CYPRUS: Research and innovation ecosystem to be enhanced

27 November, 2018

President Nicos Anastasiades said the government has taken a series of actions and decisions to enhance the research and innovation ecosystem in Cyprus.

He was addressing the 2018 Research and Innovation Awards, presented by the Employers’ and Industrialists’ Federation (OEB) and the Research Promotion Foundation for the 12th consecutive year.   

The President acknowledged that over time Cyprus has lagged behind in developing new productive sectors of the economy, which should meet the demands of a modern society and create a flexible and adaptable economy in a constantly competitive and changing international environment.

He said the government has attached great importance to the promotion of research and innovation as an integral part of its development policy.

These policies take into account the necessary cooperation between the public and the private sector, which is based on interconnection and interaction between actors that produce knowledge and apply the necessary policies for its implementation, such as public administration, universities, research centres, businesses.

Anastasiades said his government promotes the adoption of a new legislative framework on research and innovation and has been planning a framework to support the development of new clusters of innovation, while promoting new alternative funding tools, such as Venture Capital and Crowd-Funding.

“I have no doubt…decisions taken by the Cabinet last month, are expected to further enhance the ecosystem for research and innovation, by shaping the appropriate conditions that will encourage relevant business actions,” Anastasiades said.

Recently a National Research and Innovation Council was established, and the government has drafted a bill to create a deputy ministry for Research, Innovation and Digital Government.