Records a significantly faster rate of performance improvement than the EU average.
For the second year in a row, Cyprus is ranked among Europe's Strong Innovators, according to the results of the annual report European Innovation Scoreboard 2023, recording a significantly faster rate of performance improvement than the EU average.
According to an announcement by the Research and Innovation Foundation (IRD), Cyprus' strong points include the strengthened links between research organizations and businesses – a dimension where Cyprus demonstrates the highest performance pan-European -, the attractive research systems that the country has as well as the strong innovation recorded at the level of product development as well as business processes. Special mention is also made of the high rate of employment in knowledge production sectors and activities.
In his statement, the General Director of the Institute, Theodoros Loukaidis, expressed his satisfaction with the results and congratulated all the actors of the local research and innovation ecosystem. “Successes like this”, said Mr. Loukaidis, build the name of Cyprus as a regional R&D center and open new horizons. This is the result of the long-term effort of the local E&K ecosystem, but also of the investments of the State and the IdEK”.
“As the national body that shapes the conditions and acts as a driving force of the ecosystem,” he said, “IdEK contributes to the development of the economy and prosperity of the country, through a rich portfolio of financial programs and supporting services. “Our targeted investments are paying off. It is not only the new jobs that are created in cutting-edge sectors, nor the revenues from the export of innovative, technologically advanced products. It is that we diversify the mix of the Cypriot economy and strengthen its competitiveness and resilience. Our country needs research organizations and innovative businesses so that young scientists can find a professional home, applying their studies in practice”, he added.
In this direction, concluded the General Director of İDEK, we build on what we built, improve, develop and intensify our efforts for the further development of the ecosystem, in a way that also serves the strategic goals of the State.