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. Despite delays caused by COVID-19, energy exploration, exploitation, ancillary services, infrastructure construction, trading of natural gas, and alternative energy generation hold significant promise for U.S. business. The ROC’s digital transformation efforts, accelerated by COVID-19 and EU recovery funds, present significant opportunities (please see the 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 the remaining funding for other reform projects such as encouraging innovation and advancing the role of women in business.
View business recovery from coronavirus. 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.