremendous wave» of technology changes taking place from about 2000 onwards meant that «we are in something of a 'New Normal'», he asserted. «What we are seeing now and [will see] in the future, both in small economies like Cyprus and larger economies like the United States, is that this is really the change point in the international economy and in our technology and that this fundamental change will last to at least 2040 and that it is going to be characterised by fundamental instability and volitility.»
The salient question that he and many other analysts are asking is what is going to be the role of a nation state in an economy that is increasingly global», where the yields are increasingly shared by a relatively smaller group of beneficiaries. He was certain that the changes «we are going to see until 2030 or 2040 would be unlike anything we have seen in our history». Examples he cited included fundamental climate changes and technologies that would alter the human life cycle, such as gene splicing. This would be fundamental «to every issue of how our society and economy is organised».
Ammerman, who is himself an investor in the island, made clear that while his remarks focused on market instability, that wasn't «necesarily negative», although it could be negative «for companies who are not prepared to adapt to it». Ammerman spoke of how «in the 'Old Normal' we had this concept that in the business cycle we have about six decades of positive GDP growth, followed by two to three years of recession; then the cycle resets and growth restarts».
Since Cyprus joined the EU and the «tremendous wave» of technology changes taking place from about 2000 onwards meant that «we are in something of a 'New Normal'», he asserted. «What we are seeing now and [will see] in the future, both in small economies like Cyprus and larger economies like the United States, is that this is really the change point in the international economy and in our technology and that this fundamental change will last to at least 2040 and that it is going to be characterised by fundamental instability and volitility.»
The salient question that he and many other analysts are asking is what is going to be the role of a nation state in an economy that is increasingly global», where the yields are increasingly shared by a relatively smaller group of beneficiaries. He was certain that the changes «we are going to see until 2030 or 2040 would be unlike anything we have seen in our history». Examples he cited included fundamental climate changes and technologies that would alter the human life cycle, such as gene splicing. This would be fundamental «to every issue of how our society and economy is organised».
The future of Cyprus energy projects
Prospects of investments in traditional and renewable sources of energy were discussed during the first session of the Best Invest Congress that was held in Limassol on October 17.
The discussion on energy issues was moderated by Iacovos Ghalanos, Cyprus' KPMG COO. Other experts participating included: former Cyprus' Minister of Energy Yiorgos Lakkotripis, Imperio Group co-founder Yiannis Misirlis, former DEFA and ETYFA Chairman Symeon Kassianides, Cyprus Hydrocarbon Company (CHC) Board member and Natural Gas Engineering Programme Director Panos Papanastasiou and Cyprus Association of Renewable Energy Enterprises Secretary Nicos Trikkis.
According to Papanastasiou, the Ukrainian war and the current dire situation prevailing in the energy markets has resulted in increased interest in the East Mediterranean gas resources.
«The fact that Europe is desperately looking for new suppliers of gas might provide Cyprus with a great opportunity to develop its own gas field discoveries. With an appropriate investment, «Cyprus would be able to provide up to 15 per cent of Europe's gas needs,» Papanastasiou indicated.
Kassianides reminded participants of two important events that took place in recent weeks, namely the agreement between Israel and Lebanon to end their long-running dispute over their maritime border, and the inauguration of the EuroAsia Interconnector project.
The former will open the way to offshore energy exploration in the Mediterranean and enable Cyprus to finalise its own maritime border agreement with Beirut.
The latter will connect the Cypriot, Greek and Israeli power grids via what will be the world's longest submarine power cable totalling over 1,200 kilometres. It will have a 2,000 Megawatt capability and allow Cyprus to export or exchange any excess of renewable energy.
«That means Cyprus will be not only an energy user but also an energy exporter which will provide it with an additional incentive to invest in renewables,» Kassianides declared. «It means it is a good time to invest in the energy sector on the island, both in gas and in renewables.»
Reviewing Investment Opportunities in the Cyprus Electricity and Renewable Energy Sources, Cyprus Association of Renewable Energy Enterprises Secretary Nicos Trikkis spoke of the promising results inherent in the recently inaugurated EuroAsia Interconnector project. «The potential for renewables in Cyprus has changed. Now we can focus more and produce for export as well. This is good news since the cost of producing energy in Cyprus, especially through photovoltaics, is the cheapest in the Europe.»
Former Cyprus' Minister of Energy Lakkotripis was quick to point out that while it was appropriate to welcome the inauguration of the interconnector project there remained the pressing issue of the need to balance the grid.
«The grid has reached its limits. There is no more capacity. That is why you see fewer and fewer permits issued unless they carry storage as well.» The interconnector, he reminded participants, while undoubtedly a significant development, is not expected to complete the connection between Cyprus and Israel until 2027, at the earliest. «That is why something needs to be done about the grid long before that. This is our priority now.»
Property developer and Imperio Group co-founder Misirlis cited the need for green financing to help accomplish more of the improvements needed while spelling out some of the recent measures taken to upgrade airconditioning and heating systems, lighting and so on. «We definitely need green financing, something that we can find in most European countries but not yet in Cyprus. The Central Bank also needs to change provisions for commercial banks so they can introduce less expensive mortgages when they relate to green housing. Only then can we move further in this direction.»
