Cyprus once again among EU’s strongest innovator countries

08:34 - 10 July 2023

Economy

Cyprus has ranked among the EU's strong innovators for a second year in a row, according to the annual EU innovation scoreboard, marking a significantly faster performance than the EU average.

According to the Research and Innovation Foundation (IDEK), Cyprus’ strengths include linkages between innovative SMEs collaborating with others, a sector in which Cyprus marked the highest EU-wide performance, attractive research systems and strong innovation in product development and business process innovators. The report also cites the high employment rate in knowledge-intensive activities.

Theodoros Loukaides, General Director of IDEK, expressed the foundation’s satisfaction over the results and congratulated all stakeholders of the local research and innovation ecosystem.

“Success such as this, build Cyprus’ name as a regional R&D hub opening new horizons,” he said, adding that this achievement is the result of the long-standing effort of the R&D ecosystem and the state’s investment in IDEK.

“Our targeted investments are bearing fruit,” he said, noting that apart from new jobs in cutting edge sectors and product exports, “we are diversifying the economy mix and strengthening its competitiveness and resilience”.

Cyprus once again among EU’s strongest innovator countries

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