Cyprus IT association calls for €1bn AI investment by 2032

Nicosia, Cyprus. Citea, the Cyprus Information Technology Enterprises Association, has called for at least €1 billion to be invested in artificial intelligence between 2027 and 2032.

The association made the proposal during the public consultation on Cyprus’ National AI Strategy 2032, which covers AI adoption in government, business, healthcare and schools.

Investment proposal

“If we truly wish for Cyprus to gain a competitive advantage in AI, the investment must be analogous to our ambition,” Citea head George Malekkos said.

He said the proposed funding should be supported by a clear budget, designated officers, timelines and key performance indicators.

Strategy assessment

Citea proposed that the first formal assessment of the national strategy take place in June 2027.

By that point, Malekkos said, authorities should know which projects have been implemented, the sums channelled into the economy, the number of small and medium-sized enterprises that adopted AI solutions, and the resulting productivity and economic-value benefits.

The association said corrective action should be taken in the second half of 2027 if the targets have not been achieved by the first half of the year.

Research and adoption

Citea also called for a distinction between research and development and the adoption of AI by businesses.

The association said research should finance the creation of new knowledge, while innovation should lead to new products, intellectual property, commercialisation and exports.

It added that businesses seeking to adopt mature AI solutions should not have to present their projects as research programmes to qualify for funding.