Cyprus Attracts Two Silicon Valley Companies, Hosts Amazon Execs Amid Energy Challenges and US Investment Roadshow

Cyprus is positioning itself as a potential hub for information technology and telecommunications in the region, following recent efforts to attract investment from Silicon Valley companies. The President of Cyprus announced that two Silicon Valley firms have shown interest in investing on the island. The Ministry of Energy, Commerce and Industry emphasized the importance of reducing energy costs for the industrial sector and the broader economy. However, challenges remain, as the head of the Energy Sector at the Cyprus Energy Organization reported that over 70% of energy production was curtailed in March due to a lack of flexible and upgraded networks and storage systems. The government’s outreach to the US tech industry has seen tangible progress, with Amazon executives visiting Cyprus to engage in discussions. These talks are part of a broader initiative involving major technology companies such as Amazon, Google, Microsoft, and OpenAI, coordinated with the Ministry of Research and Innovation. Invest Cyprus highlighted the success of a recent US roadshow aimed at promoting investment opportunities, with its president, Eugenios Evgeniou, outlining the next steps following the President’s investment visit to the United States.