Oev and TechIsland sign cooperation memorandum on innovation
Oev and TechIsland have agreed to cooperate on initiatives and policy proposals supporting technology, innovation, entrepreneurship and skills development in Cyprus.
Nicosia, Cyprus. The Cyprus Employers and Industrialists Federation (Oev) and non-profit association TechIsland on Friday signed a memorandum of understanding to strengthen cooperation on technology, innovation and entrepreneurship.
The agreement establishes a framework for collaboration between the two organisations and their members, aimed at supporting Cyprus’ innovation ecosystem and the economy’s growth potential.
Joint initiatives and policy proposals
Under the memorandum, Oev and TechIsland will develop joint initiatives and policy proposals concerning the business environment and innovation development.
The areas of cooperation include improving the regulatory and tax framework, developing physical and digital infrastructure, and creating conditions to attract and retain investment, businesses, entrepreneurs and skilled workers.
Workforce skills and training
The organisations will also focus on strengthening digital and technological skills among the workforce through the upgrading and reskilling of workers.
They will seek closer links between education and vocational training and labour market needs, with particular emphasis on ensuring skills development keeps pace with technological and economic changes.
Economic modernisation
Oev and TechIsland said the memorandum forms part of longer-term efforts to promote the continuous modernisation of the economy and its transition towards a more sustainable development model.
Technology and innovation were described as fundamental to increasing productivity and competitiveness, while the cooperation is intended to support the wider business and innovation ecosystem.
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