Growth in Cyprus remains higher than the European average, while prudent and responsible fiscal management and the reduction of public debt are strengthening the country’s potential and prospects, said the President of the Republic, Nicos Christodoulides, on Monday, adding that it is precisely within this context that we have seen continuous upgrades from international rating agencies, with the most recent one marking our return to the A category for the first time since 2011.
President Christodoulides attended the awards ceremony for the 19th Cyprus Innovation Awards organized by the Cyprus Chamber of Commerce and Industry (OEB) and the Cyprus Research Awards organized by the Cyprus Research and Innovation Foundation (IDEK) for 2025, and as he notedin his opening remarks, he was participating in the event alongside several members of the Cabinet “to honor our country’s creative power, to honor the scientific excellence that pushes the boundaries of knowledge, and the entrepreneurial initiative that transforms it into action and value.”
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“I am pleased that our country now has a very strong foundation to support the next chapter in its development. In recent years, by working collectively, we have managed to strengthen our economic stability, bolster our country’s credibility, and lay the groundwork for a more dynamic, more competitive, and more resilient,” he added.
“The real challenge,” said President Christodoulides, “is where we need to focus: how we leverage this very strong foundation to increase productivity and strengthen the competitiveness of our economy, particularly by investing in Knowledge, technology, and high-level skills.”
“Our goal is an economy that creates even more high-quality jobs, offers prospects to the younger generation, and transforms growth into tangible benefits for society. This is precisely the development path we are pursuing, with Research, Innovation, and Technological Development playing a decisive role. And I am pleased that we have already established a dynamic ecosystem of research, technology, and innovation, featuring distinguished universities and research centers, startups and innovative companies, a growing technology sector, and ever-stronger international connections,” he noted.
Today, President Christodoulides said, the broader technology sector now accounts for approximately 15% of GDP, while the startup ecosystem has more than doubled in size since 2020.
“Specifically, Cyprus now ranks 34th globally in the StartupBlink rankings for 2026, recording the largest increase in Europe for the third consecutive year,” he noted.
As the President said, last September, two new female researchers from the University of Cyprus secured a total of three million euros in funding from the European Research Council, in one of the most competitive international calls for scientific excellence.
“They had previously received support from the Research and Innovation Foundation, through funding of 100,000 euros each under the ERC VISION program. This is just one illustrative example of the multiplier effect that targeted investment in research excellence can have. And this is not an isolated success. “In the highly competitive ERC programs, Cyprus has dramatically increased its success rate,” he added.
At the same time, President Christodoulides said, within the framework of “Horizon Europe,” the funding secured by Cypriot institutions is expected to exceed half a billion euros.
“This is a result of the quality of the proposals, the collaborations, and the systematic efforts of our research and business community, which is bolstered by the support provided by the government through IDEK. For a country of Cyprus’s size and resources, these distinctions carry particular significance. They demonstrate that when we create the right conditions and the right framework, we can rightfully claim our place on the international map of research and innovation. “The goal for all of us is not simply to maintain our current positive trajectory. It is to expand its scale and ensure its longevity,” he added.
This, the President continued, “is also the essence of our Government’s vision to establish Cyprus as a hub of innovation and technology in the region: a reliable base where innovative ideas can be developed at every stage and successfully expanded into both European and international markets.”
To this end, he said, the Deputy Ministry of Research, Innovation, and Digital Policy is promoting coordinated initiatives that address the needs of our research and business community and strengthen its potential for further growth.
“In this effort, access to funding is a key pillar of our work: from the development of a research idea to the creation of a product and the expansion of a business. During the 2023–2026 period, the Research and Innovation Foundation announced 95 calls for proposals with a total budget of 165 million euros, while 575 contracts with a total value of 105 million euros were signed. “These funds supported the entire ecosystem and contributed to the creation of more than 700 new jobs and 187 collaboration networks between research organizations and businesses,” he added.
As he pointed out, public support also acts as a catalyst for mobilizing private capital.
“During the 2021–2025 period, IDEK’s programs helped attract private investments totaling more than 47.2 million euros. A prime example is the new Disrupt and Boost co-funding programs, through which a total of 14 companies received 12 million euros in public funding and raised 16.5 million euros in private investment,” he added.
At the same time, the President of the Republic said, “we are directing resources toward specific strategic priorities of the state.”
“Through the STEP program, we are funding the creation and upgrading of production lines for innovative products in key sectors, such as advanced digital technologies, clean technologies, and biotechnology. “Similarly, through the ‘AI in Government’ program, we are funding the development of innovative artificial intelligence solutions tailored to the specific needs and challenges of public administration,” he noted.
