The government of Cyprus has identified ICT as one of the country’s priority growth sectors and has developed a Digital Strategy and Action Plan for immediate implementation.
Furthermore, in order to promote applied research, development, innovation, technology and entrepreneurship in Cyprus, the government is looking to promote the establishment of a new large scale Science Technology Park (STP).
It is a high impact project, that will host research centres, business incubators, spin-off innovative enterprises and other local and international knowledge based companies, with the aim of promoting new and more competitive knowledge-based products and services.
Main advantages and opportunities of the ICT sector
• ICT Ecosystem: Major multinational firms in the ICT industry, including ICT consulting firms, operate regional headquarters in Cyprus using the country as a regional base and gateway (into and out of the EU) for corporate services, such as sales and marketing, project management, systems integration, testing services, training and development, disaster recovery and business continuity, as well as joint R&D among countries of the region.
• Skills and Expertise: Existing knowledge base and available expertise of highly educated and experienced resources. Cyprus has a very high number of university level educated ICT professionals with international experience and expertise in various technologies and industry sectors.
• EU Research Funds: As an EU member state, Cyprus attracts EU research funds for Industry-University partnerships. The Cyprus Investment Promotion Agency acts as a catalyst for the provision of advanced R&D infrastructures and Cypriot talent to foreign companies, who wish to establish Industry-University partnerships with the Cyprus network of Universities and Research Centres.
Cyprus welcomes and has the know-how to support Foreign Direct Investment for expansion and development of projects on e-Government, e-Business, e-Learning, e-Inclusion, e-Health and overall ICT services.
The country has aligned its ICT and innovation strategy with the flagship initiatives “Digital Agenda for Europe” and “Innovation Union” of the “Europe 2020” growth strategy of the EU.