Cyprus Country Commercial Guide
Learn about the market conditions, opportunities, regulations, and business conditions in cyprus, prepared by at U.S. Embassies worldwide by Commerce Department, State Department and other U.S. agencies’ professionals
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Market Opportunities
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U.S. trade and investment are welcome across the island.  A wide variety of Cypriot sectors seek out U.S. products and technology, including healthcare, shipping, academia, scientific research and development, financial services, environmental protection technology, and tourism infrastructure development projects.  Energy exploration, exploitation, ancillary services, infrastructure construction, trading of natural gas, alternative energy generation, and renewable energy storage technology hold significant promise for U.S. business.  The ROC’s digital transformation efforts, accelerated during COVID-19 and by EU recovery funds, present significant opportunities (please see Leading Opportunities chapter for specific projects). 

The ROC’s Recovery and Resilience Plan (RRP, approved by the European Commission in May 2021, envisions broad-reaching reforms from 2021-2026 in exchange for $1.2 billion in EU funding.  The ROC intends to use approximately 41 percent of this funding for green transition projects, 23 percent for digital transition projects, and remaining funding for other reform projects such as encouraging innovation and advancing the role of women in business.

An emerging start-up ecosystem provides a variety of opportunities for potential investors, while Cypriot startups need relatively modest amounts of venture capital and mentoring.

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Global Business Navigator Chatbot Beta

Welcome to the Global Business Navigator, an artificial intelligence (AI) Chatbot from the International Trade Administration (ITA). This tool, currently in beta version testing, is designed to provide general information on the exporting process and the resources available to assist new and experienced U.S. exporters. The Chatbot, developed using Microsoft’s Azure AI services, is trained on ITA’s export-related content and aims to quickly get users the information they need. The Chatbot is intended to make the benefits of exporting more accessible by understanding non-expert language, idiomatic expressions, and foreign languages.

Limitations

As a beta product, the Chatbot is currently being tested and its responses may occasionally produce inaccurate or incomplete information. The Chatbot is trained to decline out of scope or inappropriate requests. The Chatbot’s knowledge is limited to the public information on the Export Solutions web pages of Trade.gov, which covers a wide range of topics on exporting. While it cannot provide responses specific to a company’s product or a specific foreign market, its reference pages will guide you to other relevant government resources and market research. Always double-check the Chatbot’s responses using the provided references or by visiting the Export Solutions web pages on Trade.gov. Do not use its responses as legal or professional advice. Inaccurate advice from the Chatbot would not be a defense to violating any export rules or regulations.

Privacy

The Chatbot does not collect information about users and does not use the contents of users’ chat history to learn new information. All feedback is anonymous. Please do not enter personally identifiable information (PII), sensitive, or proprietary information into the Chatbot. Your conversations will not be connected to other interactions or accounts with ITA. Conversations with the Chatbot may be reviewed to help ITA improve the tool and address harmful, illegal, or otherwise inappropriate questions.

Translation

The Chatbot supports a wide range of languages. Because the Chatbot is trained in English and responses are translated, you should verify the translation. For example, the Chatbot may have difficulty with acronyms, abbreviations, and nuances in a language other than English.

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