Welcome to The Cyprus Excellence Index, a dedicated space highlighting the achievements, innovation, and growth that define Cyprus's business landscape.
Here, you'll find curated summaries of impactful articles from reputable newspapers, news agencies, and other trusted sources that showcase how Cyprus is advancing in various industries.
This index will be regularly updated with news and insights that reflect the country's journey of progress and excellence. Each featured summary includes a link to the original source for those who wish to explore further.
Stay tuned as we continue to document the stories that make Cyprus a hub of innovation and opportunity.
Updated 17/01/2025
Aviation industry holds national strategic importance for Cyprus, Transport Minister says
The aviation industry holds national strategic importance for Cyprus, Transport Minister, Alexis Vafeades has said, adding that the government remains steadfast in its commitment to supporting the growth of this vital industry.
Cyprus to join Schengen area by 2025, says Christodoulides
Cyprus and Ireland remain the only EU member states outside the Schengen area, as they have no land borders with other EU countries. Speaking at the “Beyond Sea and Sun” conference in Nicosia, organised by Hermes Airports, Christodoulides highlighted the benefits Schengen membership would bring to Cyprus, particularly in tourism and investment.
Highlights from Cyprus president Christodoulides interview
In a recent interview with “Phileleftheros,” (29/12/2024) President Nikos Christodoulides outlined a series of economic reforms and measures aimed at enhancing Cyprus’s economic landscape and the well-being of its citizens.
EY Cyprus Attractiveness Survey 2024
EY analyzes the trends and dynamics of international establishments and conducts interviews with thousands of foreign business leaders to identify the key indicators of European countries' attractiveness.
The 12 foreign investments that have defined 2024 in Cyprus
In recent years, Cyprus has been quietly – and then not so quietly – reinventing itself. The bulk of foreign direct investment (FDI) flowing into the economy has reduced its reliance on the traditional trio of real estate, tourism and services, leading to a new pillar of economic activity: technology.
Thomas Kazakos appointed Secretary General of the International Chamber of Shipping
The Cyprus Shipping Chamber has announced that its Director General, Thomas A. Kazakos, has been appointed Secretary General of the International Chamber of Shipping (ICS) from 1 April 2025, in replacement of Guy Platten, who is soon retiring.
Cyprus achieves upgrades from S&P. Fitch, Moody's
Cyprus has received significant recognition from the three major credit rating agencies, Fitch Ratings, Moody’s and S&P. Fitch upgraded the island's credit rating to A- from BBB+, citing strong fiscal performance and robust economic growth. Moody’s, upgraded the Cyprus economy to A3 from Baa2, and improved the outlook to positive, reflecting optimism about sustained fiscal and economic resilience. Last but not least, S&P Global Ratings upgraded the economy to A-' from 'BBB+ with a stable outlook.
Cyprus Upgraded To 'A-' On Economic And Fiscal Outperformance; Outlook Stable
On Dec. 13, 2024, S&P Global Ratings raised its long-term sovereign credit ratings on Cyprus to 'A-' from 'BBB+' and affirmed its 'A-2' short-term ratings on the sovereign. The outlook is stable.
Fitch Upgrades Cyprus to 'A-'; Outlook Stable
Fitch Ratings has upgraded Cyprus's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'A-' from 'BBB+'. The Outlook is Stable.
Evgenios Evgeniou: Cyprus leads in increasing foreign investments
Cyprus recorded the largest increase in foreign direct investment in Europe in 2023. In the year under review, foreign direct investment (FDI) in Cyprus amounted to €3.5 billion, resulting in the creation of 2,500 new jobs, recording an increase of 129%, the largest in the EU.
USA and Cyprus reaffirm shared commitment to countering illicit finance
In March 2024, the USA and Cyprus embarked on a collaborative effort to strengthen the Republic's ability to detect, investigate, and prosecute financial crimes. This initiative, spearheaded by the U.S. Department of Justice (DOJ) and the Federal Bureau of Investigation (FBI), with support from the U.S. Department of State’s Bureau of International Narcotics and Law Enforcement Affairs (INL) and Embassy Nicosia, has yielded significant progress.
