The government has a “clear” strategic direction, which is to “truly strengthen Cyprus’ position as a hub of innovation and technology”, President Nikos Christodoulides said on Wednesday.

Christodoulides said he would be in the United States next month, along with ministers from his cabinet, to attract investments in shipping, technology and the energy sector, and in London in May to present tax and other incentives to encourage attract Cypriots who excel abroad to return to the island.

Addressing the 2024 Cyprus Innovation Awards of the Employers and Industrialists Federation (OEV) and the Cyprus Research Awards of the Research and Innovation Foundation ceremony, in Nicosia, Christodoulides said “the state has an obligation to encourage and support innovation, in every area, thus essentially redefining our production model, so that it focuses more on knowledge and technological development.”

Christodoulides said the government had decided to allocate an additional €15 million to two innovation programmes: STEP for facilities and production lines for the development and manufacture of innovative products and services, and the development of innovative solutions utilising AI to solve problems in the public sector.

He added that the research, innovation and entrepreneurship ecosystem of Cyprus is included for the third consecutive year among the Strong Innovators of Europe and “has emerged as the fastest growing startup ecosystem across Europe”.