Success Stories
FBME Bank Ltd.
ASBISc Enterprises PLC (“ASBIS”)
Amdocs: Research and Development Centre in Cyprus
Bouygues Batiment Testimonial
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- Research & Development
Research and Development (R&D)
The Government of Cyprus acknowledging the importance of research, development, and innovation, is strongly committed in enhancing the scientific basis in Cyprus. The Research Promotion Foundation of Cyprus (www.research.org.cy) funded over €25 million worth of research projects and supporting activities, and the budget is expected to grow in the coming years according to the following five strategic categories:
- Strategic & Multi-thematic Research and Development
- Growth of National Scientific & Research Human Capital
- Applied Research Development and Enterprise Innovation
- Research Infrastructure Development and Large Scale Investments
- International Networking and Collaboration in the field of R&D and Innovation
The highly educated work force in Cyprus and the high level of scientific personnel can be engaged in both research and business innovation and entrepreneurship, taking advantage of the Government research incentives. Thus, several opportunities exist for foreign investors to invest in the growth of R&D&I in Cyprus.
Sector Synopsis
In addition to the research centres within the universities of Cyprus, there are numerous specialised research centres and knowledge institutes, including:
- The Cyprus Institute (www.cyi.ac.cy) with 6 research centres on: energy, the environment, technology, ICT, human health, and economic development
- The Cyprus International Institute (www.hsph.harvard.edu/cyprus) for the Environment and Public Health in conjuction with Harvard University
- The Agricultural Research Institute (http://arinet.ari.gov.cy) with the objective to increase crop yield and improve quality of agricultural production by methods that are environmentally and socially acceptable
- The Cyprus Institute of Neurology & Genetics (www.cing.ac.cy) specializing in neurology, molecular biology and all aspects of human genetics
- More than 10 new policy measures are in place to accelerate innovation since 2006
- Trademarks, patent and copyright laws have been in place for the protection of the rights of the proprietors and of the general public
- A plethora of Intellectual Property firms in Cyprus specialize in the protection of intellectual property rights, especially filing of trademarks and patents as well as copyright rights
Innovation and Entrepreneurship
Cyprus’ innovation performance has improved in the last 5 years and Cyprus is ranked 3rd within EU in the Innovation and Entrepreneurship
dimension of the European Innovation Scoreboard 2007, indicating a High Potential Market. The Innovation and Entrepreneurship dimension includes:
- SMEs innovation in-house
- Innovative SMEs cooperating with others
- Innovation expenditure
- SMEs using organisational innovation
Considering Innovation in general, Cyprus moved from the “catching up countries” to the “moderate innovators”.
Business Incubators
- Athena High Technology Incubator Ltd (www.athenatech.com.cy)
- Diogenes High Tech Business (www.diogenes.com.cy)
- Ermis Research and Incubator Centre Ltd (www.ermis.org)
- Helix Business Incubator Ltd (www.helixincubator.com)
- Promitheas Business Innovation Centre Ltd (www.promitheas.eu)
Latest News
Cyprus - Russia Double Tax Treaty (DTT)
- May 07, 2012
Russia urges citizens to refrain from buying property in occupied Cyprus
- Apr 10, 2012
The Index of Economic Freedom 2012 - Heritage Foundation and Wall Street Journal
- Mar 22, 2012
