"Our vision is to truly strengthen Cyprus’ position as an innovation and technology hub," said President Nikos Christodoulides on Wednesday, speaking at this year's Cyprus Innovation Awards by the Employers and Industrialists Federation (OEB) and the Cyprus Research Awards by the Research and Innovation Foundation (RIF), held in Nicosia.

The President also announced that he, along with relevant ministers, will travel to the United States in the first week of April—specifically to New York, Texas, and San Francisco—to attract investment in the shipping, technology, and energy sectors. Additionally, on May 21, he will visit London with members of the Council of Ministers to present tax and other incentives aimed at encouraging successful Cypriots abroad to return.

>>Winners of the 2024 Cyprus Innovation and Research Awards Announced<<

President Christodoulides described the event as an institutional landmark that honors and highlights the crucial role of research and innovation in national development.

"As a state, we have an obligation to promote and support innovation in every sector, thereby redefining our production model to prioritize knowledge and technological development," he stated. Only in this way, he added, can Cyprus build a sustainable and resilient economy capable of meeting future challenges.

The President announced the government’s decision to allocate an additional €15 million to two key innovation programmes. The first is the STEP programme, which supports the creation of facilities and production lines for developing and manufacturing innovative products and services. The second focuses on developing artificial intelligence-driven solutions to address challenges in the public sector.

He also noted that Cyprus’ research, innovation, and entrepreneurship ecosystem has, for the third consecutive year, been ranked among Europe’s “Strong Innovators” and has emerged as the fastest-growing startup ecosystem in Europe.

President Christodoulides emphasized that the Government’s strategic direction is “clear,” affirming that current efforts build upon significant progress made in previous years.

In his address, OEB President Antonis Antoniou explained that the Innovation Awards, introduced in Cyprus in 2006, were among the first of their kind in Europe. The awards have been recognized by the European Commission as a best practice for promoting innovation in businesses and operate under the auspices of the Deputy Ministry of Research, Innovation and Digital Policy, which adds further prestige.

"Resilience and adaptability have shown that innovation is not optional but a necessary condition for survival and prosperity," Antoniou said. He noted that businesses investing in research and development manage to turn challenges into opportunities, creating new markets, products, and services.

He emphasized that innovation is not limited to technological advancement, but also includes new business strategies, flexible operational models, and practical applications that enhance daily life.

In his remarks, Andreas Efstathiou, Vice President of the Research and Innovation Foundation, stated that the ongoing search for new solutions is the only path to success and sustainability. He praised Cypriot businesses for recognizing this necessity, as demonstrated by their increased participation in this year’s awards.

From green development and sustainable entrepreneurship to AI and transformative production and service models, this year’s awardees, he said, “prove that Cyprus can be a leading force in innovation.”

Efstathiou added that the award categories span a wide range of sectors—from primary industry and manufacturing to services and social innovation.