Cabinet approves technological park

The government has approved the setting up of a Technological Park aimed at making the island a center for software development and hi-tech business, with the location most likely to be in Limassol.

Commerce and Industry Minister George Lillikas has been authorised by the Cabinet to appropriate or buy the necessary real estate, and has made available the required funds.

Construction of the park is expected to begin in 2007. A tender for offers has been announced to choose advisers for the study. The stated objective is for the park to employ more than 15,000 people within the space of 15 years.