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Cyprus

R&D is key for knowledge-based economy, says Dombrovskis

Research and innovation is the key to realising the ambition of being a competitive knowledge based economy, the European Commission Vice President responsible for the Euro and Social Dialogue Valdis Dombrovskis said on Saturday.

Dombrovskis the Cyprus Institute and was informed about the its role and work.
Speaking during a welcoming ceremony, he said that research and development was very important for the EU and for Cyprus. “If we want to stick with our ambition of being a competitive knowledge based economy, then investment in research and development, research and innovation is the key,” he said.

The European official noted the achievements of the Institute and referred to EU funding that helped make it “a hub of excellence”. “It is, I would say, a mutually reinforcing process where, on one hand, you help to demonstrate that you can be state of art, in certain research areas, and EU can finance this as hub of excellence, basically reinforcing and advancing you further,” he said.

The Institute’s Costas Papanicolas, said the vision that propelled them was to help foster the knowledge economy of Cyprus and the region by being a gateway of science, technology and innovation between EU and the Eastern Mediterranean region.

“Cyprus, being the easternmost member of the EU, in the middle of the Eastern Mediterranean region can play a major role in this appeasement and prosperity in the future of this region and certainly science, technology and innovation are tools that can alleviate these problems in the long term,” he added. (CNA)



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