Damianos says green and digital transition key to Cyprus business competitiveness

Nicosia, Cyprus. Cyprus’ business competitiveness increasingly depends on the green and digital transition, Commerce Minister Michael Damianos said on Thursday, citing more than €500 million secured for related measures during the 2021-2027 programming period.

Speaking at the first Cyprus IT Directors Forum, held as part of the third Cyprus Tech Summit, Damianos said the funding was being directed towards entrepreneurship, industrial development, energy upgrading, the circular economy and the digital transformation of businesses.

Business support measures

Damianos said the ministry’s policies and grant schemes supported businesses in modernising infrastructure and processes, while strengthening productivity and outward orientation.

He added that the ministry was working to create a business environment that encouraged innovation, attracted investment and supported the transition to more modern and sustainable business models.

Key challenges

The minister identified artificial intelligence, cybersecurity and human resources as three of the main challenges facing businesses.

On artificial intelligence, he said the objective was not merely to adopt new tools but to use them responsibly where they could address genuine problems, improve decision-making and deliver measurable results.

He said cybersecurity and digital resilience had become increasingly important as more business operations and transactions moved online.

“Security is now a matter of business continuity, corporate governance and trust,” Damianos said.

Skills and productivity

Damianos said digital investments could not produce results without the necessary knowledge, continuous skills development and a culture of collaboration and adaptation to change.

He said the challenges were directly linked to the needs of Cyprus’ small and open economy, where productivity, access to international markets and the capacity to adapt quickly were vital.