Cyprus stays among ‘strong innovators’

Cyprus has kept its place among the EU’s strong innovators for a second year running, according to the annual EU innovation scoreboard, marking a significantly faster performance than the EU average.

Α statement issued by the Research and Innovation Foundation (IDEK) said Cyprus’ strengths include linkages between innovative SMEs collaborating with others, a sector in which it marked the highest EU-wide performance.

It also scored well in attractive research systems and strong innovation in product development and business process innovators.

The report also cites a high employment rate in knowledge-intensive activities.

Theodoros Loukaides, General Director of IDEK, expressed his satisfaction with the results and congratulated all local research and innovation ecosystem stakeholders.

“Success such as this build Cyprus’ name as a regional R&D hub opening new horizons,” he said.

He added: “This achievement results from the longstanding effort of the R&D ecosystem and the state’s investment in IDEK.

“Our targeted investments are paying off.

“It is not only the new jobs created in cutting-edge sectors, nor the revenues from the export of innovative, technologically advanced products.

“It is that we diversify the mix of the Cypriot economy and strengthen its competitiveness and resilience.

“Our country needs research organisations and innovative businesses, so young scientists can find a professional home, applying their studies in practice”.