Cyprus Aims to Become a Tech and Innovation Hub
In a significant announcement at the 14th Nicosia Economic Congress, Nikodemos Damianou, the Deputy Minister of Research, Innovation and Digital Policy, outlined Cyprus’s strategic steps toward becoming a regional powerhouse in technology and innovation. The European Union’s strategy to transform into a leading connectivity and data hub includes Cyprus as a pivotal player, leveraging its growing tech sector that now contributes 10 percent to the nation’s GDP.
Damianou emphasized the evolution of the research and innovation ecosystem in Cyprus, which has set a solid foundation for future growth, particularly in the commercialization of innovative outcomes. He also highlighted the country’s ambitious plan to become the first nation entirely covered by a high-speed fiber optic network within the next two years, with an official announcement expected later this month.
Despite these advancements, challenges such as a deficit in digital skills and technology experts persist. Damianou acknowledged the need for Cyprus to accelerate the adoption of new technologies among businesses, stressing the importance of enhancing the digital state to bolster its global standing.
Efforts are underway to modernize state machinery and promote digital services uptake among citizens and businesses. Damianou revealed a major project to define Cyprus’s technical infrastructure architecture, aiming to create a digitally advanced state. This includes future enhancements in digital services accessible through the Government’s electronic portal and a digital citizen application, as well as the transformative potential of electronic signatures and digital verification of official documents.
Underlining the government’s commitment to digital transformation, Damianou mentioned that a substantial 23 percent of funds from the Resilience and Recovery Plan were allocated to technological upgrading. This investment reflects Cyprus’s dedication to not only improving its digital landscape but also to fostering an environment ripe for technological innovation and excellence.
