In a move to cement Cyprus’ role as a regional innovation hub, Chief Scientist and Board Chair of the Research and Innovation Foundation Demetris Skourides, together with Invest Cyprus CEO Marios Tannousis, have signed a landmark Memorandum of Understanding (MoU).
The agreement marks a significant step towards accelerating Cyprus’ innovation-led economy, aligning national and international efforts to attract investment in research, technology, and innovation, while empowering Cypriot companies to scale globally, a press release said.
The MoU was signed between the Office of the Chief Scientist, the Research and Innovation Foundation (RIF), and the Cyprus Investment Promotion Agency – Invest Cyprus (CIPA). The agreement is designed to enhance Cyprus’ position as a leading business and innovation destination abroad and attract foreign direct investment into the technology, research and innovation sectors.
Under the leadership of Skourides, the Office of the Chief Scientist provides strategic direction for the development of the national innovation ecosystem, while the Research and Innovation Foundation serves as its executive arm, implementing funding programmes that foster scientific excellence, entrepreneurship, and the commercialisation of research results. Together with Invest Cyprus, these organisations share a common mission to enhance Cyprus’s global competitiveness and drive sustainable economic growth.
The MoU builds on a successful year of collaboration between Invest Cyprus, the Office of the Chief Scientist and RIF, formalising their commitment to act as an extended arm of each other both locally and internationally. By working jointly, they will promote Cyprus as an attractive hub for research, technology, innovation and R&D; facilitate introductions between foreign companies interested in establishing or expanding operations in Cyprus and Cypriot companies seeking to grow in international markets; and provide comprehensive investor support both on the ground and remotely to ensure seamless engagement and operational success. The agreement also reflects a shared commitment to advocate for reforms that improve Cyprus’s regulatory, business and infrastructure environment to meet the evolving needs of innovative industries.
Speaking at the signing, underlined the significance of the collaboration: “This MoU reflects our shared commitment to transform Cyprus into a magnet for innovation-driven investment. By joining forces with Invest Cyprus, we are amplifying our international outreach and building a stronger bridge between global investors, entrepreneurs and Cyprus’s thriving innovation ecosystem.”
Tannousis added: “Cyprus is uniquely positioned as a gateway to Europe, the Middle East and beyond. Through this partnership, we are enabling high-impact collaborations and creating the right conditions for innovative companies to invest, grow and succeed.”
This collaboration not only reinforces Cyprus’s status as a premier destination for international business and innovation, but also provides companies with the essential support and guidance to engage with the R&D funding instruments of the Research and Innovation Foundation, while creating a clear pathway for them to establish a presence, operationalise their activities, and achieve sustainable growth within Cyprus.
