The Employers and Industrialists Federation (OEB) is stepping up its involvement in Cyprus’ growing defence and space industries, with plans to develop new initiatives aimed at strengthening the domestic ecosystem, it said on Tuesday.

As part of this effort, OEB participated in the Defence Industry Info Day and Greece-Cyprus Defence Industry Day, held in Athens on September 24.

The event was organised by the Greek defence ministry, with the participation of Cyprus’ defence ministry and representatives of businesses and organisations from both countries.

OEB was represented by head of business development Michalis Grigoriou.

The federation said the defence and space industries were assuming increasing strategic and economic importance at European level and were becoming increasingly interconnected.

Space technologies, satellite communications, observation systems, cybersecurity and advanced digital technologies now constitute critical infrastructure for defence and security, it said.

According to OEB, the convergence of the defence and space sectors is creating a new area for technological and industrial development, offering significant opportunities for research and innovation and the development of high value-added products and services.

It also offers opportunities to attract investment and establish new partnerships, while strengthening Europe’s resilience, strategic autonomy and ability to respond to emerging geopolitical and technological challenges.

For Cyprus, OEB said these developments offered significant opportunities.

The domestic defence and space industry ecosystem includes companies and research organisations with expertise in areas including information technology, communications, unmanned systems, satellite applications, cybersecurity and other advanced technologies.

Such expertise, it said, could be used for both civilian and defence applications.

OEB said it was continuously strengthening its activities and presence in the two strategic sectors, with the aim of contributing to the development of a stronger and more outward-looking Cypriot defence and space ecosystem.

It is also seeking to establish closer links between industry and research, technology and innovation.

As part of these efforts, OEB said it is developing new initiatives for the defence and space industries aimed at benefiting the Cypriot economy.