Emerging Tech Hub: Cyprus’s AI and Startup Revolution
In a move to solidify its position as an emerging tech hub, Cyprus is actively integrating artificial intelligence (AI) and machine learning (ML) across a myriad of sectors. The island nation is not only enhancing digital skills but also fostering innovation through startups and leveraging research excellence to facilitate its digital and green transition.
The Cypriot government’s dedication to AI adoption is evident in initiatives such as the Business Digital Upgrade Plan and targeted training programs. These efforts are set to position Cyprus as a key player in the tech industry. The Deputy Ministry for Research, Innovation and Digital Policy is currently reviewing the national AI strategy to further this cause.
Despite the DESI index indicating that only a small fraction of Cypriot enterprises have adopted AI and Big Data solutions, the country is addressing skilled personnel shortages through extensive training initiatives. These include HRDA courses offering cloud and AI fundamentals training, and participation in developing the AI Act at the European level.
Several Centres of Excellence in Cyprus are employing AI and ML in diverse applications. KIOS focuses on traffic assessment and crowd detection, while CYENS enhances cultural heritage preservation with AI and virtual reality. In healthcare, Biobank uses AI to analyze the Cypriot genome, and institutes like CING are researching AI applications for neurodegenerative diseases.
The financial services sector is utilizing AI to combat fraud and improve customer experience. Simultaneously, the education sector is exploring robotics and generative AI for innovative teaching methods. These advancements are part of a broader strategy to bridge the research-market gap, supported by funding programs from the Research and Innovation Foundation.
As Cyprus advances its green transition, “Vision 2035” outlines reforms and investments aimed at sustainable growth. Projects like the KIOS Centre of Excellence are addressing climate change, while the CMMI/MaRITeC-X project focuses on maritime innovations for environmental sustainability.
Startups in Cyprus are harnessing AI to drive innovation and enhance their offerings. The national Research and Innovation strategy supports startup growth, with many local enterprises gaining international recognition. Companies like Omilia, iQ3Solar, Catalink, and Cellock exemplify the transformative impact of AI on business models.
With over 400 startups and scale-ups, more than 140 tech companies, and a robust research community, Cyprus is well on its way to becoming a regional tech hub. The strategies in place, combined with the country’s talent and tech-savvy workforce, promise to empower the economy, enhance social welfare, and create new opportunities for future generations.
