Breaking news

South Korea Leads the Way: 10% Of Workforce Replaced By Robots

by THEFUTURE.TEAM

November 27, 2024

South Korea has made history as the first country to have robots account for over 10% of its industrial workforce, marking a milestone in automation and technological advancement. This achievement highlights the nation’s proactive approach to addressing a declining working-age population due to persistently low birth rates.

Key Facts and Figures

According to the World Robotics 2024 report, South Korea now boasts a staggering 1,102 robots per 10,000 employees—the highest robot density globally. This figure is more than double that of every other country in the ranking, except Singapore, which follows with 770 robots per 10,000 workers.

Since 2018, robot density in South Korea has grown by an average of 5% annually. The nation’s electronics and automotive industries, two major pillars of its economy, are among the largest consumers of industrial robots. Globally, robot density has also seen significant growth, doubling over the past seven years from 74 to 162 units per 10,000 employees.

Expanding Beyond Factories

South Korea’s use of robots extends far beyond manufacturing. Robots now operate in diverse fields, including healthcare, hospitality, agriculture, and even defense. Hospitals employ robots to assist with surgeries, while restaurants use them for food preparation and delivery.

Government’s Vision and Investment

This progress has been fueled by substantial investment from the South Korean government, which views robotics as a solution to its workforce challenges. Earlier this year, the Ministry of Trade, Industry, and Energy introduced the Fourth Intelligent Robot Basic Plan, committing $2.4 billion to the development of the robotics sector by 2030.

The plan outlines a strategic approach to integrating robots into critical industries, such as logistics, healthcare, and social safety. It also sets an ambitious target to increase the local production of core robot components from 44% to 80% by 2030, ensuring a self-reliant and competitive robotics industry.

A Model for the Future

South Korea’s advancements in robotics illustrate how technology can address societal challenges like population decline while driving economic innovation. With its continued investment and adoption of robots across various industries, the country is setting a benchmark for others to follow in the age of automation.

Full report here.

Cyprus Showcases Its Business Advantages At 2024 London Event

by THEFUTURE.TEAM

December 5, 2024

Cyprus seized the opportunity to present itself as a premier destination for high-net-worth individuals (HNWIs) at the ‘Non-Doms: The Cyprus Private Client Offering Gathering 2024,’ held at the iconic London Stock Exchange. The event attracted over 150 participants, including professionals from the UK and experts from Cyprus, all gathering to explore Cyprus’ business advantages.

The gathering aimed to strengthen ties between the international investment community and Cyprus, highlighting the island’s competitive tax regime and wealth management opportunities. The central focus was Cyprus’ strategic appeal for non-domiciled residents, particularly as changes to the UK’s tax framework prompted many HNWIs to reconsider their tax and residency options.

A Shift in Global Tax Dynamics

With the UK government’s decision to abolish its long-standing non-dom tax regime, Cyprus stands poised to become an attractive alternative. The UK’s new residence-based system, set to take effect in April 2025, could direct more wealthy individuals and businesses toward jurisdictions like Cyprus, known for its fiscal benefits and strategic location in the Eastern Mediterranean.

Marios Tannousis, CEO of Invest Cyprus, and George Pantelis, former Director General of the Finance Ministry, addressed how Cyprus is uniquely positioned to capitalize on this shift. Their presentations underscored the island’s stability, tax benefits, and favorable environment for both personal wealth and corporate operations.

Key Highlights from the Conference

One of the highlights of the event was the panel discussion titled “Cyprus: A Destination of Choice for HNWIs, Their Families, Companies, and Employees.” Experts like Christos Neokleous, Consultant at Tsirides Law, outlined the simplicity of doing business in Cyprus, emphasizing the ease of setting up companies and understanding the regulatory environment.

Andreas Andronicou, Partner at PwC Cyprus, discussed the significant tax advantages for both individuals and corporations looking to operate from Cyprus, especially within the European and global markets. The country’s legal framework, based on the English Common Law system, was another focus, with Melina Dionysiou, Director/Head of Corporate at Totalserve, explaining its business-friendly aspects.

A Strategic Business Environment

Cyprus’ status as an international business hub is further reinforced by its competitive tax rates, skilled workforce, and advantageous legal system. These factors, combined with its prime location, make it an ideal choice for companies seeking to expand into new markets. Moreover, the conference highlighted the island’s growing appeal to foreign investors and companies, with opportunities ranging from tax-efficient corporate structures to residency-by-investment programs.

As the world moves toward greater tax competitiveness, Cyprus is keen to attract international clients seeking efficiency and flexibility. This year’s event comes at a crucial moment, as the UK’s changes to its non-dom tax regime create new openings for Cyprus to solidify its position as a leading destination for wealthy individuals and businesses.

Global Appeal for High Net-Worth Individuals

Cyprus’ tax benefits, wealth protection solutions, and modern legal structures were the focal points of the final panel, which also explored investment opportunities on the island. Experts such as Sara Eojourian, Head of Wealth Management at Athlos Capital, discussed the array of investment solutions that Cyprus offers, particularly for HNWIs. These services not only provide personalized wealth management but also come at competitive costs, making them an attractive option for international investors.

Conclusion: Cyprus, an Attractive Option for International Clients

In conclusion, Cyprus is increasingly recognized as a top destination for both high-net-worth individuals and international businesses. Thanks to its competitive tax system, business-friendly legal environment, and strategic location, Cyprus is solidifying its status as a prime hub for foreign investment. As global tax policies continue to evolve, Cyprus remains well-positioned to provide attractive opportunities for clients and businesses seeking stability, efficiency, and significant fiscal benefits.