AI is already changing the rules of business, and the organizations that move quickly will be the ones that gain the biggest competitive advantage in the coming years. The real question for any business is no longer whether to leverage AI, but how quickly its competitors will do it.

This message was sent by George Malekkos, President of the Pancyprian Association of Information Technology Enterprises (CITEA), opening the proceedings of the 5th Digital Cyprus Conference 2026.

Mr. Malekkos described artificial intelligence as the biggest technological change that the market has experienced in recent decades, pointing out that every previous technological revolution has connected people, systems and information, while today AI connects knowledge with execution for the first time.

As he explained, the traditional advantages of businesses are changing. Large capital, facilities or even the size of an organization cease to be the most important competitive elements.

“Speed is the new capital,” he said, explaining that the businesses that will stand out will be those that can learn, experiment and implement new ideas faster than the competition.

He made special reference to the misconceptions about artificial intelligence. As he noted, AI is not coming to replace people but processes, allowing employees to focus on higher-value activities.

At the same time, he said that AI developers, AI customer service agents, AI sales agents, and even AI accountants or lawyers are already appearing internationally, underlining that in the coming years organizations will increasingly cooperate with autonomous digital assistants.

Referring to Cyprus, he expressed the belief that the country has significant potential to develop into a regional artificial intelligence center.

As he explained, the small size of the Cypriot market can turn into a competitive advantage, allowing for faster adaptation compared to larger economies. At the same time, he called on businesses and organizations to invest in the creation of artificial intelligence products, the development of startups and the export of know-how.

The President of CITEA also stressed that the Association’s mission is to unite the technology ecosystem, create new opportunities for cooperation and contribute to Cyprus playing a leading role in the new digital era.

Concluding his speech, he warned that the biggest threat to businesses is not artificial intelligence itself.

“Artificial Intelligence is not the future. It is your new competitor,” he said, calling on businesses to act immediately, as, as he said, the future and competition are not going to wait for anyone.

The Conference was organized by CITEA and IMH.

source: Γιώργος Μαλέκκος: Η Κύπρος διαθέτει σημαντικές δυνατότητες να εξελιχθεί σε περιφερειακό κέντρο τεχνητής νοημοσύνης