Cyprus is on a mission to become a top tech hub, investing in AI and space tech with plans for a national fiber network. Technology now contributes 10% to GDP, boosting the country’s digital presence for future innovation and growth.
What is Cyprus’ strategy to become a leading tech hub?
Cyprus is strategically transforming into a regional tech hub by leveraging its location, investing in interconnectivity, infrastructure, and innovating in AI and space technologies. With technology contributing 10% to GDP and plans for a national high-speed fiber network, Cyprus aims to overcome skill gaps and enhance its digital presence to fuel future innovation and digital maturity.
A Regional Centre for Technology and Innovation
Cyprus is poised for transformation, with Deputy Minister of Research, Innovation and Digital Policy, Nikodemos Damianou, announcing at the 14th Nicosia Economic Congress that the country is better positioned than ever to become a regional centre for technology and innovation. With a clear vision and strategic actions already in motion, the island nation is leveraging its unique geographic location at the crossroads of Europe, Asia, and Africa to become a burgeoning technology hub.
The European Union has recognized Cyprus’s potential, seeing it as a pivotal player in its strategy to become a leading connectivity and data hub since 2021. Cyprus is actively working towards this goal by investing in interconnectivity and data infrastructure, exploring the possibilities within space technologies, and pushing the envelope in artificial intelligence development.
Economic Impact and Infrastructure
Significantly, the technology sector in Cyprus has seen a surge in growth, now contributing 10 percent to the country’s GDP. This expansion reflects a maturing research and innovation ecosystem that promises to fuel further development and commercialization of cutting-edge technologies.
The island’s ambition doesn’t stop there. An ambitious plan sets Cyprus on track to become the first nation entirely covered by a high-speed fiber optic network within the next two years. This groundbreaking initiative is set to catapult the country’s digital infrastructure to new heights, laying down the digital highways that will drive future innovation.
Overcoming Challenges and Skill Gaps
Despite these advancements, challenges such as the digital skills gap and a deficit of technology experts remain. Damianou acknowledged these issues, emphasizing the need to accelerate the adoption of new technologies across businesses. This move is critical for Cyprus to enhance its digital presence and to be considered a serious contender on the global technology stage.
In response, there are concerted efforts underway to modernize state machinery and encourage digital services adoption among citizens and businesses. This is part of a broader aim to achieve digital maturity, which necessitates the development of skills, connectivity, and robust business support structures.
Paving the Digital Future
A major project is in the works to delineate the architecture of the nation’s technical infrastructure, which is a step towards establishing a truly digitally advanced state. Plans include future enhancements in digital services through the Government’s electronic portal and a digital citizen application, as well as the transformative potential of electronic signatures and the digital verification of official documents.
Moreover, demonstrating the government’s commitment to this digital revolution, a substantial 23 percent of the funds from the Resilience and Recovery Plan have been earmarked for technological upgrades. This allocation represents a significant investment in the future of Cyprus’s digital landscape and aligns with the broader EU vision for a digitally integrated community.
What is Cyprus’ strategy to become a leading tech hub?
Cyprus is strategically transforming into a regional tech hub by leveraging its location, investing in interconnectivity, infrastructure, and innovating in AI and space technologies. With technology contributing 10% to GDP and plans for a national high-speed fiber network, Cyprus aims to overcome skill gaps and enhance its digital presence to fuel future innovation and digital maturity.
What steps is Cyprus taking to become a regional center for technology and innovation?
Cyprus is leveraging its unique geographic location at the crossroads of Europe, Asia, and Africa to become a regional center for technology and innovation. By investing in interconnectivity, data infrastructure, space technologies, and artificial intelligence development, Cyprus is positioning itself as a pivotal player in the EU’s strategy to become a leading connectivity and data hub.
How is the technology sector contributing to Cyprus’ GDP growth?
The technology sector in Cyprus now contributes 10% to the country’s GDP, reflecting a maturing research and innovation ecosystem. This growth is driving further development and commercialization of cutting-edge technologies, positioning Cyprus for future innovation and economic growth.
How is Cyprus addressing challenges such as the digital skills gap and technology expert deficit?
Cyprus is actively working to accelerate the adoption of new technologies across businesses to overcome challenges like the digital skills gap and a deficit of technology experts. Efforts are underway to modernize state machinery, encourage digital services adoption, and develop skills and connectivity to enhance Cyprus’s digital presence on the global technology stage.