It was up to the state to provide developers with a clear set of the relevant criteria, he said. These should spell out «what is green and what is not» and they should include «a clear set of checks so we understand clearly what we need to deliver.»
Once these parameters are in place, he added, the market will move towards green housing. Moreover, the state, he concluded, should also «provide incentives for investors.»
According to Papanastasiou, the Ukrainian war and the current dire situation prevailing in the energy markets has resulted in increased interest in the East Mediterranean gas resources.
«The fact that Europe is desperately looking for new suppliers of gas might provide Cyprus with a great opportunity to develop its own gas field discoveries. With an appropriate investment, «Cyprus would be able to provide up to 15 per cent of Europe's gas needs,» Papanastasiou indicated.
Kassianides reminded participants of two important events that took place in recent weeks, namely the agreement between Israel and Lebanon to end their long-running dispute over their maritime border, and the inauguration of the EuroAsia Interconnector project.
The former will open the way to offshore energy exploration in the Mediterranean and enable Cyprus to finalise its own maritime border agreement with Beirut.
The latter will connect the Cypriot, Greek and Israeli power grids via what will be the world's longest submarine power cable totalling over 1,200 kilometres. It will have a 2,000 Megawatt capability and allow Cyprus to export or exchange any excess of renewable energy.
«That means Cyprus will be not only an energy user but also an energy exporter which will provide it with an additional incentive to invest in renewables,» Kassianides declared. «It means it is a good time to invest in the energy sector on the island, both in gas and in renewables.»
Reviewing Investment Opportunities in the Cyprus Electricity and Renewable Energy Sources, Cyprus Association of Renewable Energy Enterprises Secretary Nicos Trikkis spoke of the promising results inherent in the recently inaugurated EuroAsia Interconnector project. «The potential for renewables in Cyprus has changed. Now we can focus more and produce for export as well. This is good news since the cost of producing energy in Cyprus, especially through photovoltaics, is the cheapest in the Europe.»
Former Cyprus' Minister of Energy Lakkotripis was quick to point out that while it was appropriate to welcome the inauguration of the interconnector project there remained the pressing issue of the need to balance the grid.
«The grid has reached its limits. There is no more capacity. That is why you see fewer and fewer permits issued unless they carry storage as well.» The interconnector, he reminded participants, while undoubtedly a significant development, is not expected to complete the connection between Cyprus and Israel until 2027, at the earliest. «That is why something needs to be done about the grid long before that. This is our priority now.»
Property developer and Imperio Group co-founder Misirlis cited the need for green financing to help accomplish more of the improvements needed while spelling out some of the recent measures taken to upgrade airconditioning and heating systems, lighting and so on. «We definitely need green financing, something that we can find in most European countries but not yet in Cyprus. The Central Bank also needs to change provisions for commercial banks so they can introduce less expensive mortgages when they relate to green housing. Only then can we move further in this direction.»
It was up to the state to provide developers with a clear set of the relevant criteria, he said. These should spell out «what is green and what is not» and they should include «a clear set of checks so we understand clearly what we need to deliver.»
Once these parameters are in place, he added, the market will move towards green housing. Moreover, the state, he concluded, should also «provide incentives for investors.»
The future of Cyprus energy projects
Tasos Yiasemides, Head of GCMS services of the KPMG, Alexey Gubarev, Co-Founder of Palta, Stylianos Lambrou, Co-Founder of Reflect; Petr Valov, CEO, Exness; Yannis Matsis, Managing Director of MUFG Investor Services
Cyprus is rapidly becoming a dynamic global tech hub. Increasing numbers of IT companies are relocating to the island. But is the country prepared for this influx of new businesses and people? And what does the government have to do in order not to miss this big chance to become a New Tech Industry hot destination?
These were the main questions asked during the second plenary session of the Best Invest Congress. The session, entitled «Cyprus: a Fast Growing Global Tech Hub» brought together expat business leaders already established on the island and local business community experts. It consisted of two panel discussions and was organised in collaboration with TechIsland, the non-profit IT association established in 2021 charged with turning Cyprus into a world-class destination for world-class IT talent.
The two key discussions were moderated in turn by Tasos Yiasemides, Head of GCMS services of the KPMG and Natalia Kardash, Founder of the Successful Business Leaders' Club.
Other experts participating included Alexey Gubarev, Co-Founder of Palta, Stylianos Lambrou, Co-Founder of Reflect; Petr Valov, CEO, Exness; Yannis Matsis, Managing Director of MUFG Investor Services, former minister of transport and public works Marios Demetriades, Andreas Athinodorou from CIFA, Yiangos Hadjiyannis from Invest Cyprus and Angelos Paphitis of the AGP Law Firm managing partner.
«Cyprus can be the Singapore of the Mediterranenan,» declared Petr Valov, founder of Exness, one of the world's most successful online brokerage companies, headquartered in Cyprus.
He cited the island's great location at the «crossroads of three continents», noting that it is already considered to rank high among IT destinations, albeit «not as popular as for example London, but much more popular than a couple of years ago». The many advantages offered by the country make it worthwhile for IT experts to consider relocating to the island, he said, while conceding that there are also some disadvantages.
