2022-2023 Cyprus Country Report
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
Apart from the sun and the sea,<br />
<strong>Cyprus</strong> has few natural resources<br />
and has been dependent on oil imports<br />
to satisfy its energy demands. However,<br />
the substantial discovery of natural gas<br />
and potential oil deposits in <strong>Cyprus</strong>’<br />
Exclusive Economic Zone (EEZ) in<br />
the Mediterranean Sea is expected to<br />
change all this. Exploratory drillings by<br />
global energy giants have confirmed<br />
natural gas reserves that could meet<br />
<strong>Cyprus</strong>’ domestic gas demand for over<br />
EAST MED ENERGY CENTRE<br />
IThe country’s top-tier<br />
universities and research<br />
institutes are also playing a<br />
pivotal part in these efforts<br />
to create a more sustainable<br />
energy mix through innovation<br />
in smart tech and research in<br />
ways to battle climate change<br />
100 years, and a surplus for export. The<br />
hydrocarbons race in <strong>Cyprus</strong>’ waters has attracted international energy heavyweights,<br />
such as Total, ENI, Kogas, Royal Dutch Shell, and ExxonMobil to explore the island’s<br />
waters for new discoveries and multiple auxiliary services companies have set up<br />
to support these efforts. With 340 days of sunshine to harness, solar energy has also<br />
become a bit of a boom segment for <strong>Cyprus</strong> recently. The government is placing strong<br />
focus on renewable energy and working towards achieving a zero-carbon economy.<br />
The country’s top-tier universities and research institutes are also playing a pivotal role<br />
in these efforts to create a more sustainable energy mix through innovation in smart<br />
tech and research in ways to battle climate change.<br />
TECH AND INNOVATION TAKING THE LEAD<br />
The technology space in <strong>Cyprus</strong> is seeing a fresh boost with more state support to the<br />
sector, the launch of new national strategies to integrate innovative tech, and fresh<br />
incentives to attract more digital nomads, IT start-ups and regional headquarters. With<br />
its new focus on long-term development outcomes, <strong>Cyprus</strong> is determined to diversify<br />
and harness growth with a technology-driven economy. The biggest spender by far on<br />
IT in <strong>Cyprus</strong> is the financial sector, followed by the telecoms providers and the public<br />
service. Albeit one of the smallest EU member states, research and development is an<br />
area where <strong>Cyprus</strong> punches well above its weight. Unprecedented investment into the<br />
sector and ground-breaking projects are establishing this small island, not only as an<br />
innovation and research hub, but as a regional centre of excellence providing strong<br />
links with the global scientific and technical innovation community.<br />
POPULAR TOURISM DESTINATION<br />
Tourism has been a key driving force of the Cypriot economy for decades, and pre-<br />
Covid the country saw consecutive years of record-breaking numbers of tourist<br />
arrivals and revenue. Although the pandemic temporarily stifled the thriving sector,<br />
tourist arrival figures are rebounding and new projects currently underway are<br />
set to strengthen and upgrade <strong>Cyprus</strong>’ tourism product and encourage more yearround<br />
visitors, a strategy <strong>Cyprus</strong> is fully committed to. These projects range from the<br />
construction of new golf courses, luxury marina developments and the upgrading of<br />
the island’s wellness and medical tourism product. A new and exciting prospect is the<br />
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