Stavros Ioannou, CEO of Grant Thornton Cyprus, talks about the growth that his company's sector will have but also about supporting clients in new challenges
Mr. Stavros Ioannou, CEO of Grant Thornton Cyprus.
2025 looks set to be a year of dynamic developments for both the Cypriot economy and for us at Grant Thornton Cyprus. Having Grant Thornton UK as an ally, following their recent strategic investment in the Cypriot firm, we are particularly optimistic about the growth that our sector will have, but also for the continued support of our clients in the new challenges. This investment will not only provide our dynamic team with new opportunities and skills, but will also ensure that our services continue to meet high global standards, placing Grant Thornton Cyprus in a leading position in the Cypriot market.
Green transition
One of the key challenges that businesses will be called upon to respond to immediately is undoubtedly the green transition, which is no longer an optional option; it is necessary for the global and local economy, as the integration of sustainable practices is a top priority. As highlighted by the recent International Business Review by Grant Thornton International, the middle market, which is an important part of the global economy, is now called upon to make decisions that meet the new demands for sustainability. Medium-sized enterprises, which are at the heart of the supply chain, have the potential to influence and guide both larger and smaller businesses towards more sustainable practices.
Grant Thornton research shows that mid-sized businesses are adopting more sustainable practices under pressure from competition and customer demands, but they also face significant challenges such as high costs and complex regulation. In fact, new regulations and stringent requirements have made sustainability not just an aspiration, but a business necessity for survival. However, most businesses still lack a clear roadmap. Therefore, it is more important than ever to work with advisors who understand the regulatory environment and can guide them on the next steps to become more attractive to investors and customers.
At Grant Thornton Cyprus, we fully support this transformation, as we have a dedicated team in the Sustainability Services department, which is fully trained and actively supports our clients to integrate sustainable solutions in a way that enhances their competitiveness and creates long-term value. It is clear that the need for sustainability will not diminish in the future. On the contrary, it will intensify and we are here to ensure that our clients have the support they need.
Digital Transformation
At the same time, digital transformation is another factor accelerating developments. Technology, and in particular the possibilities offered by artificial intelligence and data, accelerates the pace of the market and opens up new horizons for innovation. As our experience from collaborations with international clients shows, the combination of digital and sustainable solutions can create significant added value. Having teams that understand new technologies and have the ability to implement them effectively is crucial to achieving better results.
The new investment from Grant Thornton UK allows us to further strengthen this direction. Local teams in Cyprus will be able to draw on valuable expertise and best practices from our international team and in this way we will be able to remain competitive on a global level. The adoption of these tools and the training of our staff in these new skills is one of our main goals for 2025.
Cyprus is a pole of attraction for foreign businesses
In 2025, Cyprus has the potential to strengthen its role as an international business center and welcome new businesses operating in the technology sector, family offices and investments in the sustainability sector. Our country has the infrastructure and strategic location that make it a pole of attraction for foreign businesses, and, as we saw in the research I mentioned above, medium-sized enterprises are ready to play a central role in shaping a sustainable economy.
However, for Cyprus to remain attractive and strengthen its competitiveness, it is necessary to adapt our regulatory framework to today's needs and to invest in infrastructure that meets the requirements of international businesses. In particular, the green transition and sustainable development can be achieved when there is cooperation between the private and public sectors.
For 2025, our challenge and goal are twofold: to support our clients as they transition to more sustainable, digitally advanced practices and to position Cyprus as a competitive business hub. Cyprus is well-positioned to evolve into a place that welcomes high-tech businesses and provides investment opportunities in the sustainability sector.
Based on the trends highlighted by Grant Thornton’s research, enhancing sustainability and adopting digital solutions are not just options, but vital prerequisites for competitiveness and growth. At Grant Thornton Cyprus, we continue to invest in our capabilities with vision and consistency, in order to actively contribute to strengthening the Cypriot economy and supporting our clients.
The company at a glance
Grant Thornton Cyprus, a leading professional services firm, offers assurance and tax services, as well as advisory and outsourcing services. It serves multinational, public and private organizations, adapting services to their needs. With a presence in Nicosia and Limassol and over 180 employees, we offer the highest quality services and create long-term relationships of trust.
