Cyprus Business Digest: Key Developments

India, Greece, and Cyprus Launch New Business Council
A new chapter in trilateral economic relations was inaugurated on May 12 with the launch of the India-Greece-Cyprus Business and Investment Council (IGC) in Limassol. The event, hosted by Eurobank and attended by senior officials and business leaders from all three nations, emphasized the potential for deeper trade, investment, and innovation ties. Cyprus sees India as a key emerging market, particularly for tourism and special interest sectors such as Bollywood film production.

Eurobank’s Digital Transformation Project
In another significant announcement, Eurobank Cyprus, in partnership with LTIMindtree and Fairfax Digital, revealed a major digital transformation project aimed at reshaping its banking services. The project, which includes the development of a new digital banking platform, is expected to enhance customer experience and streamline processes, highlighting Cyprus’ growing role in the digital finance space.

Cyprus Strengthens Cybersecurity Focus
The Cyprus Chamber of Commerce & Industry (Keve) hosted a Cyber Security Weekend aimed at raising awareness about the increasing digital risks facing businesses, particularly in the food sector. The event, co-organized with the Digital Security Authority (DSA), emphasized the importance of cybersecurity in the face of growing digital threats, affecting all sectors of the economy.

Gender Equality in Cyprus: Challenges and Progress
Despite advances in employment and financial access, Cyprus still faces significant gender disparities in political representation and leadership. According to a recent report, women hold only 14% of parliamentary seats, far below the EU average of 33%. This ongoing challenge underscores the need for continued efforts toward gender equality, particularly in leadership positions.

A Landmark Court Ruling on Illegal Property Sales
In a landmark ruling, the Cyprus Real Estate Agents Registration Council applauded the conviction of two individuals for illegally promoting and selling Greek Cypriot properties in the north. This marks a significant legal milestone, as these are the first convictions for such activities since 1974, underscoring Cyprus’ commitment to protecting its sovereignty over occupied areas.

Cyprus’ Growing Role in Global Innovation
Cyprus continues to make strides in the global technology sector. This week, the Cyprus Stock Exchange (CSE) presented itself as an untapped gateway for tech firms seeking funding and credibility. Furthermore, global AI chipmaker Tenstorrent took its first steps toward establishing a presence in Cyprus, signaling the country’s growing position as a regional tech hub.

Tourism and Real Estate Growth
Cyprus continues to see significant growth in both tourism and real estate. The tourism sector recorded a 15.4% increase in international arrivals in the first quarter of 2025, reflecting the country’s appeal as a prime off-season destination. In real estate, the government has taken significant steps to regulate short-term rentals, responding to concerns about rising housing costs and urban planning issues.

Cyprus Embraces Digital Innovation and Sustainability
In another positive sign for Cyprus, the government is promoting digital innovation alongside environmental sustainability. Efforts to green the energy sector saw the rejection of plans for a wind farm near protected Natura 2000 zones, as environmental concerns over the impact on local wildlife habitats were raised.

Investing in the Future: Reflecting on Cyprus’ Growing Startup Ecosystem
Cyprus continues to rank as one of the fastest-growing startup ecosystems in Europe, with a 28.22% growth rate in 2025. The country now stands as a global leader for its size, with all four of its recognized startup cities (Nicosia, Limassol, Larnaca, and Paphos) showing measurable progress. This is indicative of Cyprus’ commitment to fostering innovation and entrepreneurship.

Key Industry Announcements and Strategic Growth
This week also saw strategic investments and new projects across several sectors. Studio 42, a Cyprus-based mobile game studio, secured $3.6 million in seed funding, while the government outlined plans for the renovation of the Larnaca marina. Additionally, the Reflect Festival in Limassol showcased the country’s commitment to becoming a regional leader in innovation and technology.

Cyprus is making impressive strides in expanding its global footprint, particularly in tech, tourism, and sustainable business practices. With strategic investments, international collaborations, and a focus on innovation, the future looks bright for the island nation.