FAMAGUSTA GAZETTE – President Nikos Christodoulides of Cyprus will visit New York, Texas, and San Francisco in early April to attract investments. His trip aims to promote opportunities in shipping, technology, and the energy sector, accompanied by key ministers.
Speaking at the Cyprus OEB Innovation Awards and IDF Research Awards, Christodoulides emphasized innovation’s role in reshaping the nation’s economy.
He highlighted government efforts to foster research, development, and technological advancements. “Only by focusing on knowledge and innovation can we build a sustainable, resilient economy,” he said, announcing €15 million allocated to new innovation programs. These include the STEP program, which supports the production of innovative products and services, and another initiative leveraging artificial intelligence to address public sector challenges.
Christodoulides shared achievements under his administration, including a 3.4% GDP growth rate in 2024, reduced unemployment at 4.9%, and a significant rise in foreign direct investment, surpassing €3.5 billion.
Efforts to modernize Cyprus’ business environment aim to attract both investments and talent. Plans include opening a Business Service Center and providing incentives for repatriating Cypriot professionals from abroad.
The government is advancing its digital transition agenda, positioning 2025 as the year for state digital reform. Christodoulides also announced the creation of an integrated strategy for artificial intelligence development. Additionally, Cyprus aims to participate in “Pharos,” an AI Factory initiative, to accelerate innovation adoption.
Cyprus’ research and innovation ecosystem has thrived, attracting over €300 million in Horizon Europe funding, with a target of €500 million by the end of the programming period. Measures to support startups and innovative businesses include annual institutional funding of €25 million, private co-investments through the Cyprus Equity Fund, and plans for a National Development Agency.
“Cyprus is proud to rank among Europe’s Strong Innovators for three consecutive years,” Christodoulides noted, stressing the importance of linking the research community with the business world to bolster commercialization and marketable products.