A strategic memorandum of cooperation was signed by the Chief Scientist of the Republic of Cyprus, Demetris Skourides, and the CEO of Invest Cyprus, Marios Tannousis, with the aim of consolidating Cyprus’s role as a regional hub for innovation.

According to a statement by Chief Scientist Demetris Skourides, “the strengthening of this cooperation aims to accelerate the development of an innovation-driven economy, aligning national and international efforts to attract investment in research, technology, and innovation, while also empowering Cypriot companies to grow on a global scale.”

The memorandum also seeks to enhance Cyprus’s position as a leading destination for business and to attract foreign direct investment in the fields of technology, research, and innovation.

During the signing, the Chief Scientist emphasized the importance of this collaboration, noting that “it reflects our shared commitment to transforming Cyprus into a magnet for innovation-driven investment.”

He further stated, “By joining forces with Invest Cyprus, we strengthen our international reach and build a stronger bridge between global investors, entrepreneurs, and Cyprus’s thriving innovation ecosystem.”

For his part, the CEO of Invest Cyprus highlighted that “Cyprus holds a unique advantage due to its strategic location, making it a gateway to both Europe and the Middle East.”

“Through this memorandum,” he added, “we enable high-impact collaborations and create the right conditions for innovative companies to invest, grow, and succeed.”

According to the announcement, the cooperation between the two organizations “reinforces Cyprus’s position as an innovation hub and top destination for international businesses by providing companies with essential support and guidance to leverage the funding tools of the Research and Innovation Foundation (RIF), establish operations, and secure a sustainable presence in Cyprus.”

It also marks “the culmination of a successful year of collaboration between Invest Cyprus, the Office of the Chief Scientist, and RIF, effectively sealing their commitment to complement each other’s efforts both locally and internationally.”

As noted, “this cooperation strengthens ongoing efforts to promote Cyprus as an attractive center for technology, innovation, and research and development, while facilitating connections between foreign companies seeking to establish or expand their activities in Cyprus.”

At the same time, the partnership “will support Cypriot companies looking to expand into international markets and provide comprehensive on-site and remote assistance to investors, ensuring seamless cooperation and business success.”

Finally, the agreement “also reflects the shared commitment to advancing structural reforms that improve Cyprus’s regulatory and business environment, making it more responsive to the evolving needs of the innovation industry.”