How Cyprus can grow in the near future

As many, most or all of you might be aware of by now, Cyprus has been going through a bit of an economic pickle as of late, with a lot of doom and gloom being forecast for it and its people, however there are things that can and should be done in order to mitigate the repercussions of what is to happen – nobody is happy with the solutions, especially the Cypriots depositors and inhabitants who will be hardest hit – but we’ll be talking about these and a few other things today and tomorrow as well, trying to focus on how to make the situation less bad.

Cyprus still has a very highly educated workforce with which it has to find something to do, and quickly, in order to decrease the eventual brain drain that will undoubtedly happen which will surely diminish the country’s recovery prospects to a certain degree.

The solution does allow for the financial services business in Cyprus to continue to a certain extent, so preserving as much of this business potential as possible should be one of the things to keep in mind.

Tourism becomes an even more important factor in the current situation, and pushing for more aggressive tourism related improvements would be just the first of many steps in this regard. The idea of creating casinos should be looked at considering the beneficial geographic location of Cyprus in relation to the Mediterranean.

We mentioned the inevitable brain drain that will happen, well that can be greatly diminished by promoting higher education thanks to the country’s advanced private university system, with some legislation tweaks meant to support it, this could prove to be a significant boon in the mid-to-long term prospects of the country.

Outsourcing of the professional services that the country can offer, as we mentioned earlier the workforce is highly skilled and considerably less costly than that in Western Europe.

For the longer-term, there is very little way around the fact that Cyprus has to get in line with many other countries with a highly educated workforce and start building its software and technology capabilities, but this isn’t an industry with any kind of tradition in the country, so it will be a hard climb.