Public consultation on Research and Innovation Strategy 2024-2026 launched

The Deputy Ministry of Research, Innovation and Digital Policy has launched a public consultation on the Research and Innovation Strategy 2024-2026 where it is said that Cyprus envisions itself becoming a regional powerhouse for Research, Innovation, Entrepreneurship, and High Technology.

According to the draft strategy text, a holistic R&I strategy which addresses all elements required to develop a robust, integrated and well interlinked national ecosystem with increased contribution to the Cyprus economy and society is imperative.

The draft notes that according to the European Innovation Scoreboard (EIS), Cyprus has gained significant ground in the past years, moving from the Moderate to the Strong Innovators category in 2022, maintaining its progress in 2023 and ranking 10th with performance at 105.4% of the EU average and a much higher performance rate than that of the EU (8.5%-points).

It adds that innovation performance marked a steady increase between 2016 and 2020 and a sharp acceleration in 2021, leading to a 45% performance increase in 2023. Steps forward are most evident in the attractive research systems, Linkages, and SMEs innovators dimensions.

Cyprus, it adds, has also improved its position in the Global Innovation Index (GII) over the past years, steadily progressing to 28th place out of 132 economies in 2023. The country ranks 2nd in the Northern Africa and Western Asia (NAWA) region, securing a higher world rank in knowledge and technology outputs (23rd) and creative outputs (17th).

In addition, Cyprus has achieved the highest per capita absorption of funding from the Horizon 2020 Program, tripling its national contribution to the EU. The country ranks first among countries securing funding for the creation of Centers of Excellence in Research, under the "Teaming for Excellence" Program of the European Framework Program (EFP).

"Cyprus envisions itself becoming a regional powerhouse for Research, Innovation, Entrepreneurship, and High Technology. To fulfil this ambitious pursuit, Cyprus seeks to draw in investments, businesses, and talents, propelling itself towards a future where innovation thrives and opportunities abound" it stresses.

The Research and Innovation Policy aspires to amplify the positive influence of R&I activities throughout the entire spectrum of social and economic endeavours. At the same time, it focuses on elevating Cyprus’ role as a regional hub for research and innovation entrepreneurship and high-tech that attracts international and local investments and businesses.

"This is achieved through crafting of a comprehensive framework to manage and allocate state funding, alongside the implementation of a robust mechanism to measure performance and assess the overall socioeconomic impact of government expenditures in R&I" it says.

According to the official press release, comments and observations can be submitted, no later than 5 December 2023, on the consultation platform of the Deputy Ministry of Research, Innovation and Digital Policy.

(Source: CNA)