Why Businesses Emerged as the Biggest Winners of the Cyprus President’s Visit to Kazakhstan
The official visit of Cypriot President Nikos Christodoulides to Kazakhstan was not only a milestone diplomatic event but also a clear signal to the business communities of both nations. Accompanying the President to Astana was a high-level business delegation, and the trip began on a symbolic note with the inaugural direct flight between Larnaca and Astana.
The bilateral talks between President Kassym-Jomart Tokayev and President Christodoulides marked a definitive shift from diplomatic dialogue to a practical economic agenda. Kazakhstan proposed the development of an Economic Cooperation Roadmap extending to 2028, alongside the establishment of an Intergovernmental Commission and a Joint Business Council. Bilateral agreements were also signed spanning digitalisation, information technology, science, education, culture, sport, and business cooperation.
This partnership rests on a solid foundation. According to President Tokayev, more than 400 companies with Cypriot capital currently operate in Kazakhstan, approximately 30 of them registered within the Astana International Financial Centre (AIFC). Kazakhstan also reaffirmed its commitment to fostering a favourable environment for investors, highlighting incentives such as the Altyn Visa programme.
To discuss how these high-level political agreements will translate into foreign direct investment (FDI) and new business ventures, we spoke with Michaella Pillakouri, Founder and CEO of Enalian Consulting, who took part in both the Cypriot business delegation and the Kazakhstan–Cyprus Business Forum.
Q&A with Michaella Pillakouri, Founder & CEO of Enalian Consulting
Q: The visit was backed by a prominent business delegation and the launch of the first direct flight between the two nations. What is the strategic significance of this event for the business communities of Kazakhstan and Cyprus?
This visit carries far greater weight than it might seem on the surface. It is the first official visit by a Cypriot President to Kazakhstan, which in itself demonstrates a serious commitment to our bilateral relations — and the fact that the delegation arrived on the maiden direct flight between our countries adds a layer of powerful symbolism.
It is important to recognise that commercial cooperation between Kazakhstan and Cyprus is not new. For many years, business has grown steadily, albeit largely under the public’s radar. The drivers of this process have been investors, consultants, and companies that had already recognised the mutual benefits of working together.
Today, we are seeing a shift. The relationship is becoming more structured. The opening of the Embassy of Cyprus in Astana, the agreement between our respective Chambers of Commerce, and the hosting of the Business Forum establish a concrete framework for future cooperation. For Cyprus, this confirms that Kazakhstan is a key market and a highly promising partner; for Kazakhstan, it signals that Cypriot businesses are looking for long-term engagement.
Q: President Tokayev noted that over 400 companies with Cypriot capital operate in Kazakhstan. Can we now speak of a fully mature investment infrastructure?
I believe these figures speak for themselves. When we discuss more than 400 companies with Cypriot participation, we are looking at a relationship built over many years, not a recent trend.
Capital naturally flows to jurisdictions where investors are confident that their rights are protected and the rules of the game are transparent. The sheer number of operating companies therefore underscores the deep trust between our nations.
Of particular significance is that Kazakhstan offers international businesses a familiar and comprehensible legal environment. This is crucial for Cypriot companies, which are accustomed to operating within a framework based on English common law. When investors see predictable legal mechanisms and robust asset protection, it mitigates risk and supports confident decision-making.
Consequently, the foundation is firmly in place. We are now entering the next phase, in which this accumulated experience can be scaled into larger, institutional projects. President Tokayev’s approach matters here because the investment agenda is not mere political rhetoric; it is backed by institutional support, investor-rights protection, and a stable legal environment.
Q: During the talks, significant emphasis was placed on digitalisation, artificial intelligence (AI), fintech, innovation, and financial services. Which of these sectors hold the greatest potential?
Not all sectors carry equal weight in the short term.
Looking at immediate opportunities, financial services and fintech stand out as the most promising. Cyprus boasts a highly developed ecosystem of payment institutions, investment funds, and fintech projects operating under stringent European Union regulation. At the same time, Kazakhstan is building a modern financial ecosystem on a legal framework that international businesses readily understand. This alignment creates strong conditions for collaboration.
The second key pillar is digital technology and innovation. During our visit to the Alem AI centre, we saw firsthand how seriously Kazakhstan is approaching the development of this sector. It is backed by concrete investment and a long-term economic vision, rather than mere declarations.
Green finance also looks highly promising. Cyprus is advancing its sustainability agenda, particularly in maritime transport and environmental initiatives; as Kazakhstan moves forward with its own green transition, new points of contact will emerge.
Finally, there are excellent prospects in education. The agreements signed during the visit lay the groundwork for partnerships between universities and research centres, and the education sector is well positioned to deliver tangible results faster than many others.
Q: The President of Kazakhstan specifically emphasised investor protection and highlighted the benefits of the Altyn Visa programme. How critical are these mechanisms for international business?
They are of paramount importance. While incentives and preferences are effective for capturing an investor’s initial interest, the final corporate decision is always driven by stability, predictability, and confidence that rights will be protected.
This is precisely why asset-protection guarantees, transparent business practices, and a clear regulatory framework are indispensable. In this context, the Altyn Visa programme and streamlined tax-residency pathways are highly attractive.
Crucially, this is not only about immigration benefits; it is about a favourable environment for international business, including the tax treatment of foreign-sourced income.
For the corporate community, it is encouraging that the President focuses not only on attracting investment but on safeguarding the investor. This reflects a mature approach: companies need certainty in the rules of the game just as much as they need incentives. We understand this well in Cyprus, having built our own reputation as an international business centre through a blend of stability, transparency, and competitiveness. Kazakhstan is moving in a very similar direction, scaled to its regional reach and emerging opportunities.
Q: You visited Astana as part of the business delegation. What are your overall impressions of Kazakhstan and its prospects as a hub for international business?
What impressed me most was the alignment of genuine ambition with real institutional execution. One often hears discussion of the future, innovation, and new technologies, but the words are not always matched by mechanisms for delivery. In Kazakhstan, I saw something different. Projects such as the Alem AI centre, alongside the development of financial and innovation infrastructure, show a country actively preparing today for the economy of the future.
I was also struck by the openness of the dialogue. Both at the Business Forum and throughout our meetings, there was a genuine appetite for partnership, and the conversations were pragmatic and results-oriented.
Following this visit, I am confident that Kazakhstan’s economic policy under President Tokayev is built for long-term partnerships rather than short-term, transactional deals. For international business, that is a vital signal. I view Kazakhstan as a long-term story: success here will belong to companies that establish a local presence, understand regional nuances, and build relationships for the long run. This approach aligns closely with the ethos of Cypriot business, and I leave Kazakhstan confident that ties between our nations will continue to strengthen.
Source: Based on an interview first published by Kapital.kz — read the original
