Foreign-Controlled Enterprises Lead Cyprus’ Service Exports to Non-EU Markets: A Strategic Analysis

by THEFUTURE.TEAM

October 29, 2025

International Ownership Drives Market Expansion

The latest Eurostat data on services trade by enterprise characteristics (STEC) reveals that in 2023, foreign-controlled companies were at the forefront of Cyprus’ service exports to markets outside the European Union. These foreign-owned firms accounted for 50.66% of total service exports, underscoring the strategic role of global capital in the island nation’s service sector.

Diverse Contributions Across the Economy

In contrast, domestic enterprises contributed 28.45%, while the remaining share is credited to businesses with unknown ownership status. This pattern places Cyprus alongside other EU nations such as Slovakia, Estonia, and Lithuania, where foreign-controlled entities play a dominant role in reaching international markets.

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Sectoral Strengths and Broader EU Trends

Cyprus’ internationalized service industry—spanning sectors including finance, shipping, information technology, and professional services—continues to attract significant foreign investment. By comparison, across the European Union, service exports to non-EU countries reached a substantial €1.44 trillion in 2023. Large enterprises, defined as firms with 250 or more employees, led this effort by contributing 53.5% of the total, with medium and small enterprises making up 10% and 14.2% respectively.

Differentiated Enterprise Roles Across Member States

In many EU economies, large firms dominate the export landscape. For example, in Germany, Finland, and Denmark, these enterprises accounted for 72.8%, 66.7%, and 66% of service exports respectively. However, in smaller economies such as Malta and Estonia, small firms showed a more pronounced influence, generating 68.4% and 59.6% of exports respectively.

Foreign Investment: A Key Driver in Service Exports

Eurostat’s analysis further indicates that in nine EU member states, foreign-controlled enterprises are the primary drivers of service exports. Luxembourg tops the list with a staggering 88.6% of its exports conducted by foreign-owned firms, followed by Ireland at 79.1% and the Netherlands at 63.7%, while domestically controlled businesses remain predominant in Denmark, Finland, Malta, and France.

Conclusion: A Globalized Service Sector

The Eurostat data highlights the pivotal role of international ownership and investment in shaping the EU’s service export dynamics. For Cyprus, a smaller economy with a vibrant cross-border service trade, the active participation of foreign-controlled companies not only enhances its market presence but also reflects a broader trend of globalized enterprise operations driving economic growth across Europe.

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Cyprus-Based ASBIS Hits Record $1.05bn In Monthly Revenue, Up 216% Year On Year

by News Editor

October 21, 2026

The technology distributor ASBIS Group, headquartered in Limassol, has exceeded $1 billion in monthly sales for the first time in its history, reporting preliminary consolidated revenue of $1.05 billion in September 2026, more than three times the amount recorded a year earlier.

The figure represents a 216% increase from $332 million in September 2025, making it the highest-revenue month in the company’s history.

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ASBIS reported its strongest sales growth in servers and server components, while CEO Serhei Kostevitch pointed to growing demand for artificial intelligence solutions and computing infrastructure as an opportunity for the business.

For a company operating across Europe, the Middle East and Africa, September marked a new sales milestone following several months of substantial year-on-year growth.

Kostevitch attributed the record performance to the group’s existing operations, highlighting its broad product portfolio, international market presence and strong relationships with manufacturers and trading partners.

“Most importantly, this result is the outcome of our regular operating activities,” he said.

The CEO also highlighted the company’s portfolio of projects as a reason for confidence in continued AI-related development.

However, the group’s growth was not limited to AI-related technologies. Smartphones also performed strongly in September, with Kostevitch stressing that “we are growing beyond the AI segment as well.”

Kazakhstan, the United Arab Emirates and Ukraine accounted for the largest shares of ASBIS’s September revenue, followed by Slovakia and Poland.

Growth Follows Record First Half

September’s results follow a period of strong financial performance for ASBIS.

In July, the company reported preliminary consolidated revenue of $531 million, an increase of 89% compared with the same month in 2025. August brought a further rise to $604 million, up 91% year on year.

September’s $1.05 billion figure represents a substantial increase on both months, although the company has not provided a detailed breakdown explaining the acceleration.

The results also follow a record first half of 2026, when ASBIS generated approximately $2.97 billion in consolidated revenue, up 76% year on year.

Net profit after tax reached $80.6 million, compared with $19.4 million in the same period in 2025.

The second quarter was particularly strong, with revenue reaching $1.69 billion, an increase of 78.7%, while quarterly net profit more than tripled to $44.3 million.

ASBIS has emphasised that its September revenue figures are preliminary estimates and may differ from the final reported results.

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