Actions underway to develop data centres in Cyprus – ICT leaders discuss the sector’s future

Actions are underway to develop data centres in Cyprus, and recent discussions in the US aimed at attracting investment for this purpose, according to Deputy Minister of Research, Innovation and Digital Policy, Dr Nicodemos Damianou.

Damianou made the revelation during a panel discussion on “Innovation and Digital Policy” at the 15th Nicosia Economic Congress.

In a conversation with top executives from Cyprus’ technology and digital policy infrastructure sectors, the future of ICT, technological challenges, and strategies to boost the country’s competitiveness were discussed at length.

Damianou pointed out that we are now operating in a new environment—one where the focus is not on controlling technology, but on the speed of adoption and investment in it.

He stressed the need for investors to have access to talented human capital, later stating that Cyprus can act as a bridge between research activity and entrepreneurship.

Specifically regarding the technology ecosystem, he stressed that the strategy should aim at connectivity and attracting investments.

Millennials and Gen Z choose a bank primarily based on customer experience

Christos Eojourian, Head of Technology and Digital at Hellenic Bank, explained that technological transformation is no longer just operational—it is social.

Referencing recent research, he noted that millennials and Gen Z now choose a bank primarily based on customer experience—specifically the simplicity and speed of accessing products with just a few clicks.

He highlighted that Hellenic Bank has made significant investments, having been an early adopter of cloud technology and continuing to invest in systems that enhance the customer experience.

Lack of data centres a major obstacle

Theodosis Theodosiou, CEO of Primetel, focused on the need for rapid technology integration by businesses, though he added that fibre and 5G infrastructure has advanced strongly in Cyprus.

However, he pointed out that the lack of data centres remains a major obstacle, particularly when it comes to leveraging Artificial General Intelligence (AGI). Additionally, high energy costs continue to be a challenge in attracting more investors.

Nevertheless, he acknowledged that Cyprus is making steady progress, and the integration of foreign investors with local businesses is a positive development for the broader tech ecosystem.

Chrysostomos Kridiotis, Managing Director of Logicom Solutions, said that Information and Communication Technology (ICT) forms the foundation for investment resilience, particularly in times of global uncertainty. Technologies like robotics and Artificial General Intelligence (AGI) are now shaping the way governments and societies interact.

However, he identified certain obstacles:

• Lack of specialised human capital
• Limited technological culture within many businesses
• Complexity caused by technological debt

To address these, he proposed the decisive implementation of digitalisation, along with investment in education and talent integration.

Deputy Minister: Educating the younger generation in cutting-edge technologies will shape the future

In the same spirit, Deputy Minister Damianou underscored that research activity in Cyprus is critical, and that educating the younger generation in cutting-edge technologies will shape the future.

He noted that actions are already underway to develop data centres, and that recent discussions in the US aimed at attracting investment have taken place in this context.

The Deputy Minister also highlighted that technology project management, especially when using agile methodologies, requires time and expertise.

Finally, he stressed the need to modernise the public sector, noting the progress being made through ongoing digital transformation efforts.

The panel discussion was moderated by Adonis Adoni, Journalist, GOLD, CBN