«Rents are expensive, there are not enough private schools,» Valov allowed. Given that all these professional newcomers to the island spend up to a half a bilion a year, a «constant quality income for Cyprus, coming from abroad and spent locally», it is important for the government to look to further infrastructure development, he argued.
Palta's co-founder Gubarev agreed. «Thousands of new apartments have to be built on this island. And at least three-to-four new schools. Right now, Limassol is already full - there is no accommodation, no offices, no space in schools here. Paphos is also full and Nicosia is filling in. Soon the only place left will be Larnaca,» he indicated. He also pointed to a huge shortage of local IT talent on the island. «There are no local IT experts. With all the companies that moved to the island in recent years and months there is a shortage of local IT talent. This also has to be solved.»
Others agreed, urging better coooperation between the government and the IT companies. «The government needs to understand better what has to be done to satisfy their needs in order to attract them to Cyprus, Reflect's Lambrou said. It was up to the government and the IT companies concerned «to work together for the future of Cyprus,» he said.
Matsis, the Head of the Cyprus office of MUFG Investor Services [the global asset servicing arm of Mitsubishi UFJ Financial Group] sounded a bit more optmistic. His company chose Cyprus as the location for its office in the EU time zone having investigated various other options in Europe. „The Japanese are long-term thinkers and they chose Cyprus because it did offer the best quality of life", he remarked.
Ticking off the the pluses of Cyprus as a business hub, Matsis listed the beneficial corporate tax rate, low income tax, the relative ease of hiring non-EU nationals, the affordable cost of doing business, the lowest cost of living outside Greece plus the fact that English is widely spoken.
So what are the possible solutions?
This next discussion was about improvements and changes that have to be made to transform Cyprus «into Singapore of Medinerranean», as Petr Valov CEO of Exness mentioned. Marios Demetriades, former minister of transport, communications and public works told participants that the government had been addressing some of the issues raised by previous panel and admitted that much more needs to be done. Opportunities had been identified as they emerged from the crises Cyprus has had to face within recent years, he said, and must now be exploited and built upon. «The private sector can solve many of the issues but first the government needs to come up with the right strategy. »
Others agreed, urging better coooperation between the government and the IT companies. «The government needs to understand better what has to be done to satisfy their needs in order to attract them to Cyprus, Reflect's Lambrou said. It was up to the government and the IT companies concerned «to work together for the future of Cyprus,» he said.
Yiangos Hadjiyannis, Board Member of Invest Cyprus was of a similar mind, saying that the authorities need to pay close attention to the companies' concerns. «Bureaucracy hinders development". he opined. «We have to step up our game. We have to listen to investors. We all need to work together and have a clear vision of how we can do better.»
Angelos Paphitis of the AGP Law Firm said that while the private sector is doing its best, the onus was on the government to adapt and transform. He called on the state «to invest more into the system and change its ways», noting that the already massive gaming industry would triple in a few years. «Gaming companies are interested in coming to Cyprus but are we prepared to welcome them?», he asked. Properly developed, it is a growth market, he declared, but even now with the foundations set up, «much more has to be done.» He pointed out that gaming, currently a 200 billion euro industry, is expected to grow to 600 billion.
Andreas Athinodorou, Board Member of the Cyprus Investment Funds Association concurred, «We have to be ready [for it], and we have months, not years. We have to train people, improve banking, change regulations, provide accommodation… I don't want Cyprus to be again too little too late,» he cautioned. Answering the question about the new role of the Fund Sector in the emerging Digital Economy – in Cyprus and globally, Athinodorou reminded that there is massive number of startups and IT tech companies each individually with a high risk of success/failure. Investors are better off investing into this new world via a vehicle that evaluates correctly and pulls risk together to maximise the risk/return.
These were the main questions asked during the second plenary session of the Best Invest Congress. The session, entitled «Cyprus: a Fast Growing Global Tech Hub» brought together expat business leaders already established on the island and local business community experts. It consisted of two panel discussions and was organised in collaboration with TechIsland, the non-profit IT association established in 2021 charged with turning Cyprus into a world-class destination for world-class IT talent.
The two key discussions were moderated in turn by Tasos Yiasemides, Head of GCMS services of the KPMG and Natalia Kardash, Founder of the Successful Business Leaders' Club.
Other experts participating included Alexey Gubarev, Co-Founder of Palta, Stylianos Lambrou, Co-Founder of Reflect; Petr Valov, CEO, Exness; Yannis Matsis, Managing Director of MUFG Investor Services, former minister of transport and public works Marios Demetriades, Andreas Athinodorou from CIFA, Yiangos Hadjiyannis from Invest Cyprus and Angelos Paphitis of the AGP Law Firm managing partner.
«Cyprus can be the Singapore of the Mediterranenan,» declared Petr Valov, founder of Exness, one of the world's most successful online brokerage companies, headquartered in Cyprus.
He cited the island's great location at the «crossroads of three continents», noting that it is already considered to rank high among IT destinations, albeit «not as popular as for example London, but much more popular than a couple of years ago». The many advantages offered by the country make it worthwhile for IT experts to consider relocating to the island, he said, while conceding that there are also some disadvantages.
«Rents are expensive, there are not enough private schools,» Valov allowed. Given that all these professional newcomers to the island spend up to a half a bilion a year, a «constant quality income for Cyprus, coming from abroad and spent locally», it is important for the government to look to further infrastructure development, he argued.
