2020 Cyprus Country Report

Technology & Start-Ups
Sector Profile
The technology space in
Cyprus is seeing a fresh boost
with more state support to
the sector, the launch of new
national strategies to integrate
innovative tech, and incentives
to attract more IT start-ups
and regional headquarters.
AN ERA OF
DISRUPTION
Promoting a digital economy, developing
more secure and efficient
global communications and launching
incentives are top priorities for
Cyprus to attract more business and
investment into its technology sector.
Already home to a number of international
tech companies running
their regional headquarters from the island and
servicing clients in Europe, the Middle East and
North Africa, Cyprus is also seeing increasing
numbers of innovative start-ups on its shores.
The growing interest and activity in this
sphere has also spurred the country to make unprecedented
moves and shift its focus to this area
of the economy, underlining the importance of
Information and Communications Technology
(ICT) as a catalyst to increase productivity and
economic growth. In 2019, the government
pledged to double expenditure on developing
technology and increase private contribution as
part of a 2019-2023 national strategy on Research
and Innovation. The proposal envisions the future
of the country as a dynamic and competitive
economy with technological development, scientific
excellence, innovation and entrepreneurship
at its core. Another big reform in 2020 was the
official establishment of a Deputy Ministry for
Research, Innovation and Digital Policy to guide
the country through its digital transformation.
These moves highlight Cyprus’ efforts to
finally take bold steps to be a part of the ongoing
Fourth Industrial Revolution (4IR), which is accelerating
at a rapid pace with the growing utilisation
of new technologies such as artificial intelligence,
cloud computing, robotics, 3D printing,
the Internet of Things, and advanced wireless
technologies. These developments have ushered
in a new era of economic disruption, and Cyprus
is ready to boost investment in this sector to
secure its future as both an established international
business centre and an emerging tech hub.
TECH HQ LOCATION
Several major international ICT companies have
long operated regional headquarters in Cyprus,
using the island as a hub for software development,
system integration, testing services, R&D
activities, project management, marketing and
sales. Among these are NCR, a world leader
in consumer transaction solutions, including
ATM teller machines, and Amdocs, a leading
multinational software and services provider to
global communications and media companies.
Others who have their global headquarters in
KEY
contacts
The Research and
Innovation Foundation
www.research.org.cy
128 Country Report CYPRUS 2020