This funding framework, he said, is complemented by the operation of the state-funded 33East investment fund, the establishment of the Cyprus Business Development Agency, and tax incentives for investments in certified innovative companies.
“Through these initiatives, we are expanding the financing options available to Cypriot businesses and strengthening their ability to innovate and grow. Particular emphasis is also placed on transferring knowledge from research laboratories to production and the market—what is commonly known as commercialization. This importance is also recognized by the Award for the Commercialization of Research Results, which has been added in recent years to the institution we are honoring tonight,” he said.
In practice, he noted, this effort is also supported by the Central Office for Knowledge Transfer operating at IDEK, which, since its inception, has provided specialized support to 364 researchers and entrepreneurs.
“At the same time, it has provided support to 14 research organizations in establishing their own internal knowledge transfer offices. Equally important and a necessary prerequisite for a holistic strategy is ensuring that our researchers and businesses have access to world-class infrastructure, the expertise, and the international connections they need to grow and compete on a global level,” he added.
In this regard, President Christodoulides said, “our investment in new national computing infrastructure, through our strategic partnership with NVIDIA, as well as Cyprus’s participation in the European AI Factories network via Pharos-CY.”
“We are thus creating opportunities for access to advanced computing power, specialized expertise, and artificial intelligence tools, which can be utilized by universities, our research centers, and Cypriot businesses can utilize. “At the same time, we are leveraging our economic diplomacy to attract strategic investments and partnerships that broaden the country’s prospects,” he added.
He noted that the targeted business missions abroad over the past two years—such as those to India, Kazakhstan, and elsewhere, some of which he personally had the opportunity to attend —and through the dialogue that took place, everyone felt a sense of pride in Cyprus, particularly in the United States—have led to concrete results.
President Christodoulides also announced that he will be back in the United States in late November for specific meetings, as they have observed that interest in Cyprus—particularly regarding investments, particularly in the technology sector, has significantly increased among U.S. companies.
“Beyond our collaboration with NVIDIA, a very significant development is the establishment of the Plug and Play Innovation Center in Cyprus, which connects Cypriot startups with an international network of investors, major organizations, and markets. Similarly, as a result of our meetings last April in New York, the the Future Founders Academy program was launched—a program that nurtures the next generation of entrepreneurs who will dare to build the future of our country,” he added.
In this way, he noted, “the country’s international partnerships are turning into more opportunities—which is precisely the goal—for our own scientists and businesses.”
“To ensure continuity and provide further direction for this multifaceted effort, the Deputy Ministry of Research, Innovation, and Digital Policy is already preparing the new National Strategy for Research and Innovation with a horizon of 2033. “Our goal is to establish a coherent framework of priorities and initiatives for the coming years,” he added.
President Christodoulides thanked the Deputy Minister of Research, Innovation, and Digital Policy, as well as the officials of the Deputy Ministry, the Chief Scientist, the administration, and the staff of IDEK—which is celebrating 30 years of service this year— for their systematic work in implementing the Government’s strategy for a new development model, with research, innovation, and technology as its key pillars.
“In the design and implementation of this strategy, cooperation between the state and the business community—and particularly with the OEB—is essential. The OEB’s contribution to identifying the needs of businesses helps ensure targeted interventions, while the information it provides facilitates the exploitation of available opportunities,” he noted, and he also expressed special thanks to the OEB for its systematic efforts to expand business participation in government-funded research and innovation programs.
The President of the OEB, George Pantelidis, said in his own remarks, among other things, that “Tonight’s ceremony is not just about honoring good ideas; it is primarily about our ability to transform inspired ideas into meaningful solutions.”
“Because innovation and research acquire real value when they cease to be merely a thought or a note on paper and move into practice, into production, implementation, and ultimately reaches the market, our workplaces, and our daily lives. “When this institution took its first steps, innovation in the Cypriot business world was, for many, a clear yet perhaps abstract concept,” he added.
Gradually, however, he continued, through the first awards, accolades, and the showcasing of tangible results, the concept of applied business innovation began to take on substantive meaning and value, while a culture of innovation began to take root in our businesses as well.
Today, Mr. Pantelidis said, innovation is not a luxury, but a fundamental prerequisite for the country’s competitiveness and sustainable development.
He also noted that “innovation is perhaps one of the most powerful tools we have to increase our productivity, strengthen our outward orientation, and secure a stronger position in international markets.”
The Chief Scientist for Research, Innovation, and Technology and President of IDEK, Dimitris Skouridis, said in his remarks, among other things, that Cyprus has made significant strides in research and innovation, with results that are recognized internationally. He also noted that research and innovation are strategic prerequisites for Cyprus’s next phase of development.
The President of the Republic then presented the awards.
Source: CNA