Palta's co-founder Gubarev agreed. «Thousands of new apartments have to be built on this island. And at least three-to-four new schools. Right now, Limassol is already full - there is no accommodation, no offices, no space in schools here. Paphos is also full and Nicosia is filling in. Soon the only place left will be Larnaca,» he indicated. He also pointed to a huge shortage of local IT talent on the island. «There are no local IT experts. With all the companies that moved to the island in recent years and months there is a shortage of local IT talent. This also has to be solved.»
Others agreed, urging better coooperation between the government and the IT companies. «The government needs to understand better what has to be done to satisfy their needs in order to attract them to Cyprus, Reflect's Lambrou said. It was up to the government and the IT companies concerned «to work together for the future of Cyprus,» he said.
Matsis, the Head of the Cyprus office of MUFG Investor Services [the global asset servicing arm of Mitsubishi UFJ Financial Group] sounded a bit more optmistic. His company chose Cyprus as the location for its office in the EU time zone having investigated various other options in Europe. „The Japanese are long-term thinkers and they chose Cyprus because it did offer the best quality of life", he remarked.
Ticking off the the pluses of Cyprus as a business hub, Matsis listed the beneficial corporate tax rate, low income tax, the relative ease of hiring non-EU nationals, the affordable cost of doing business, the lowest cost of living outside Greece plus the fact that English is widely spoken.
So what are the possible solutions?
This next discussion was about improvements and changes that have to be made to transform Cyprus «into Singapore of Medinerranean», as Petr Valov CEO of Exness mentioned. Marios Demetriades, former minister of transport, communications and public works told participants that the government had been addressing some of the issues raised by previous panel and admitted that much more needs to be done. Opportunities had been identified as they emerged from the crises Cyprus has had to face within recent years, he said, and must now be exploited and built upon. «The private sector can solve many of the issues but first the government needs to come up with the right strategy. »
Others agreed, urging better coooperation between the government and the IT companies. «The government needs to understand better what has to be done to satisfy their needs in order to attract them to Cyprus, Reflect's Lambrou said. It was up to the government and the IT companies concerned «to work together for the future of Cyprus,» he said.
Yiangos Hadjiyannis, Board Member of Invest Cyprus was of a similar mind, saying that the authorities need to pay close attention to the companies' concerns. «Bureaucracy hinders development". he opined. «We have to step up our game. We have to listen to investors. We all need to work together and have a clear vision of how we can do better.»
Angelos Paphitis of the AGP Law Firm said that while the private sector is doing its best, the onus was on the government to adapt and transform. He called on the state «to invest more into the system and change its ways», noting that the already massive gaming industry would triple in a few years. «Gaming companies are interested in coming to Cyprus but are we prepared to welcome them?», he asked. Properly developed, it is a growth market, he declared, but even now with the foundations set up, «much more has to be done.» He pointed out that gaming, currently a 200 billion euro industry, is expected to grow to 600 billion.
Andreas Athinodorou, Board Member of the Cyprus Investment Funds Association concurred, «We have to be ready [for it], and we have months, not years. We have to train people, improve banking, change regulations, provide accommodation… I don't want Cyprus to be again too little too late,» he cautioned. Answering the question about the new role of the Fund Sector in the emerging Digital Economy – in Cyprus and globally, Athinodorou reminded that there is massive number of startups and IT tech companies each individually with a high risk of success/failure. Investors are better off investing into this new world via a vehicle that evaluates correctly and pulls risk together to maximise the risk/return.
BEST INVEST CONFERENCE 2022 (Video highlights)
MAY 13-14, 2019
LIMASSOL, St. Raphael HOTEL
LIMASSOL, St. Raphael HOTEL
The 5th BEST INVEST CONGRESS in Limassol brought together International investors and local experts
The 5th BEST INVEST CONGRESS was held at St. Raphael hotel resort in Limassol on May 2019. For one more time investors, entrepreneurs and experts united to discuss investment and economic potential of Cyprus, identify risks and seek solutions to the main problems that our island faces today. A number of important questions were addressed related to the imbalances of the global economy, Cyprus reputation, the best sectors for capital investment, the situation within the financial system and many other subjects.
Cyprus investment strategy results and risks of the future
The first day of the event opened with a keynote speech by Philip Ammerman, an investment advisor and entrepreneur, who has reviewed the existing investment strategy of Cyprus. He has mentioned that Cyprus economy remains dependent on foreign capital inflows.
Discussing the main areas of investment, Ammerman pointed out that the "ship management revenue rose to 528 mln. USD in 2018", the property investment is growing as a result of investor citizenship program, demand for student housing, seasonal labour housing and buy-to-rent /tourism market rentals. Within the investor citizenship programme, 3255 passports have been granted between 2009 and 2017. Public sector employment has been growing since 2015, while there is still a lot of work to be done in the private sector. The Minister of Energy, Commerce and Industry Mr. Yiorgos Lakkotripis has also confirmed that Cyprus achieved an overall growth of 3.8 % in 2018 while for the next three years it is expected to grow the economy at least for 3-3.5 %.
