Cyprus is a great place to build innovation centres, software development labs and incubators, US Under Secretary of State for Economic Growth, Energy and the Environment Keith Krach told the Cyprus News Agency (CNA).
In an interview during his visit earlier this week when he signed an MoU for cooperation in science and technology with Cyprus innovation commissioner Kyriacos Kokkinos, Krach stressed the importance of enhancing US private investments in Cyprus, particularly regarding the innovation sector.
Asked how the two countries can benefit from the MoU, the US official noted that “there is a number of ways to be able to do that. Of course, one is private sector investment. I spent thirty years of my career in Silicon Valley building companies and I think Cyprus is a great place to build innovation centres, software development labs, incubators,” he added.
He went on to say that this “is a big, big area and there is great human capital, great know-how in Cyprus, great universities, great location, it is a crossroad. I think another big area is in terms of the next generation telecommunications and it is a particular area of focus in terms of 5G and the clean network which is a comprehensive approach to addressing long term issues of data privacy, security, trusted collaboration built on a coalition of partners.”
Asked about the dangers from the introduction of the 5G, Krach said that “5G will change the way that communication is done. It will bring great benefits. But also there are risks in terms of authoritarian states”.