Cyprus research sector must scale up and attract private investment, RIF chief says
RIF director general Theodoros Loukaidis says Cyprus must turn its growing research and innovation activity into greater commercial value.
Nicosia, Cyprus. Cyprus’ research and innovation ecosystem must attract more private investment and talent, expand internationally and turn research into greater commercial value, Research and Innovation Foundation (RIF) director general Theodoros Loukaidis said. Speaking to Cyprus News Agency (CNA) as RIF marks 30 years since its establishment, he said the sector’s next challenge is to grow in scale.
Growth and international standing
Loukaidis said research and innovation had become part of Cyprus’ economic landscape, with more companies, investment and international links. He said attitudes had shifted: research and innovation were no longer something that might happen in Cyprus, but something already happening.
He pointed to Cyprus’ position of 25th among 139 economies in the Global Innovation Index and the 34th-place ranking of its startup ecosystem worldwide, according to StartupBlink. With RIF’s long-standing support, he said, the ecosystem had improved its performance and strengthened its international competitiveness.
Next steps
Loukaidis said the priority for the next 30 years was to build on that progress and help the ecosystem grow. That would require more private capital, better use of talent and a wider international reach, while ensuring Cyprus does not merely adopt technologies developed elsewhere.
He cited rising demand for RIF funding: a recent call drew 284 applications, compared with around 60 under the same programme five or six years ago.
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