The Cyprus University of Technology (CUT) and the Cyprus Association of Research and Innovation Enterprises (CARIE) signed a collaboration protocol on Thursday. This agreement paves the way for the creation and development of a state-of-the-art Technology Park, located next to the new university facilities at the former "Berengaria" British settlement in Polemidia.

The agreement was signed by CUT Rector Professor Panagiotis Zafeiris and CARIE President Dr. Tasos Kounoudes, in a special ceremony at the university’s headquarters. The event was also attended by the President of the University Council, Kostas Galatariotis.

Speaking at the ceremony, Professor Zafeiris emphasized that the agreement strengthens the longstanding collaboration between CUT and CARIE. While focusing on the establishment of the Technology Park, the protocol also introduces a broader framework for joint initiatives.

“The creation of this Technology Park, in planning for some time, will provide a significant boost to research. It will host academic entities, startups, laboratories, and businesses, fostering synergies and innovation,” Zafeiris stated.

Dr. Kounoudes highlighted the Association’s robust collaboration with CUT, noting that CARIE comprises 40 companies employing over 1,000 researchers and contributing €1.5 billion to Cyprus’s economy. He underscored the importance of the agreement in enhancing innovation and providing students with opportunities for internships and employment.

University Council President Galatariotis stressed that the partnership aims to bridge academia, industry, and the economy—an approach proven effective in advanced countries. He expressed hope that the Cabinet would approve the site’s official allocation before Christmas.

According to a statement from CUT, the collaboration with CARIE seeks to establish a favorable environment for linking the university with Cyprus’s high-tech industry. The creation of the Technology Park is envisioned as a catalyst for innovation, enabling the production of export-oriented Cypriot products while benefiting both the university and the local community.

The agreement also includes participation in cutting-edge research programs in fields such as artificial intelligence, biotechnology, and microelectronics. Additionally, it ensures access to advanced research infrastructure and promotes the development of startups and spin-offs connected to the university.

The collaboration is expected to create new jobs, attract investments, and enhance business activity in the region. The Technology Park will serve as a hub of excellence in high technology, improving the quality of life and fostering lifelong learning through education and collaboration initiatives.

To ensure the agreement's successful implementation, joint working groups and committees will be formed.