The Deputy Ministry of Research, Innovation and Digital Policy has initiated a public consultation on the Research and Innovation Strategy for 2024-2026. This strategy outlines Cyprus's ambition to become a regional leader in Research, Innovation, Entrepreneurship, and High Technology.

The draft strategy underlines the need for a comprehensive R&I strategy. This approach is vital to develop a robust, integrated, and well-connected national ecosystem that significantly contributes to the economy and society of Cyprus.

Significant advancements have been made, as evidenced by the European Innovation Scoreboard (EIS). According to the Deputy Ministry's draft report, Cyprus has progressed from the Moderate to the Strong Innovators category in 2022 and maintained its upward trajectory in 2023, ranking 10th. Its performance is at 105.4% of the EU average, surpassing the EU's growth rate by 8.5 percentage points.

The strategy highlights a consistent rise in innovation performance from 2016 to 2020, with a notable surge in 2021. This increase resulted in a 45% improvement in performance in 2023. Notable progress is seen in the domains of attractive research systems, Linkages, and SMEs as innovators.

Furthermore, Cyprus has enhanced its standing in the Global Innovation Index (GII), ascending to the 28th position out of 132 economies in 2023. It ranks second in the Northern Africa and Western Asia (NAWA) region, with impressive global rankings in knowledge and technology outputs (23rd) and creative outputs (17th).

Cyprus has also excelled in leveraging funding from the Horizon 2020 Program, tripling its national contribution to the EU. The country leads in securing funding for the establishment of Centers of Excellence in Research, under the European Framework Program's "Teaming for Excellence" initiative.

The draft emphasizes Cyprus’s vision of becoming a regional powerhouse in research and innovation. The country aims to attract investments, businesses, and talent, fostering an environment where innovation and opportunities flourish.

The Research and Innovation Policy is designed to maximize the impact of R&I activities across social and economic sectors. It aims to establish Cyprus as a regional hub for research and innovation entrepreneurship and high-tech, attracting both international and local investments and businesses.

Achieving these goals involves creating a comprehensive framework for managing and allocating state funding. It also includes implementing a robust mechanism to measure performance and assess the socioeconomic impact of government expenditures in R&I.

The official press release states that comments and observations on the draft strategy can be submitted until 5 December 2023, via the consultation platform of the Deputy Ministry of Research, Innovation and Digital Policy.