Limassol, Cyprus. Chief Scientist Demetris Skourides said Cyprus already has the foundations to become a strong regional innovation hub. Speaking at a forum in Limassol, he said the country is open for business and aims to facilitate companies’ access to Europe.
Strategy and ecosystem growth
Skourides said Cyprus aims to build a two-way value flow with companies by supporting their access to Europe while positioning the country as a platform for international expansion. He said that when asked whether Cyprus can become a global or regional hub, “the answer is yes.”
He said that between 2020 and 2025 the number of companies entering the startup ecosystem multiplied fivefold. Skourides attributed the rapid expansion mainly to trust in innovation, transparency and institutional change, saying confidence in the system is a key growth factor.
Research, sector strengths and clustering
Skourides said Cyprus has developed strong research and development capabilities across multiple sectors, including microchips, shipping and healthcare. He said companies are beginning to form clusters that strengthen the wider ecosystem.
He said Cyprus is no longer focused on whether it will become a hub in ten years, adding that structural components are already in place to support its transformation into a strong regional hub.
Economic indicators and key sectors
Skourides said unemployment in Cyprus is below 4.5 per cent and GDP growth is around 3.4 per cent and continuing, which he described as evidence of resilience and momentum.
He said key sectors include technology, gaming and entertainment, fintech, trade and maritime logistics. He added that Cyprus ranks third in Europe and tenth globally in the fastest growing shipping management services segment.
What do you think are the most important factors for Cyprus to sustain growth in its innovation ecosystem?
