Dr Tasos Kounoudes: Defence industry cluster welcomes state’s SAFE efforts but requires further details

15:20 - 28 July 2025

MixCollage-28-Jul-2025-03-14-PM-5814-overlay

Economy Reporter

“We congratulate the President of the Republic, the Ministry of Defence, the Ministry of Finance, and all those who contributed to Cyprus' accession to the SAFE mechanism—an important development that can serve as a lever for growth for the domestic defence industry,” Dr Tasos Kounoudes has said.

In comments to CBN following the meeting with state officials, Kounoudes continued, “We welcome the Government's intention to leverage the SAFE mechanism in this direction.”

He was commenting as President of the Cyprus Association of Research and Innovation Enterprises (CARIE) and the Cyprus Defence Industry Cluster (CYDIC), following an official briefing on the issue, on the afternoon of 28 July.

Kounoudes also called for more information on the state's intentions, stating, “Nevertheless, we express our concern over the lack of specific measures and procedures that would ensure the meaningful involvement of the Cypriot industry and the promotion of Cypriot products—just as other countries are already doing by strategically utilising their national advantages within the European framework.”

SAFE is a new EU financial instrument that will support those member states that wish to invest in defence industrial production through common procurement, focusing on priority capabilities. As noted by the EU, SAFE will finance urgent and large-scale investments in the European defence technological and industrial base (EDTIB). In May, the European Council adopted a €150 billion boost for joint procurement on European security and defence as part of the effort.

Dr Tasos Kounoudes: Defence industry cluster welcomes state’s SAFE efforts but requires further details

News Feed

Read More