Cyprus Mail
Cyprus

R&D still far below EU levels, ETEK says

Investments in research and development comprise only 0.5 per cent of GDP in Cyprus, far off EU targets that aim for 3 per cent, chairman of the technical chamber of Cyprus (ETEK) Stelios Ahniotis said on Wednesday.

Essential to economic growth, Ahniotis in an interview to the Cyprus News Agency said the procedures to actually invest in R&D are actually “drowning in bureaucracy” and results by research programs never reach businesses to actually utilise the material.

ETEK is now seeking to bridge this gap having already submitted a set of proposals to the private sector through the Cyprus construction technology platform.

Discussing the problems the industry is facing Ahniotis said the absence of a complete national strategy for research and development to ensure certain research programs would be funded is a serious problem and the industry should develop one in order to bring income to the local economy.

“Unfortunately the results of the national committee for research, that was set up by Dr Philippos Patsalis have remained in drawers. Additionally, we believe that there should be incentives to the private sector such as tax deductions so they can invest in research and innovation.”

“It is with difficulty (that investment in R&D) reaches 0.5 per cent of GDP but it should, according to EU laws reach three per cent of GDP (one per cent from the public sector and two per cent from the private sector.”

As a country, Cyprus has excellent human resources that are involved or can be involved in R&D but this alone is not enough, Ahniotis added stressing the necessity of the national strategy.

“Of course there is huge room for improvement until we reach our goals set by the European Union and until we see the benefits research has on Cyprus’ economy.”

Ahniotis also hailed the creation of a technological park a step in the right direction.



Related posts

Use of masks unclear and fines unfair, say restaurants and bars

Jonathan Shkurko

AG says careful handling needed for passports issue, not grandstanding

Evie Andreou

Coronavirus: Few turn up to Polis schools as worries over virus persist

Gina Agapiou

Coronavirus: Advisor says current spike will take a long time to remedy

Nick Theodoulou

Poll puts Ioannou as highest rated minister

Staff Reporter

Lavrov expresses ‘serious concern’ over opening of Varosha

Evie Andreou

2 comments

Comments are closed.