Signing of the Memorandum of Understanding between the the Ministry of Energy, Commerce and Industry, the Chief Scientist and the Research & Innovation Foundation | 11 February 2021

The Minister of Energy, Commerce and Industry and the Chief Scientist of Research and Innovation and Chairman of the Research and Innovation Foundation, signed a Memorandum of Cooperation for matters of common interest, such as Research, Innovation and Technology. The objective is to create a framework of cooperation for matters involving business innovation and promoting the international expansion of Cypriot innovative businesses.

Among other things, the Memorandum provides the organisation of joint events to promote a culture of R&I and raise awareness on the prospects and business opportunities arising from the use of R&I by the Industry, as well as to promote common actions, which utilise the services provided by Centres of Excellence to the Industry.

Furthermore, the Memorandum provides for the utilisation and exchange of expertise between the two parties when it comes to the process of announcing calls, as well as submitting and assessing proposals as part of specialised sponsorship schemes.

In statements at the Signing Ceremony, the Minister of Energy, Commerce and Industry Ms Natasa Pilides stressed the need to boost the industry’s competitiveness, following a new growth model that is based primarily on technological transformation, digitisation, research and innovation. The Minister noted that the times call for the right solutions, so we can have a robust return to growth, by utilising technology, digitisation and green economy as a driving force for growth and modernisation.

The Chief Scientist for Research and Innovation, Dr. Nikolas Mastroyiannopoulos, said that “the signing marks the beginning of a new era and a collaboration with an innovative edge, aimed at building a competitive industrial ecosystem. An ecosystem that is characterised by extroversion, that reinforces innovative ideas, that will offer added value and benefits, thereby contributing to the formation of a strong and competitive economy, whilst ensuring the country’s sustainable growth and the people’s prosperity.”