The digital policies of Cyprus aim for digitisation and sustainability. They are the two key paradigms for the economic revolution and the realisation of the Millennium Development Goals (MDGs).
So, the European Commission has defined digital transformation as a strategic priority for European development. In fact, it aims at empowering businesses and improving people’s quality of life.
The Digital Compass has set 4 targets for European digital evolution. These are digital skills, digital infrastructure, digitalisation of business, and digitalisation of government.
Up to the present time, the digital transformation process, monitored by the Digital Economy and Society Index (DESI) sees Cyprus‘s position (21st) improving, thanks to innovative government policies. These policies have laid the foundations for the promotion of new technologies and market trends related to the digital space.
Cyprus and TechIsland
As has been noted, the Cypriot economy is based on services such as tourism, real estate, trade, finance, healthcare, transport, and digital skills are of paramount importance for this type of economy. According to the Digital Compass, the number of ICT specialists in the EU is expected to reach 20 million by 2030.
Digitising and transforming traditional industries into technologically advanced businesses is one of the functions that TechIsland. It is a non-profit association of leading Cypriot technology companies, that aims to perform. Basically, it promotes the digital policies of Cyprus, the adoption of government technology in the public sector, and supports education, training and entrepreneurship through a national tax system favourable to innovative companies. Moreover, it intercepts new sources of funding to make the transition to the new sectors Fintech, Legaltech, Agritech, Proptech, Traveltech/Foodtech, Shippingtech and Healthcare.
Unquestionably, TechIsland plays a primary role in the process of strengthening Cyprus’ brand and international competitiveness. In this way, it favours growth effects for the Cypriot economy by 2030.
Indeed, the Deputy Minister of Research, Innovation and Digital Policy Kyriacos Kokkinos has repeatedly reiterated his firm belief in the potential of the technological revolution for economic recovery.
Digital Policies of Cyprus
While the plan implemented by the Deputy Minister of Research, Innovation and Digitalisation was initially focused on the creation of infrastructure to stem the Covid emergency, it is now directed at improving all public services. What’s more, the Ministry of Labour, the Department of Urban Planning and Construction, the Department of Taxation and the Trade Industry are involved in this programme.
In order to achieve the goals of automation and innovation, a number of policy measures have been put in place in Cyprus. These include first of all the ‘Digital Strategy for Cyprus (2020-2030)’ for the digital transformation of the public sector (e-government) and its promotion in the private sector. Second of all, the ‘Strategic Framework for Research and Innovation (2019-2023)’. Third of all the ‘Artificial Intelligence Strategy Report’. Finally, the ‘National Strategy for DLT (Distributed Ledger Technology)’. All of them are aimed at investments in new technologies and research.
In regards to ongoing government initiatives, these include the fast-track business activation mechanism (Ministry of Energy, Commerce and Industry). To be mentioned, there is the digitisation of public services by the Deputy Minister of Research, Innovation and Digital Policy. Furthermore, the modification of the naturalisation process and work permit for IT professionals (Ministry of Economy and Finance). Moreover, it should be mentioned the digital nomad visa and EU Blue Card. As well, the introduction of new tax incentives for IT companies and professionals promoted by the Ministry of Economy and Finance. Finally, the collaboration and excellence between universities and industry (Deputy Ministry of Research, Innovation and Digital Policy). Finally, the introduction of a Fund of Funds for investments in innovative companies with an initial allocation of EUR 20 million (Ministry of Economy and Finance).
Collaboration between Italy and Cyprus
Italy and the Republic of Cyprus have joined digital development strategies and cooperate on the implementation of A.I. and Tech solutions. In fact, the combination of expertise and creating joint ventures aim at recovery. The synergetic actions aim at the role of technology hubs, facilitated by the geographical location in the centre of the Mediterranean.
In general, the projects financed by the NRRPs are just one of the possibilities provided for the Digital Transition. As well, they are flanked by the coordinating and guiding work of the Italian-Cypriot Chamber of Commerce, which acts as a driver for cooperation between our countries.
In a word, consortia, project alliances, institutional agreements, and regulations are all factors that contribute to the development of the various sectors of the economy involved in the digital transformation.
In this perspective, the Smart Talk organised by the Italian-Cypriot Chamber of Commerce on 24 May at 14.30 ITA/15.30 CY. The event, with guest speaker Georgios Georgiadis, Member of the Board of Directos of TechIsland, Founder & Managing Director of Excelix, focuses on “Innovation and Transformation. A Sustainable Process for Business Growth”. Among the activities exercised by TechIsland is the creation of a series of conferences to promote talents, start-ups, SMEs and to convey the Cyprus brand for the emergence of more and more cooperation in the Mediterranean basin. All these actions are necessary for economic growth, for which the Italian-Cypriot Chamber of Commerce is also a spokesperson.
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Last modified: June 3, 2022