The Cyprus Information Technology Enterprises Association (CITEA) and Invest Cyprus have signed a Memorandum of Understanding (MoU) aimed at strengthening links between Cyprus’s technology ecosystem and international investors, businesses, markets and new business opportunities.
In a statement, CITEA said the signing of the MoU represents another step in the new direction it has been pursuing since the new Board of Directors took office. Its primary objective is to bring Cyprus’s technology ecosystem closer to organisations, businesses and institutions capable of creating genuine opportunities for its members.
It added that CITEA’s strategic goal is to establish as many partnerships and bridges as possible between its members and organisations or international companies investing and operating in Cyprus.
These contacts can lead to new business relationships, synergies, partnerships and growth opportunities, both in Cyprus and abroad, it said.
“The meeting with Invest Cyprus confirmed the importance of closer cooperation between Cyprus’s technology ecosystem and the national investment promotion and attraction agency,” the statement added.
According to the statement, the meeting included an exchange of views on the digital transformation of the Cypriot economy and the important role the technology sector can play in attracting new investment, creating added value and strengthening the international presence of Cypriot businesses.
Particular emphasis was placed on connecting foreign companies choosing Cyprus as an investment destination with Cypriot technology companies.
CITEA President Giorgos Malekkos presented the Association’s position on the key priorities that, in its view, should form part of a meaningful national AI strategy. He stressed that the strategy should be linked to specific actions, investments, implementation mechanisms and measurable outcomes for the economy and businesses.
Mr Malekkos also said that CITEA would return to Invest Cyprus with a more detailed position and specific recommendations for the Government.
Meanwhile, Invest Cyprus Chief Executive Officer Marios Tannousis said that cooperation with CITEA was strategic. “When we attract an international investment to Cyprus, our aim is for it to create value here, within the local ecosystem,” he said.
“With this Memorandum, we are building precisely that bridge: connecting international capital with Cypriot innovation and positioning Cyprus dynamically on the global digital map of Artificial Intelligence,” he concluded.
