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Cyprus first in absorption of EU research funds

Cyprus ranks first in the EU in terms of per capita absorption of funds from Europe’s largest Research and Innovation Programme, called Horizon 2020, it was announced on Tuesday.

Addressing the event for the presentation in Nicosia of the new funding opportunities under Horizon 2020 for the next two years, Finance Minister Harris Georgiades expressed the government’s satisfaction with this successful outcome.

“In real terms, this means that for every euro Cyprus contributes to the programme, it takes back more than three,” Georgiades said.

So far, 325 Cypriot organisations have absorbed €88.1m, including 96 small and medium size businesses that have received a total of €27m.

Georgiades announced that the government will proceed with a series of measures aimed at implementing an integrated plan in the field of research and innovation.

“We acknowledge that the framework of governance for research and innovation is flawed and this is why we have prepared a bill pending before the House to set up a Secretariat for Development aiming at integrating all relevant competencies, including research and innovation under one roof,” he said.

Georgiades also referred among others to the introduction as of this month of tax incentives for investment in innovative businesses, and the introduction next month of the ‘start-up visa’ programme that enables innovative entrepreneurs from non-European countries to set up operations in Cyprus.

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