Cyprus was cited as an example to follow regarding its startups environment that is second only to tourism in contribution in the island’s economy. John Georgoulas, independent director of Nicosia-based digital banking platform ECOMMBX, emphasized the importance of technology in shaping the future and promoting transparency. He highlighted Cyprus as a model at The Economist’s 28th Annual Government Roundtable, noting the country’s technology sector contributes 13% to GDP, second only to tourism. The sector attracts new companies and human resources, with over 300 fintech companies operating in Cyprus.
Georgoulas identified challenges in promoting innovation in Europe, including the lack of capital markets integration as a significant barrier. He mentioned that this hurdle leads startups to explore opportunities in the US market. While acknowledging the necessity of regulations, Georgoulas cautioned against over-regulation that could raise costs to unsustainable levels for businesses.
The tech sector in Cyprus is thriving, playing a vital role in the economy and attracting a diverse range of companies. With ongoing efforts to foster innovation and growth, Cyprus continues to establish itself as a hub for startups in the region.
