22.04.2022
New data that emerged in connection with the crisis in Ukraine, commented on the top managers of international audit firms in Cyprus. Representatives from PwC, KPMG and Deloitte describe the conditions being created in the technology, professional services and real estate sectors.
The announcements were made on the sidelines of the conference “Europe in Crisis: Dynamics and Impact on the Cyprus Economy”, which took place last Tuesday at the Parklane Hotel in Limassol and was hosted by IMH.
F. Sosielos: Strategic pursuit of talent acquisition
Philippos Sosielos, CEO of PwC Cyprus, emphasized that technology is indeed one of the main pillars on which we must rely in the development of the economy.
“We have to understand that beyond the crisis we are experiencing now and the acceleration we have had in the technology sector, in the context of the pandemic, there is a broader strategic context in which Cyprus is moving. There is Vision 2035, which aims to make Cyprus one of the best places in the world to live, work and create a business,” he said on this occasion.
At the same time, he pointed out that in this direction, technology is an accelerator, since a lot of digital abilities and skills are needed to achieve the goals. For this reason, he continued, attracting professionals to the technology industry should be approached strategically.
“Cyprus’s strategic ambition is to attract talent to Cyprus, as well as to develop talent by creating an ecosystem where universities will invest more in skills development. But the state also needs to improve its digital reform,” he said.
Mr. Sosilos believes that there is now an excellent opportunity for Cyprus to accelerate the realization of this vision and the implementation of a strategic economic development model.
In closing, the PwC CEO mentioned supporting the businesses coming to Cyprus now, accelerating our ability to digitize all sectors and enhancing our skills and competitiveness as a country, as areas we need to focus on in order to realize the vision.
X. Vassiliou: Professional Services Sector
Christos Vasiliou, Managing Director of KPMG in Cyprus, mentioned the difficult situation in which the war in Ukraine arose.
“The war in Ukraine started at a very inopportune time. Where we all expected that we would have 4-5% economic growth, immediately after the pandemic, the war broke out. Of course, I expect that we will have an impact on the professional services sector. The extent of the impact depends on too many things that we cannot currently predict.”
Speaking specifically about the service sector, he acknowledged that the sanctions and counter-sanctions imposed on Moscow by Russia, combined with the current war in Ukraine, create an unfriendly situation for business.
However, he refrained from making any assessments, since, as he pointed out, the degree of influence depends on how long the war, sanctions and counter-sanctions last.
However, Mr Vassiliou is optimistic as he says the professional services sector has proven to be resilient over the years and will continue to do so.
“There will be a temporary setback, but hopefully at the end of the day everything will be fine,” he concluded.
N. Kyriakidis: Creating affordable real estate
Due to the increased demand for office space and residential property from international companies based in Cyprus, in the technology sector, mainly the sector, supported by Nikos Kyriakidis, Head of Financial Advisory at Deloitte Cyprus.
“Attracting this type of investment is and should remain one of the goals of land development companies and all professionals and agencies in Cyprus.Demand for real estate must come from stable and sustainable sources, not from opportunistic sources. So this find makes us especially happy,” he said.
Regarding the ability of the sector to respond to growing demand, Mr. Kyriakidis said that not only is there enough land in Cyprus that can be used for this type of development, but we also have very capable developers who have proven themselves able to build and offer in the shortest possible time office space and apartments with high technical characteristics and quality.
At the same time, he drew attention to what type of properties we should focus on, saying that potential investors are not only looking for first-line properties.
“The leaders of these companies are not only hunting for real estate, which is located on the first line, for example, for towers, which are located on the first coastline of Limassol and have a high cost. We will have to create affordable real estate, houses and apartments so that we can meet the demand that has arisen.”
Mr. Kyriakidis concluded by saying that the sector can react, there are opportunities and we must be especially careful.
