FAMAGUSTA GAZETTE – President Nikos Christodoulides emphasized the pivotal role of innovation and research in driving the country’s development during the 2024 Cyprus OEB Innovation and Research Awards ceremony.
Addressing an audience that included ministers and officials, Christodoulides announced the government’s commitment to fostering innovation by allocating €15 million to two initiatives. The STEP program will focus on creating facilities and production lines for innovative products, while another initiative will leverage artificial intelligence to address public sector challenges.
“Only by focusing on knowledge and technological development can we build a sustainable, resilient economy,” Christodoulides stated. He praised Cyprus’ innovation ecosystem, which has been recognized as one of Europe’s Strong Innovators for the third consecutive year.
Christodoulides highlighted key achievements of his administration, including a 2024 GDP growth rate of 3.4%, a reduction in unemployment to 4.9%, and foreign direct investments exceeding €3.5 billion, primarily in technology, energy, and industry. The government aims to further improve Cyprus’ business environment, making it an attractive destination for investments and talent. Plans include opening a Business Service Center and launching incentives for Cypriot professionals abroad to return.
The president also underscored the government’s focus on digital transformation, declaring 2025 the “Year of Digital Reform.” He revealed plans for an artificial intelligence strategy and participation in the “Pharos” AI Factory initiative to accelerate innovation adoption.
Christodoulides reaffirmed the state’s financial commitment to research, including €25 million annually for research centers and €45 million in upcoming innovation programs. He also announced plans to establish a National Development Agency by 2025 to strengthen the investment ecosystem.
Looking ahead, Christodoulides shared his upcoming U.S. trip to New York, Texas, and San Francisco, aimed at attracting investments in shipping, technology, and energy. Significant preparatory work has been undertaken to ensure fruitful discussions and potential partnerships.