Cyprus classed as ‘strong innovator’ for third consecutive year

Cyprus has been recognised as a Strong Innovator in the European Innovation Scoreboard for the third consecutive year, according to an announcement released on Monday by the Deputy Ministry of Research, Innovation and Digital Policy.

The ministry stated that Cyprus has secured 10th place among EU member states, achieving 106.3 per cent of the European average and recording the highest growth rate (39 per cent) across Europe since 2017.

This year, Cyprus has improved in 15 of the 32 indicators evaluated by the report, and over time, from 2017 to the present, it has shown progress in 28 indicators in total.

The Deputy Ministry of Research, Innovation, and Digital Policy highlighted Cyprus’ exceptional performance in the ‘Linkages’ category, which encompasses collaborations between innovative enterprises, joint publications between the public and private sectors, and the mobility of human resources in science and technology.

“Cyprus is a top performer in the Linkages category, showcasing the country’s strength in fostering innovative partnerships,” the ministry stated.

Cyprus also ranked highly in the ‘Attractive Research Systems’ category, which includes international scientific publications from the nation’s research universities, highly cited publications, and the proportion of foreign doctoral students.

“The country’s research systems are increasingly attractive, drawing significant international attention and collaboration,” the ministry mentioned in its announcement.

Moreover, Cyprus has excelled in several areas, including trademark applications, business innovation (both in products and processes), employment in innovative enterprises, and engagement in knowledge-intensive activities.

Factors related to the digital transformation of the country, such as high-speed connectivity and ICT companies’ investment in workforce training, are also identified as strong points.

The results also indicated areas for improvement to further enhance the dynamic capabilities of the Cypriot ecosystem.

These areas include broader investment in research and innovation (R&I), attracting private venture capital investments in innovative enterprises, exporting technological products, patent applications, and environmental sustainability factors.

The ministry said that it is implementing targeted policies to strengthen the ecosystem’s capabilities, maximise the sector’s impact on the economy and society, and enhance Cyprus’ competitiveness as a regional innovation and technology hub.

“The government offers institutional funding to research institutions and centres of excellence,” the announcement said, adding that “through the Research and Innovation Foundation, academic and research institutions, businesses of all sizes, and individual researchers have access to a wide range of funding tools and supportive services for innovation and knowledge transfer”.

The ministry also mentioned that tax incentives encourage R&I expenditure and investment, while the operation of the Cyprus Equity Fund and the new National Development Agency are expected to significantly address identified funding gaps for SMEs and startups.

“The continuous evolution and impressive performance of our research and innovation ecosystem, considering our country’s size, affirm the effectiveness of governmental policies and their implementation measures,” Deputy Minister of Research Nicodemos Damianou said.

“This underscores the dynamic nature of the Cypriot ecosystem, which I warmly congratulate,” he added.

Damianou also said that “our goal is to build on this momentum and create even more favourable conditions and opportunities for our scientists and entrepreneurs to innovate, ensuring that R&I expenditures benefit society and the economy”.

“We must deeply and seriously evaluate today’s results and look beyond the numbers at all the elements and issues that need improvement to ensure that our trajectory remains on a meaningful path of progress,” Damianou concluded.