KREAB selected to undertake Cyprus' international rebranding
Cyprus’ international rebranding as an investment destination has been put in the hands of global strategic communications consultancy KREAB.
New study places Cyprus in second place among region's top three innovation economies
As well as moving up a place to 27th overall in Global Innovation Index 2024, Cyprus is also considered to be in second place in Northern Africa and Western Asia region when island economies are included.
President-European Court of Auditors member highlight Cyprus' first place in EU fund utilisation
President of the Republic Nikos Christodoulides and the Member of the European Court of Auditors Lefteris Christoforou, have highlighted Cyprus' first place among the EU Member States in terms of the utilisation of European funds.
Cyprus gains €126m EU funds in 2023, more by 2027
Cyprus has received a total of €126 million net in funds from the EU for 2023 and is set to gain much more by 2027, Cypriot member of the European Court of Auditors (ECA) Lefteris Christoforou said on Thursday.
Philippe Bone discusses Accor's plans for at least 40 hotels in Cyprus, with 10 projects already underway
Philippe Bone, Vice-President Development CIS, Georgia, Israel and Cyprus at Accor, tells CBN about the French multinational hospitality company's plans to further develop in Cyprus after partnering up with GAP Vassilopoulos to open the Classic Hotel Nicosia, the ultimate goal being to run at least 40 hotels on the island, with 10 projects or takeovers already "at a very early stage".
First mobile desalination units to be ready in October 2025
The Water Development Department of the Ministry of Agriculture, Rural Development and the Environment, has said that the first mobile desalination units will be ready in October 2025.
Tourist Arrivals and Returns of Residents of Cyprus from trips abroad: October 2024
Arrivals from the United Kingdom were the main source of tourism for October 2024, with a share of 36,3% (166.588) of total arrivals, followed by Poland with 8,1% (37.010), Germany with 7,6% (34.822), Israel with 5,2% (24.088) and Sweden with 4,1% (18.713).
Why Revolut chose Cyprus for its European crypto operations base
In 2022, UK neo-banking giant Revolut chose Cyprus as the headquarters for its European crypto operations.
Commission expects robust growth in Cyprus the next two years in Autumn 2024 Economic Factors
The Commission expects annual growth in Cyprus to be at 3.6% for 2024, and growth to continue by 2.8% and 2.5% over the next two years. Inflation is expected to decelerate from 2.2% this year to 2.1% and 2.0% in 2025 and 2026. Unemployment is also expected to drop from 4.9% this year to 4.7% in 2025 and 4.5% in 2026.
CBC Governor: Cypriot banks adjust interest rates at a slower pace
The small size of the Cypriot economy and the surplus liquidity of the banking sector contribute to the adjustment of interest rates at a slower pace than in larger Eurozone economies, Central Bank of Cyprus Governor Christodoulos Patsalides has said.
Cyprus banks face new reputation rules as interest rates set to ease
The Central Bank has introduced new provisions on reputational risk in its directive on internal governance of credit institutions, aiming to provide banks with clear guidance on identifying and managing reputational risks.
Digital Citizen App set to launch
The Digital Citizen App is set to be launched tomorrow, 5 December, as promised by President Nikos Christodoulides when he formally announced Cyprus' rebranding in the international markets.
The aim is for Cyprus to become regional technology hub, Skourides says
Chief Scientist for Research, Innovation and Technology of the Republic of Cyprus, Demetris Skourides, has said that the National Strategic Goal is to turn Cyprus into a regional technology hub.
This year one of the best ever for tourism
This year has been a very successful tourism year, with October 2024 being recorded as the best October ever for tourism, with an increase in arrivals of over 26% over a two-year horizon, Deputy Minister of Tourism Kostas Koumis has said.
