Cyprus’ economy has relied on the tourism sector for nearly three decades. The global pandemic in 2020 brought stark realizations to the surface, showing that the island’s economy must be more resilient and agile. Since 2021, the island has seen significant growth in its services sectors excluding those related to tourism. 

According to the European Commission’s country report for Cyprus in August 2023, “the share of gross value added by services excluding sectors related to tourism and public services increased from an average of almost 60 percent from 2016-2019 to around 65 percent in 2022. ICT and professional services have played a significant role in this development. 

These sectors, together with investment funds, are mainly exports-oriented and their share in the total exports of services increased from 51 percent in 2016-2019 to 65 percent in 2022. As a result, the economy has become less dependent on tourism.”

This is largely due to the influx of businesses relocating to Cyprus for various preferential reasons. Tying these businesses together under a unified roof, however, is where the promise lies for a successful ICT sector. The coming together of thought leaders, innovators, experts, and entrepreneurs to collaborate and grow is what makes a technology ecosystem critical to today’s economy.

Amalgamating the technology sector is TechIsland’s mission, as well as ushering in technological innovation and guiding technology-first startups and scaleups to become successful not only locally, but globally as well. TechIsland is a well established non-profit IT association which launched in 2021 with various thought leaders and industry experts leading the way to a more technologically involved and tuned future for Cyprus.

In its efforts to bring the technology sector together, TechIsland hosts its annual event, the TechIsland Summit as part of the Reflect Festival. It has brought together more than 300 participants and exceeds 30 speakers across over seven panel discussions. In 2023, the TechIsland Summit aims to tackle the various challenges and opportunities in growing Cyprus’ technology hub, working with leaders, decision-makers, and change-bringers to bring in-depth insights, experiences, and ideas to the surface. 

At the summit, attendees have the opportunity to seek opportunities in technology companies in Cyprus, engage with thought leaders, investors, and government officials, and nurture their networks in ways that would likely not be possible otherwise. Following the success of the TechIsland Summit in 2022 and the launch of the Cyprus Ecosystem Map, this year’s event is met with great anticipation.

As a proud media partner of TechIsland, Fast Forward will be covering the 2023 TechIsland Summit. Join the event to expand your horizons, meet jetsetters and industry experts, and grow your presence within the sector.