The keynote speaker has also talked about the risks of future investment plans. Such risks include geopolitical situation, regulatory overshoot, international financial crisis, US treasury operations, lower banking effectiveness, etc. "We don't see the entrance of new capital changes in Cyprus, it is a key problem for the economy",- said Philip Ammerman. Cyprus is falling behind in many cases due to the bureaucracy, lack of digital productivity, the length of judicial processes. It certainly can do much better.
Discussing the main areas of investment, Ammerman pointed out that the "ship management revenue rose to 528 mln. USD in 2018", the property investment is growing as a result of investor citizenship program, demand for student housing, seasonal labour housing and buy-to-rent /tourism market rentals. Within the investor citizenship programme, 3255 passports have been granted between 2009 and 2017. Public sector employment has been growing since 2015, while there is still a lot of work to be done in the private sector. The Minister of Energy, Commerce and Industry Mr. Yiorgos Lakkotripis has also confirmed that Cyprus achieved an overall growth of 3.8 % in 2018 while for the next three years it is expected to grow the economy at least for 3-3.5 %.
The keynote speaker has also talked about the risks of future investment plans. Such risks include geopolitical situation, regulatory overshoot, international financial crisis, US treasury operations, lower banking effectiveness, etc. "We don't see the entrance of new capital changes in Cyprus, it is a key problem for the economy",- said Philip Ammerman. Cyprus is falling behind in many cases due to the bureaucracy, lack of digital productivity, the length of judicial processes. It certainly can do much better.
Where can Cyprus be 20-25 years from now?
Ajay Goyal, a creative entrepreneur & Venture investor compared Cyprus with "a rough diamond awaiting cut and polish." "Government needs to be proactive and it needs to be like a diamond cutter and polisher", - said Goyal. He stressed out the importance of dedication to European values, zero tolerance for corruption and racism, support mechanisms for the weakest social groups and areas, listening to investors and tourists that are central to Cyprus economic sustenance. "If we don't uphold the values of justice, equality, and humanity while we seek profit, then we will determine whether we end up in the bubble or like a diamond", - said Goyal.
According to him, Cyprus has inevitable bright future due to its location, smart size and natural resources. He considers the best investment in innovation. From a technological point of view, Cyprus is staying behind many European countries. Speaking about tourism, Goyal noted that the country needs to promote more diverse tourism, heritage tourism, attract people who want to experience "human touch." He believes that with smart thinking and technological innovation, Cyprus can position itself as a luxury destination with sustainable living.
According to him, Cyprus has inevitable bright future due to its location, smart size and natural resources. He considers the best investment in innovation. From a technological point of view, Cyprus is staying behind many European countries. Speaking about tourism, Goyal noted that the country needs to promote more diverse tourism, heritage tourism, attract people who want to experience "human touch." He believes that with smart thinking and technological innovation, Cyprus can position itself as a luxury destination with sustainable living.
Turning Cyprus into an attractive investment destination
Panel discussions of BEST INVEST CONGRESS brought together the representatives of the most promising industries in Cyprus including the hospitality industry, aviation, agriculture, energy, shipping, real estate, medical tourism, etc. Panellists discussed also the anti-crisis strategies in an era of economic uncertainty.
They agreed that the main problem of Cyprus is its reputation, which needs to be rebuilt. In the past, the procedure of opening a bank account on the island was extremely easy and it became a huge problem, the results we are witnessing now. However, meanwhile the banking situation is similar now everywhere in the world, there are some difficulties in Cyprus with proper understanding the OECD by the financial institutions. Panellists also talked about the future of passport by investment program, which should continue according to the opinion of the majority of speakers.
Mr. Goyal had recommended for Cyprus to create a single point of services for the investors to stop them running from one place to another. There is a big opportunity in Cyprus for attracting investors in a technological sector, the IT schemes are quite beneficial as well, but many investors don't know about it. Jimmy Sexton, a founder and CEO of Esquire Group in UAE commented on the possibility of Cyprus to become a central point for funds registration. Christiana Diogenous, a CEO of Unicars highlighted that Cyprus needs to grow using its strength: people and capital. It needs to use technology and to be aware of being environmentally sustainable.
The Mayor of Limassol Mr. Nicos Nicolaides has attended the Congress. He described Limassol as a very attractive investment destination and mentioned that the local authorities are trying to enhance all the features, cut down the costs and do everything else possible to facilitate the investment processes.
They agreed that the main problem of Cyprus is its reputation, which needs to be rebuilt. In the past, the procedure of opening a bank account on the island was extremely easy and it became a huge problem, the results we are witnessing now. However, meanwhile the banking situation is similar now everywhere in the world, there are some difficulties in Cyprus with proper understanding the OECD by the financial institutions. Panellists also talked about the future of passport by investment program, which should continue according to the opinion of the majority of speakers.
Mr. Goyal had recommended for Cyprus to create a single point of services for the investors to stop them running from one place to another. There is a big opportunity in Cyprus for attracting investors in a technological sector, the IT schemes are quite beneficial as well, but many investors don't know about it. Jimmy Sexton, a founder and CEO of Esquire Group in UAE commented on the possibility of Cyprus to become a central point for funds registration. Christiana Diogenous, a CEO of Unicars highlighted that Cyprus needs to grow using its strength: people and capital. It needs to use technology and to be aware of being environmentally sustainable.
