Cyprus has immense potential to gain from the blue economy, President Nikos Christodoulides said at the inauguration of the Blue Economy Innovation Centre of Limassol Municipality.

He emphasised that Cyprus’ geography and wealth of maritime resources facilitated over 200 shipping companies to provide their services, along with significant maritime tourism and other major activity in the sector.

That means, the president explained, Limassol can achieve even greater results in Cyprus’ economic development – with the deputy shipping ministry being crucial in achieving those goals.

Christodoulides further emphasised the importance of innovation as the driving force behind a successful and resilient economy, noting that it’s an area where Cyprus must succeed. The implementation of innovative technologies and solutions for the benefit of the economy and the overall effort to expand productivity are a central government focus, he said.

The president expressed his gratitude to Royal Caribbean International for their support and to the Israeli ambassador, who also attended the event, noting that Cyprus is inspired by its neighbor’s success in innovation.

Limassol mayor Nicos Nicolaides was also present and stated that the centre’s goal is to focus on developing a hub of innovation and an ecosystem of startups centred on the blue economy.

The World Bank explains the blue economy as being “sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of ocean ecosystems”.