Cyprus President Nicos Anastasiades said the government will double expenditure on developing technology and increase private contribution as part of a 2019-2023 national strategy on Research and Innovation.
He said that having adopted a proposal dubbed “Innovate Cyprus”, the government proceeds with a series of reforms to create new productive sectors of development, with research, scientific excellence, innovation, technological development and entrepreneurship at its core.
President Anastasiades referred to the Cabinet’s decision to adopt a new system of governance in research and innovation, by establishing a National Council of Research and Innovation and moves to create a Deputy Ministry for research, innovation and digital governance.
He said that the relevant bill will be soon submitted before the Cabinet and then to the House of Representatives.
A “start-up visa” programme has been revised and renewed so that Cyprus can attract innovative enterprises with the government promoting the support of private initiative and investment that targets the development and financing of start-ups and innovative entrepreneurship.
Anastasiades said three new schemes will be announced by the Research and Innovation Foundation to finance the establishment of new start-ups as well as existing ones and support companies that would like to expand their activities and introduce new innovative products and services.
The government will also provide €60 mln to co-fund the establishment of four new research centres of excellence.
Following the revision of the Cyprus Investment Programme, any foreign investor wishing to do business in Cyprus should, among other things, donate €75,000 to the Research and Innovation Foundation.
“I would like to reassure you that the steps previously mentioned are only the beginning of our effort to make use of the research and innovation ecosystem”, said Anastasiades.
Chairman of the National Council on Research and Innovation, Philippos Patsalis, said the 2019-2023 National Strategic Framework on Research and Innovation consists of nine pillars.
The Council’s vision “is for Cyprus to become a dynamic and competitive economy with research, scientific excellence, innovation, technological development and entrepreneurship providing the stimulus and a regional centre in these key sectors”.