Nicosia, Cyprus. Cypriot technology companies need greater financial backing to compete internationally, while businesses need faster access to digital transformation funding, the Cyprus Information Technology Enterprises Association (CITEA) said following a meeting with Trade Minister Michalis Damianos.
Digital transformation funding
A CITEA delegation and Damianos discussed business digitalisation and the international expansion of Cyprus’ technology sector.
The association called for faster and simpler procedures under digital transformation support schemes, as well as larger budgets to enable more companies to invest in modern technologies, improve productivity and remain competitive.
CITEA said demand for support had been strong. The latest digital scheme had a €14 million budget and offered grants covering 50 per cent of eligible investment, up to €50,000 per company. It opened on May 20, 2025, and closed the following day after the available funding was exhausted.
International expansion
CITEA also raised concerns over the level of practical support available to Cypriot technology companies seeking to take their products and services into international markets.
The association said participation in major exhibitions can help smaller companies reach clients, investors and commercial partners, but that exhibition space, travel, accommodation and promotion costs can be prohibitive for many local firms.
CITEA president George Malekkos said Cypriot technology companies had developed valuable products, expertise and growth prospects abroad.
“Today, however, financial support for participation in international exhibitions covers only approximately 10 to 15 per cent of the actual cost, which is not sufficient to substantially support the sector’s international expansion,” he said.
Malekkos said CITEA expected a specific announcement before the end of the year on new and increased funding for digital transformation schemes.
The association described its discussions with Damianos as constructive and said it would continue working with relevant authorities on proposals to support innovation, business growth and the international reach of Cyprus’ technology sector.
