Limassol: The Cypriot Government has recognized the significance of the audiovisual sector and therefore has launched a range of funding schemes for co-productions and investment programs, whose aim is to boost the local audiovisual industry and to foster international cooperation, President Nikos Christodoulides said on Wednesday, in an address at the official launch of “Copper Island” production company in Limassol.
According to Cyprus News Agency, in his address read by Deputy Minister of Culture Vassiliki Kassianides, the President noted that the Department of Contemporary Culture runs a range of funding programmes, which invest in artistic cinematographic works, be they national, transnational, and/or independent productions. In addition, it has other especially dedicated funding programmes for film education, film promotion, and audience development.
He went on to underline that the Government’s highly attractive tax incentives and cash rebate scheme have brought about a significant influx of foreign investment in the country’s audiovisual industry. As the President stated, numerous films and TV shows are being produced and/or post-produced in Cyprus, which succeed in being acquired by the biggest broadcast networks and streaming platforms around the world. “As a result, Cyprus is increasingly becoming a new, dynamic audiovisual hub in the Eastern Mediterranean,” he said.
President Christodoulides further highlighted that Cypriot productions and co-productions have a significant presence at prestigious A-list film festivals, such as Cannes, Karlovy Vari, and Tallin Black Nights. He added that some of the co-productions have received awards, while last year marked the celebration of the first Cypriot production on Netflix.
Referring to “Copper Island,” he mentioned that it is an already established international production company with a strong presence in the United States, the United Kingdom, Europe, and Australia, which has chosen the coastal city of Lemesos as its new operational headquarters. “The company’s name – inspired by Cyprus’s historical and cultural link with the metal named after the island – symbolizes the deep connection Copper Island wishes to develop with the country it now calls home,” he said.
He also noted that Cyprus’ rich and diverse natural and cultural landscape, its prime geostrategic location, its modern infrastructure, and vibrant, emerging creative community provide the ideal conditions for such an investment.