A Cypriot Success Story Unfolds Across Continents

Investment opportunities and economic cooperation were at the forefront of discussions during the Ethio–Cyprus Investment Forum March 2026, held few days ago in Nicosia, bringing together policymakers, business leaders, and investors from Cyprus and Ethiopia.
The high-level event highlighted the growing interest in strengthening bilateral ties, while also reflecting a broader shift in Cyprus’ economic outlook, one that increasingly looks outward, towards international markets and strategic partnerships.
A platform for economic dialogue
The Forum gathered a wide spectrum of participants, including senior government officials, diplomats, entrepreneurs, and institutional representatives, all engaging in discussions on concrete areas of cooperation. Key sectors identified included financial services, pharmaceuticals, tourism, energy, mining, ICT, and agribusiness. Emphasis was placed on Ethiopia’s evolving investment landscape, with representatives of the Ethiopian Investment Commission outlining reforms, incentives, and priority sectors aimed at attracting foreign investors. Beyond the formal sessions, the Forum served as a meeting point for business communities from both countries, reinforcing a shared intention to move from dialogue to action.
From Cyprus to the world: a business success story
An important role in this effort is played by Harry Anagnostaras-Adams, Honorary Consul of Ethiopia to Cyprus and a prominent figure in the global mining and natural resources sector. His work over the past two decades illustrates how companies operating from Cyprus can expand successfully into global markets.
Through a Cyprus-based group focused on gold and critical materials, his team has been involved in exploration and development projects across Europe, the Middle East, and Africa, including Spain, Slovakia, Saudi Arabia, and Ethiopia. These efforts have contributed to major discoveries and developments, underlining the scale at which Cypriot-led initiatives can operate.
One of the most prominent examples is the reactivation of the historic Proyecto Rio Tinto in Spain, which today produces over $500 million per annum in copper sales. In Saudi Arabia, the discovery of the Hawiah deposit, comparable in scale to historic Cypriot mines, further highlights the reach of this expertise. Hawiah contains $7 billion of copper today. The team has also made gold discoveries at Jabal Qutman in Saudi Arabia and is now developing its Tulu Kapi Gold Project in Ethiopia, a $500 million development which, in two years, should be producing close to $1 billion in gold revenue annually, at today’s gold price.
“These projects reflect not only technical expertise but also the ability to operate in diverse environments and build strong partnerships. What makes this trajectory particularly notable is that much of the underlying expertise has been developed and coordinated from Nicosia. By focusing on targeted geological characteristics and applying advanced scientific methods, Cyprus-based teams have positioned themselves at the forefront of a sector that is increasingly critical to the global economy,” Harry Anagnostaras-Adams underlined.
Cyprus and the new energy landscape
The relevance of these activities is further underscored by the growing importance of critical materials in the global energy transition. Copper plays a central role in electrification, renewable energy systems, and modern infrastructure. With its historical association with copper, Cyprus is once again part of the conversation, not only through its legacy, but also through ongoing exploration efforts and the international activities of its business community.
“We strongly believe there is still significant untapped potential in Cyprus. As I often say, nature has not placed all its natural resources conveniently at the surface for humankind to trip over. With modern exploration techniques and persistence, we are continuing the search for what we call ‘Cyprus’ hidden Mavrovouni.’ However, this is not just about resource extraction. It is about applying modern science and ESG standards to contribute to sustainability and positioning Cyprus within that value chain,” Anagnostaras-Adams said.
Expanding horizons
The Ethio–Cyprus Investment Forum came at a time of deepening diplomatic engagement, with Cyprus planning to establish a diplomatic presence in Addis Ababa. This development is expected to further facilitate economic cooperation and open new avenues for investment. For Cypriot businesses, the message is clear: opportunities are no longer confined to traditional markets. Instead, emerging economies, supported by structured dialogue and institutional cooperation, are becoming increasingly accessible.
What began as a forum in Nicosia ultimately points to a broader narrative, one in which Cyprus is not only hosting discussions on investment but actively shaping them through its growing presence on the global stage.