The Mayor of Limassol Mr. Nicos Nicolaides has attended the Congress. He described Limassol as a very attractive investment destination and mentioned that the local authorities are trying to enhance all the features, cut down the costs and do everything else possible to facilitate the investment processes.
Most promising industries in Cyprus
It became clear that Cyprus real estate market is growing despite the negative facts happening in Europe. Even the uncertainty of Brexit and decrease in property prices in Dubai has a positive influence on the investments in Cyprus. The growth in educational sector results in the increasing demand for student housing and of course the tourism and on-going casino project play their important role. Mr. Yiannis Misirlis, a founding director of Imperio Group, mentioned that Cyprus could do better in real estate segment since a decade before the global economic crisis the figures were much higher: "I can see the market growing, the numbers give us these facts. I feel that the potential is really good and the foundations are quite solid." .- he said. It was mentioned that people buy property not only because of passports but simply because they believe in Cyprus.
The Energy market is expected to have major changes in the nearest future with Cyfield group introducing a new electricity plant and reaching 1500 MW maximum annual energy by 2027 (today maximum is 1200 MW). Now we are paying high electricity prices because in the existing monopoly market the plants are old and inefficient. The investments into alternative energy can be made through already established funds. The Minister also talked about important steps undertaking by the government towards becoming a gas producer and penetration of renewable energy. The shipping industry is another strong pillar and the government of the republic recognizes and promotes it while for the investors it might mean a stable return with almost no taxation. Apparently, Cyprus has made huge progress also in the Space exploration sector. Mr. George A. Danos, founder and president of Cyprus Space Exploration Organisation has mentioned that there are major opportunities for the private sector to get involved.
The medical tourism in Cyprus is just at the beginning of its expansion. Cyprus government still has to support medical tourism sector, because it is growing fast (9 % increase every year) worldwide. Currently, there is only one rehabilitation resort (Eden Resort) opened last year focusing on people that are in need of rehabilitation, wellness, medical support (besides hospital and clinics).
The first day of Best Invest Congress has shown that in general, Cyprus is doing a good job, using its strategic advantage, promoting key industries for investments. There is a number of aspects that can be improved to attract capital contribution in technology, improve financial institutions' efficiency and develop new sectors for investments such as Medical tourism and heritage tourism, for example. Cyprus has a high level of expertise available for investors and all speakers in general agreed on optimistic future for our island despite the difficult times coming ahead.
The Energy market is expected to have major changes in the nearest future with Cyfield group introducing a new electricity plant and reaching 1500 MW maximum annual energy by 2027 (today maximum is 1200 MW). Now we are paying high electricity prices because in the existing monopoly market the plants are old and inefficient. The investments into alternative energy can be made through already established funds. The Minister also talked about important steps undertaking by the government towards becoming a gas producer and penetration of renewable energy. The shipping industry is another strong pillar and the government of the republic recognizes and promotes it while for the investors it might mean a stable return with almost no taxation. Apparently, Cyprus has made huge progress also in the Space exploration sector. Mr. George A. Danos, founder and president of Cyprus Space Exploration Organisation has mentioned that there are major opportunities for the private sector to get involved.
The medical tourism in Cyprus is just at the beginning of its expansion. Cyprus government still has to support medical tourism sector, because it is growing fast (9 % increase every year) worldwide. Currently, there is only one rehabilitation resort (Eden Resort) opened last year focusing on people that are in need of rehabilitation, wellness, medical support (besides hospital and clinics).
The first day of Best Invest Congress has shown that in general, Cyprus is doing a good job, using its strategic advantage, promoting key industries for investments. There is a number of aspects that can be improved to attract capital contribution in technology, improve financial institutions' efficiency and develop new sectors for investments such as Medical tourism and heritage tourism, for example. Cyprus has a high level of expertise available for investors and all speakers in general agreed on optimistic future for our island despite the difficult times coming ahead.
BEST INVEST CONFERENCE 2019 (Video highlights)
To understand the format of the event better look through the reportage on previous BEST INVEST events.
May 14-16th, Limassol
St. Raphael Hotel
St. Raphael Hotel
May 14-15th, Limassol
Four Seasons Hotel and Trakasol Exhibition Centre
Four Seasons Hotel and Trakasol Exhibition Centre
MAY 14-16, 2018
LIMASSOL, St. Raphael HOTEL
LIMASSOL, St. Raphael HOTEL
BEST INVEST Conference United
International Real Estate Experts
International Real Estate Experts
The 4th BEST INVEST conference took place in Limassol on May 14-16th. Its aim was to gather together investors and business owners who are ready to engage in fruitful cooperation. The conference was organised by the Successful Business magazine.
A reception welcoming the guests took place on May 14th. Minister of energy, trade, industry and tourism Georgios Lakkotrypis opened the official ceremony.
