In the highly competitive environment that has been created internationally due to the successive crises, attracting foreign investment remains key to the recovery of the economy and a necessary element for the creation of a sustainable development model, explains the CEO of Prospectacy, Vassilis Zertalis.
In his interview with InBusinessNews, Mr. Zertalis emphasizes in this regard that with flexibility and remote work now gaining a central role in the labor market, headquarters and the attraction of foreign investment are not just additional advantages for our country’s economy, but its constituent elements, which ensure its stability and sustainable development.
As Prospectacy’s CEO points out, “we must further upgrade the country’s infrastructure to attract more innovative companies and established professionals, while strengthening Cyprus’ accessibility to new European and regional markets”.
Below is the interview of Mr. Zertalis:
In recent years we have seen that Cyprus attracts more and more companies that want their headquarters here. What does this mean for Cyprus and for the sector you represent ?
It is a fact that one of the most important achievements of Cyprus is its establishment in recent years of a competitive business center. The establishment of headquarters in Cyprus by a number of foreign companies brought to our country significant know-how, while at the same time it contributed to the opening of thousands of jobs, creating multiplier benefits for the economy in the midst of successive crises.
Already, large investments in the technology sector have paved the way for the creation in Cyprus of a regional hub between Europe and Asia. It is worth noting that, according to a recent study carried out on behalf of the Cyprus Investment Promotion Agency, Invest Cyprus, the economic impact of the presence of international technology companies in our country, such as Wargaming, Apella Games Ltd, Nexters, Easybrain, 3CX and others, it amounted to €1.5 billion by 2020, with the benefits spreading horizontally across the economy, such as the professional services, real estate, education, health and entertainment sectors, thus increasing government revenues.
Redefining the development model
Can Cyprus rise above the competition from other neighboring and European countries in the field of financial services for businesses?
Many companies prefer Cyprus to establish their headquarters, because it gathers a number of comparative advantages over larger countries, in terms of its competitiveness as a financial center, but also as a destination for attracting talent and capital.
First of all, the country has a wide network of double taxation agreements that is constantly expanding, as well as an attractive tax regime. At the same time, it provides high-quality and low-cost support services, while an important advantage is its geographical location, operating as a regional center with access to developed markets, both in Europe and the Middle East. At the same time, Cyprus generally offers a high quality of life, one of the lowest crime rates in the EU, mild weather conditions and qualified human resources.
In the highly competitive environment that has been created internationally due to successive crises, attracting foreign investment remains key to the recovery of the economy and a necessary element for the creation of a sustainable development model.
In this direction, it is necessary to emphasize the promotion of Cyprus as an attractive destination for attracting quality investments in various sectors of the economy, such as technology, education and research, health, renewable energy sources, financial and professional services, shipping, sports and the cultural industry. The extraction of know-how and capital in different sectors will lead to the growth and diversification of the productive base of the economy, creating quality jobs for the local population.
With flexibility and telecommuting now taking on a central role in the labor market, headquartering and attracting foreign investment are not just additional advantages for our country’s economy, but components that ensure stability and sustainable growth her.
With the abolition of the Cyprus Investment Program, how in your opinion can further impetus be given to attracting foreign companies?
The new investment attraction program announced by the government strengthens the competitiveness of Cyprus, while it is expected that it will also contribute to redefining the country’s development model. In particular, the new investment attraction program focuses on facilitating the relocation procedures of foreign companies, expanding the tax incentives offered to foreign companies, as well as providing employment permits for personnel from third countries working in international companies.
Την ίδια στιγμή, εστιάζει σε έναν τομέα που αναδεικνύεται ως σημαντικός πυλώνας της οικονομίας μας, αυτόν της τριτοβάθμιας εκπαίδευσης. Η ενίσχυση των ιδιωτικών και δημόσιων ιδρυμάτων τριτοβάθμιας εκπαίδευσης, θα συμβάλει στην ανάπτυξη του εργατικού δυναμικού της χώρας, και θα προσελκύσει ερευνητές, φοιτητές και πόρους από το εξωτερικό, συνδέοντας παράλληλα, με αποτελεσματικό τρόπο, την εκπαίδευση με την αγορά εργασίας. Η ενίσχυση της αγοράς εργασίας με εξειδικευμένο προσωπικό συνεπάγεται και ενίσχυση των συγκριτικών πλεονεκτημάτων της Κύπρου ως επιχειρηματικό κέντρο.
We must build on this effort that has already begun, in order to further upgrade the country’s infrastructure to attract more innovative companies and established professionals, while strengthening Cyprus’ accessibility to new European and regional markets.
Services and technology
What are companies looking for from professional service providers in Cyprus?
In addition to the professional services we offer, as we have described them previously, many companies ask for help in looking for business accommodation, as well as legal guidance for their establishment in Cyprus or for the transfer of their staff to the country and explanation of procedures. Our role is to facilitate companies wishing to set up headquarters in Cyprus, creating the appropriate environment and conditions.
What is the role of technology in the services sector and where are things headed?
Technology plays a key role in the service sector mainly because it ensures transparency but also saves time. It allows the due diligence process to be immediately carried out regarding the customer through specialist houses and the origin of money to be controlled.
The technology also offers asset management solutions powered by big data analytics.
One of the biggest benefits of artificial intelligence is its ability to ‘sift’ large amounts of data. What would normally take weeks or even months can now be done in days or even hours.
Using the data they collect along with customer information, AI systems can determine where customers’ money can be allocated or which products they should invest in. This allows the manager to offer services tailored to the customer’s needs quickly.
The ability to process large volumes of data with ease allows monitoring of every aspect of work and quick correction of errors and frees managers from repetitive and complex tasks while allowing them to provide specific information based on customer needs.
What are the future plans for you and Prospectacy?
Prospectacy’s goal is to continue to grow as an organization, serving the increased needs of its customers and partners. Our effort is to create value through our activity, contributing to building conditions of long-term economic prosperity and, by extension, to supporting the local community.