Oev Chairman Says Adaptability Will Decide Cyprus Firms’ Global Competitiveness

Nicosia, Cyprus. Businesses in Cyprus must raise investment, improve productivity and convert research into commercially viable products to compete abroad, according to employers. They say the capacity to adopt new technologies swiftly will count for more than the size of a company.

Message at the innovation and research awards

Employers and Industrialists Federation (Oev) chairman Giorgos Pantelides made the remarks on Monday at the 19th Cyprus Innovation Awards and the Cyprus Research Awards 2025, held at the Nicosia Municipal Theatre. He said that the firms most likely to succeed would not necessarily be the biggest, but “those quickest to adapt.”

Pantelides argued that artificial intelligence, robotics and digital technologies are transforming how companies operate, so innovation can no longer be treated as optional. In his view, the issue for businesses is no longer whether they must change, but how fast they can do it and whether that change can become a competitive advantage.

Strengths and priorities for Cyprus

The point carries particular weight in Cyprus, where companies cannot depend on the scale of the domestic market to compete internationally. Pantelides said the country’s assets are instead flexibility, quality and an ability to make better use of knowledge and technology.

He called for more companies able to turn research into products and fresh ideas into investments. He stressed that innovation becomes valuable only once it has a practical application in the economy.

Strong innovation record, persistent obstacles

The warning comes as Cyprus leads the EU in innovation activity among smaller businesses, yet it still struggles to attract private investment and to convert research into commercial growth.

The European Commission’s 2026 innovation scoreboard shows Cyprus rising from 15th place to first in the EU for innovation activity among small and medium-sized businesses. This is presented as evidence that Cypriot companies are willing to innovate.