Meeting of the Working Group of Cyprus-India Cooperation
The first day of the event, May 14th, opened with a meeting of the Working Group of Cyprus-India Cooperation. Among the participants during lectures and panel discussions the following guests were present: High Commissioner of India to Cyprus Dr R.K. Raghavan, President of Cyprus-India Business Association Marios Andreou, Deputy Minister of Shipping Natasa Pilides, MSC Shipmanagement founder and Director General Prabhat Kumar Jha, Royal Commonwealth Society (Cyprus) Director Anna Karafoulidou, lawyer Costas Catsaros, Top Kinisis Travel Vice-President Elena Tanou, and Areti Charidemou, a lawyer and partner of Areti Charidemou & Associates LLC.
The experts discussed the past, present and future Cyprus-India relations. The two countries have always maintained close relationship which grows stronger every year, said High Commissioner. Modern technology plays a major role in this. For the last 50 years India has been putting much effort into levelling up to global technology leaders, and is now ready to offer Cyprus a number of high-class business solutions.
Qualifications of Indian programmers and other specialists are recognised globally, e.g. by Google. Both Cyprus and India are willing to strengthen and further develop their business connections.
Another topic for discussion was the possible measures to be taken on the state level, such as simplification of visa issuing for business and tourist trips, increasing the transparency in the financial sphere, as well as exchange of experience, knowledge and technology. Cyprus and India can find grounds for cooperation not only in the IT sphere, but also in tourism, investments, medicine, industrial production, etc.
Qualifications of Indian programmers and other specialists are recognised globally, e.g. by Google. Both Cyprus and India are willing to strengthen and further develop their business connections.
Another topic for discussion was the possible measures to be taken on the state level, such as simplification of visa issuing for business and tourist trips, increasing the transparency in the financial sphere, as well as exchange of experience, knowledge and technology. Cyprus and India can find grounds for cooperation not only in the IT sphere, but also in tourism, investments, medicine, industrial production, etc.
Exhibition and Investment Projects Presentation
As part of the BEST INVEST conference, an exhibition of real estate investment projects took place on May 14th. The guests had an opportunity to learn about a number of flagship projects, such as Trilogy, Limassol Del Mar, Zaria, The One, The Icon, as well as about real estate from other market segments. Companies, such as Aristo, Harakis, Imperio, Leptos, Oikos, Pafilia, Shanda, CyField, Marr, BG Waywin, Trilogy, Allea Global, made presentations about their activities on the market. Luxury highrises, modern residential development projects, commercial real estate and investment opportunities—the detailed specifications of these options, including prices, locations and concepts, provided a solid foundation for comparison. Also, the activities of Renaissance Investments, Conculco, and Fiduciana Trust companies were presented to the guests.
Leading Cyprus developers, including Aristo Developers Ltd, Trilogy Limassol Seafront Ltd, Marr Group, Leptos Estates, Oikos Group, Pafilia Property Developers Ltd, Imperio Group, Allea Global Properties Ltd, and CyField Group of Companies, introduced their projects during the exhibition. The experts gave succinct presentations and answered the questions from the audience.
Plenary Sessions
BEST INVEST is not merely a conference, but a large-scale project, which aims at business relations development and strengthening, and at expert training. Hence, the second day of the conference comprised plenary sessions, discussions, seminars, and master-classes.
During the plenary sessions' opening, Limassol Mayor Nicos Nicolaides expressed his gratitude to the guests for their keen interest regarding business communications development in Cyprus. He emphasized the importance of active business people's involvement in the Cyprus economic recovery, and informed the public about the ways of attracting investors to Cyprus and about numerous current opportunities.
The first of the two plenary sessions looked into the latest trends in the Cypriot securities market, as well as opportunities, challenges and risks which the local economy is facing in 2018. Among the participants were the President of the Cyprus Association of Investment Funds Angelos Greoriades, Director of the Cyprus International Institute of Management (CIIM) Theodore Panayotou, RCB Vice-President Vladimir Zrazhewski, Chairman and CEO of the ÖL Shipping Group Eberhard Koch, an entrepreneur and venture investor, well-known internationally for his involvement in startups Ajay Goyal, President of the Cyprus Employers and Industrialists Federation Christos Michaelides, Chief Business Development Officer at Point Nine Andreas Roussos, Director of Ioannou and Theodoulou Theodoros Theodoulou, and Millya Group CEO and co-founder Ilya Loshak.
During the plenary sessions' opening, Limassol Mayor Nicos Nicolaides expressed his gratitude to the guests for their keen interest regarding business communications development in Cyprus. He emphasized the importance of active business people's involvement in the Cyprus economic recovery, and informed the public about the ways of attracting investors to Cyprus and about numerous current opportunities.
The first of the two plenary sessions looked into the latest trends in the Cypriot securities market, as well as opportunities, challenges and risks which the local economy is facing in 2018. Among the participants were the President of the Cyprus Association of Investment Funds Angelos Greoriades, Director of the Cyprus International Institute of Management (CIIM) Theodore Panayotou, RCB Vice-President Vladimir Zrazhewski, Chairman and CEO of the ÖL Shipping Group Eberhard Koch, an entrepreneur and venture investor, well-known internationally for his involvement in startups Ajay Goyal, President of the Cyprus Employers and Industrialists Federation Christos Michaelides, Chief Business Development Officer at Point Nine Andreas Roussos, Director of Ioannou and Theodoulou Theodoros Theodoulou, and Millya Group CEO and co-founder Ilya Loshak.
