Cyprus has moved to strengthen its role as a regional innovation hub with the signing of a Memorandum of Understanding (MoU) between Chief Scientist Demetris Skourides and Invest Cyprus chief executive Marios Tannousis.

According to the statement, the agreement brings together the Research and Innovation Foundation (RIF) and the Cyprus Investment Promotion Agency, widely known as Invest Cyprus, to accelerate investment in research, technology and innovation, while helping Cypriot companies expand internationally.

Under Skourides’ leadership, the Office of the Chief Scientist provides strategic direction for the country’s innovation ecosystem, while RIF acts as its executive arm, running funding programmes to promote scientific excellence, entrepreneurship and the commercialisation of research.

In this framework, working jointly with Invest Cyprus, the bodies aim to position the island as a leading destination for business and innovation.

Moreover, the MoU builds on a year of collaboration, formalising a shared commitment to act as an extended arm of each other both locally and abroad.

Consequently, together they will promote Cyprus as a hub for R&D and innovation; facilitate contacts between foreign companies and Cypriot firms, and offer investor support both on the ground and remotely to ensure seamless engagement.

In addition, the partners will also push for reforms to improve the regulatory, business and infrastructure environment for innovative industries.

Skourides said the agreement reflected their shared commitment to transform Cyprus into “a magnet for innovation-driven investment.”

He noted that by joining forces with Invest Cyprus, “we are amplifying our international outreach and building a stronger bridge between global investors, entrepreneurs and Cyprus’s thriving innovation ecosystem.”

For his part, Tannousis stressed that Cyprus is uniquely positioned as “a gateway to Europe, the Middle East and beyond.” He added that through the partnership, “we are enabling high-impact collaborations and creating the right conditions for innovative companies to invest, grow and succeed.”

Ultimately, the collaboration reinforces Cyprus’ status as a destination for international business and innovation, while also providing firms with the tools to access RIF’s funding schemes and a clear pathway to establish operations and achieve sustainable growth on the island.