Demetris Skourides: Cyprus is a bridge shaping the digital economy of tomorrow - The country's strategy

“Cyprus is the bridge that shapes the digital economy of tomorrow.” With this statement, the Republic’s Chief Scientist for Research, Innovation and Technology, Demetris Skourides, set out the country’s vision for a sustainable, technologically advanced and attractive environment for investment, speaking at the Investopia Global Mediterranean Forum in Limassol.

Referring to President Nikos Christodoulides' government plan "Vision 2035", Dr Skourides presented Cyprus' strategy for innovation, digital transition and the formation of a new productive model based on know-how and high-quality investments.

As he said, the national strategy includes 242 specific initiatives spanning sectors such as innovation, digitalization, green development, tourism, shipping, educational and professional services.

Over €228 million have already been committed to digital and innovative reforms, while a new Research and Development funding program of 45 million euros has been announced for 2025.

At the same time, over 28 million euros have already been given to more than 100 start-ups and innovative entities, while tax incentives have been established for investment "angels" and startups.

Cyprus, he said, now has fully digitized public services and offers quick access to grants and innovation programs. Through the creation of a digital “Project Bank”, the country aims to attract foreign direct investment of over 3 billion euros, with an emphasis on quality, sustainability and transparency.

Within this framework, structural reforms in governance and justice are also included to create a friendly and stable investment environment.

He also presented the performance data of the Cypriot economy in the field of innovation: full 5G coverage as early as 2022, while 100% fiber optic coverage is expected by 2025. The adoption of advanced technologies by Cypriot businesses reaches 58%, exceeding the EU average, while 67.3% of small and medium-sized enterprises have basic digital intensity.

Furthermore, the digitalization of public services records an annual increase of 16.3%, while the percentage of ICT specialists in the population shows a growth rate of 17.4%, exceeding the European average.

Referring to the international positioning of Cyprus, the Chief Scientist spoke of a hub country, a gateway that acts as a platform for the United Arab Emirates, the Middle East and Europe.

Locations such as Abu Dhabi and Dubai are included in the extroversion strategy for the implementation of Futureproofing Cyprus - the national effort to strengthen the resilience, innovation and diversification of the production model by 2035.

Dimitris Skouridis' speech demonstrated that Cyprus does not see innovation as an isolated policy area, but as an integrated development tool.

Through a coherent network of digital infrastructure, financing, policy coherence and international cooperation, the country seeks to become a regional protagonist in the new digital economy.

As he characteristically said: "The challenge is not to follow developments, but to shape them."

Event ID:

In partnership with:

Ministry of Energy, Commerce and Industry, Republic of Cyprus, Invest Cyprus, Cyprus Chamber of Commerce and Industry

Main sponsor: Eurobank

Gold Sponsors: Altia, Columbia Group, Finvasia

Silver Sponsors: Athlos Capital, Ecommbx, EY, Perfect Circle Trust, Argyrides & Associates LLC, STI Taxand Cyprus, K.Treppides & Co Ltd

Sponsor: IMR

Organisers: Investopia & IMH