Can we turn it into an opportunity?

A new cold war is upon us. And once again finds itself in the middle of competing powers.

So as we start to head off for our summer holidays, it is time for a re-think about Cyprus and its future. This involves business-people as much as it involves the political leaders. Because how businesses respond will also affect how well Cyprus adapts to this new and more uncertain world.

On the one side of this new cold war is Russia, Cyprus’ largest partner for business services, the fastest-growing market for tourism and with a longstanding friendship that goes back at least as far as Byzantium.

little Cyprus

The most pressing need is dependence on Russian business.

You might know that your client is the cleanest person on the planet, whose only concern is to build a secure future for his children.

But Cyprus’ paymasters and partners do not see it that way. Somehow the West will always see Russian money, especially Russian money in Cyprus, as suspect.

Your client is now a reputational risk, which means a business risk, and you need to find new ones.

to

diversify

from

over- standards. Only with transparent international procurement standards, for example, will they be encouraged to base themselves here and partner up with locals for infrastructure and services.

This plan needs to be written not by ministry officials but by those with plenty of international experience. This plan also needs to be put in place fast, before Turkey, Israel, Greece or Lebanon do it for themselves.

So grab the business while you can but lobby the government to create the right conditions for you to flourish.