During the discussions moderated by Ajay Goyal and managing director of Fiduciana Trust Limited Anna Homenko, the experts talked about the developments in Cyprus which took place in between the crisis of 2013 and today's economic recovery. The plenary session participants agreed that the achieved financial results were directly connected to foreign investments and to the variety of services and goods offered by the local market.
The second plenary session expanded on the topic of future investments in the commercial and residential real estate. The experts discussed the existing programmes and new prospects of mutual investing along the Cyprus—Russia—Europe—Asia axis. Among the professionals who participated in this meeting were: Investor Relations Director of Consulco Dmitry Khenkin, Director of The Leading Properties of The World (Monaco) Sergey Sander, CEO of Oikos Developers Petros Petrou, Head of Real Estate Sales of Allea Global Properties Elena Narbuts, CEO of Nomera Capital (Portugal) Cristóvão Matos, Managing Director of AES Consulting Gmbh (Austria) Chinara Tuganbayeva, CEO of Plus Properties (Lebanon) Georges Chehwane, Financial Director of Reckon Developments (Ireland) Sergey Tarutin, Chairman of the Planning and Building Committee of the Municipality of Rishon LeZion Michael Raif, and CEO at Lekvi-Group (Czech Republic) Firaz Muinov.
During the discussion moderated by Founding Director of the Imperio Group Yiannis Misirlis, the foreign experts explained what types of real estate attracted the most interest from investors, and what caused that interest, as well as how to manage the demand. The speakers shared their views on attracting potential investors in different countries, and on Cyprus real estate sector's potential.
The second plenary session expanded on the topic of future investments in the commercial and residential real estate. The experts discussed the existing programmes and new prospects of mutual investing along the Cyprus—Russia—Europe—Asia axis. Among the professionals who participated in this meeting were: Investor Relations Director of Consulco Dmitry Khenkin, Director of The Leading Properties of The World (Monaco) Sergey Sander, CEO of Oikos Developers Petros Petrou, Head of Real Estate Sales of Allea Global Properties Elena Narbuts, CEO of Nomera Capital (Portugal) Cristóvão Matos, Managing Director of AES Consulting Gmbh (Austria) Chinara Tuganbayeva, CEO of Plus Properties (Lebanon) Georges Chehwane, Financial Director of Reckon Developments (Ireland) Sergey Tarutin, Chairman of the Planning and Building Committee of the Municipality of Rishon LeZion Michael Raif, and CEO at Lekvi-Group (Czech Republic) Firaz Muinov.
During the discussion moderated by Founding Director of the Imperio Group Yiannis Misirlis, the foreign experts explained what types of real estate attracted the most interest from investors, and what caused that interest, as well as how to manage the demand. The speakers shared their views on attracting potential investors in different countries, and on Cyprus real estate sector's potential.
Seminars and Masterclasses
As part of the BEST INVEST conference, educational events are organised annually. This year three experts shared their unique experience and knowledge with the participants during three-hour seminars, held on May 15-16th.
During the seminar titled 'Attract, Nurture, Convert: The New Rules of Getting Clients Online', an international speaker and coach Justin Devonshire explained the main criteria of working with online market segment. He shared his knowledge regarding how portals and social networks operate, gave examples of efficient running of any website, and elaborated on the potential client's evolution from an interested party to the paying one.
During the seminar titled 'Attract, Nurture, Convert: The New Rules of Getting Clients Online', an international speaker and coach Justin Devonshire explained the main criteria of working with online market segment. He shared his knowledge regarding how portals and social networks operate, gave examples of efficient running of any website, and elaborated on the potential client's evolution from an interested party to the paying one.
An expert in cultural architecture and change management, Timur Yagdarov, held a session under the title 'Tribal Leadership', explaining how a team's work efficiency can be doubled, what alternative there is to the dominating management style, and what is more important for an employee—one's ego or the common good. The masterclasses were presented in Russian and English.
Ekaterina Stepanova, who works as a Marketing director at Kalinka Group, presented two masterclasses. The first one, 'Personal Charisma and Sales Skills', expounded on such important aspect as a personality's role in the process of increasing effectiveness in the real estate sales. Ms Stepanova shared some reliant tools which allow a 30 per cent growth increase. She also explained how to procrastinate beneficially and to evoke necessary emotional reactions from potential customers. The other masterclass touched upon the creation of effective sales team, art of negotiations, and cooperation with mass media.
Both participants and speakers of the BEST INVEST conference appreciated the very high level of organisation, and expressed their gratitude to the Organising Committee for the opportunity to share their views during discussions and to build business connections in an informal setting.
Ekaterina Stepanova, who works as a Marketing director at Kalinka Group, presented two masterclasses. The first one, 'Personal Charisma and Sales Skills', expounded on such important aspect as a personality's role in the process of increasing effectiveness in the real estate sales. Ms Stepanova shared some reliant tools which allow a 30 per cent growth increase. She also explained how to procrastinate beneficially and to evoke necessary emotional reactions from potential customers. The other masterclass touched upon the creation of effective sales team, art of negotiations, and cooperation with mass media.
Both participants and speakers of the BEST INVEST conference appreciated the very high level of organisation, and expressed their gratitude to the Organising Committee for the opportunity to share their views during discussions and to build business connections in an informal setting.