Address on behalf of the Chief Scientist for Research, Innovation and Technology,
Mr. Demetris Skourides,
by
Mr. Charisis Bitoulas, Communication Officer
of the Research and Innovation Foundation
CYENS Networking event – 16 February 2023

Distinguished Guests,
Ladies and Gentlemen,

Good afternoon. On behalf of the Chief Scientist for Research, Innovation and Technology of the Republic of Cyprus, Mr. Demetris Skourides, it is with great pleasure that I join you here today at this thought-provoking initiative, organized by CYENS Centre of excellence. I would like to echo the Chief Scientist’s sincere gratitude to the organizers for extending this invitation and creating a platform where minds from various professional backgrounds, converge to celebrate the spirit of innovation and research excellence.

Such occasions provide the opportunity for exciting discussions to unfold. Today, we have the privilege of exploring into a topic that resonates deeply with the ethos of this institution   – the importance of cultivating a balanced Research & Innovation ecosystem where collaborations between academia, industry, and government thrive. It is these synergies that propel us forward, with research, development, and the practical application of ground-breaking technologies, which when commercialized can become a driving force contributing to the growth of the economy.

The CYENS Centre of Excellence, as many of you know, stands as a beacon in these efforts, serving as a bridge between the realms of academia and industry and fostering an environment where ideas not only flourish but also transform into products with potential that scales and can be commercialized.  As echoed in the Innovation Ecosystem Partner Day that took place on February the 9^th, commercialization is one of our priorities, and you can count on our steadfast support towards our shared goal of ensuring a sustainable future for our country.

Centres of Excellence are instrumental to pushing the boundaries and there has never been of better time to focus on Accelerating the conversion of Applied Research into commercialization.

Ladies and Gentlemen,

Cyprus has twelve universities, seven centers of excellence, private and public research institutes as well as a dynamic community of 2500 researchers, 4000 entrepreneurially minded individuals and over 400 start-ups and innovative businesses, that have a potential to create a significant impact for our country. The Cyprus Ecosystem has more than 417 Patent Applications in the World Intellectual Property Organization and a high absorption rate of Research & Innovation funds from EU funding programs.

Startups and scaleups here, have managed in 2022 alone to raise 130M Euros in venture capital, and have been able to make their products and services available in international markets, signals that translation from applied research, to product and commercialization is creating new opportunities for entrepreneurship in Cyprus. This progress is reflected as Cyprus ranks among the Strong Innovators for the second consecutive year in the 2023 European Innovation Scoreboard.

Research and Innovation Foundation spearheads these efforts, having allocated more than €148m to members of the ecosystem since 2016 with an array of funding programmes. As for the period 2021-2027, it has designed a new framework of funding programmes, allocating a total of €150m to targeted investments in various pillars including research, collaboration and knowledge transfer, innovation, infrastructure and capacity development and internationalisation. This is a great opportunity to strongly encourage the Research & Innovation ecosystem to utilize these tools.

In this fast-paced, ever-evolving era we live in, the pursuit of knowledge and technological advancement is more crucial than ever. We firmly believe that research, innovation, and technology are key drivers of a thriving and resilient economy.

To this end, Research and Innovation ranks high in the Government’s priorities. The State’s commitment to support Research & Innovation is reflected in the Research and Innovation Strategy 2024-2026 that has been recently approved by the Council of Ministers. Combined with the reforms and investments as part of the National Recovery and Resilience Plan and the long-term strategy of “Vision 2035”, the aim is to turn the island into a beacon of innovation, supported by digitalization, making it one of the preferred countries to live, work and do business in. Hence, the introduction of an attractive tax framework and incentives which includes amongst others favorable IP regime offering a maximum effective tax rate of 2.5%, digital nomad Visa, Researches Visa and a pool of excellent researchers locally,    make Cyprus a very attractive Research, Development and Innovation destination.

Distinguished Guests,

I would, once again, like to express my gratitude for the invitation and send a message to all of you here; Now is the time to embrace the spirit of collaboration, celebrate the pursuit of knowledge, and collectively contribute to a flourishing innovation ecosystem.

We are here to support you on your quest and stand by your side, in our common joint effort to create a modern, sustainable and extroverted ecosystem.

I am confident that the following discussions will be insightful for everyone. Thank you.