-
.
- Ελληνικά
It is with great pleasure that I participate for the first time in tonight's Innovation and Research Awards ceremony of the Federation of Employers and Industrialists (OEB) and the Research and Innovation Foundation (R&I Foundation). Allow me, before any further reference, to congratulate the OEB and the Foundation for the creation and especially for the consolidation of this very important institution, which has consistently recognised and rewarded scientific excellence and innovative business activity over the last 17 years.
If one searches for the frequency of use of the word "innovation" in international literature, one will find that it has increased dramatically over the last 20 years. This fact is, among many others, one of the many indications that show the importance of innovation in the progress and development of societies and economies not only in our country but also at the international level. Let us take for example the revolution in the field of artificial intelligence that has been achieved in recent years and how it is changing all our lives, our everyday life.
It is therefore important to recognise and reward the bright, innovative achievements of Cypriot businesses. At the same time, it is necessary for all of us and the State to understand the real challenges that businesses face in their efforts to innovate and not only to support this effort but to support it substantially through very specific actions.
A prerequisite for innovative solutions is the production of quality research and the existence of a system that supports the connection between them, as well as the transfer of know-how. In this context, an important role can be played by the Knowledge Transfer Office, which was recently established at the Foundation, offering a wide range of services to all organisations implementing Research and Innovation projects in Cyprus.
In addition, the new Strategy for Research and Innovation 2024-2026, approved in December by the Council of Ministers, sets the framework within which we will move in the next three years to achieve positive and substantial changes within the priority areas as reflected in the Smart Specialisation Strategy.
The main pillars of the new strategy are firstly the development of internationally recognised research organisations, secondly the linking of research and innovation with business to enhance the business success and competitiveness of our companies, thirdly the attraction and development of appropriately trained human resources, and fourthly the strengthening of the extroversion of the ecosystem in order to meet today's challenges and to make Cyprus a strong and reliable partner in the field in Europe and internationally. I am confident that the experience he brings from his work in the private sector will be instrumental in implementing the actions of the Governance Programme in the areas of research, innovation and digital policy. Cypriot society expects us to move at a much faster pace in this area.
A key component in supporting the research and innovation ecosystem is the Foundation's funding programmes, of which, over time, around 45% of funding has gone to businesses. It is important to note that in 2024, the Foundation is expected to launch programmes with a budget of €40 million
At the same time, it is necessary to ensure that support is delivered in the best possible way so that it achieves the desired impact. Because any investment made is, at the end of the day, judged by the results in society. And it is for this reason that within the framework of the new Strategy for Research and Innovation, which I mentioned earlier, the creation of a new framework for the evaluation and granting of institutional grants to the country's research institutions is being promoted, precisely with the aim of further promoting excellence and the optimal use of state resources.
For Cypriot businesses - and I am sure that all of you know this better than anyone else - the road to enhancing business competitiveness is a one-way street.
For Cypriot businesses - and I am sure that all of you know this better than anyone else - the road to enhancing business competitiveness is a one-way street. And a key component to achieve this is innovation and the need for our businesses to innovate. Therefore, I welcome the decision of the Foundation to establish and award this year, for the first time, the Research Commercialisation Award. It is a fact and we are proud that Cypriot businesses are making significant steps in this area, as is also recorded in the European Commission's "European Innovation Performance Scoreboard 2023", where the "cooperation of innovative SMEs with other actors in the ecosystem" is one of the most advanced categories in our country.
Despite the progress that has been achieved, our joint effort should be strengthened and intensified. As the Government, in cooperation with all of you - whom we consider our fellow travellers and partners - we must, among other things, create infrastructures that will encourage and further strengthen the cooperation between businesses and research centres.
And here we also need the support of business organisations, where the contribution of the OEB in informing and training its members, as well as in designing effective incentives to promote the aforementioned cooperation, is crucial.
Equally important is the support of business organisations. Because if we want to talk about successful applied research, we need to move on to its commercial exploitation. The amendment of the legislative framework to create appropriate conditions for the establishment of technoblasts by public universities, which will be submitted to the House of Representatives in 2024, is a necessary action in this direction.
At the same time, through a targeted policy of the State and the support of the European Union (EU), we as a country, a small EU member state, have achieved the creation of seven Centres of Excellence in Cyprus, which gather know-how and high-level expertise and should be used to develop synergies between business, academia and public authorities.
I would also like to take this opportunity to mention the very appropriate tax incentives decided by the previous government to boost investment and expenditure in research and innovation - the increased 20% deduction for research and innovation expenditure and the extension of tax exemptions for investments by individuals and legal entities in innovative businesses until 2026 - which I would like to encourage all businesses to take advantage of.
In December 2023, the Cyprus Equity Fund was also established, the first such state-funded fund in our country. The state will contribute a total of €30 million and the Fund is expected to start investment activity in 2024, thus becoming an important source of alternative financing for Cypriot start-ups and innovative companies. Related to the enhancement of its equity financing is the Disrupt programme of the Foundation, which offers additional sponsorship to innovative businesses that manage to attract substantial investments.
As the Government, seeing the need to support and modernise the Cypriot business community, we are proceeding with the implementation of other measures aimed at creating a new growth model based mainly on the green and digital transition.
As the Government, seeing the need to support and modernise the Cypriot business community, we are proceeding with the implementation of other measures aimed at creating a new growth model based mainly on the green and digital transition. At the same time, and as a necessary condition, I would say, the Governance Programme focuses on promoting and facilitating investments and structural reforms that will support the transition of our economy to a new model of sustainable and resilient economy and growth.
At the same time, and as a necessary condition, I would say, the Governance Programme focuses on promoting and facilitating investments and structural reforms that will support the transition of our economy to a new model of sustainable and resilient economy and growth.
An integral part of this effort is also the strengthening of investment in research and innovation, and the development of a culture of this, both in society and in the local economy. This new growth model we envision is reflected in investment and reform, and is included in the long-term strategy of Vision 2035, the Recovery and Resilience Plan, and the annual Action Plan, from which not a single cent should be lost - and it is particularly positive that we have succeeded in the ten months of our governance to complete all the pre-requisites to be able to apply to the EU for the second and third tranches - as well as in the five-year plan of the responsible Deputy Ministry of Research, Innovation and Digital Policy.
By taking advantage of the opportunities offered by the innovation ecosystem in our country, as well as the advantages we enjoy as a location and jurisdiction, we have set ourselves the goal of establishing ourselves - and it is an achievable goal if the right actions are taken, if we work together - as a regional hub for Technology, Information and Communications companies. To achieve this goal, we are vigorously promoting the Business and Talent Attraction Strategy, which was promoted by the previous Government and has already yielded significant results, and we will soon announce new actions and measures to further strengthen it.
At this point, I would like to highlight the important role that attracting a highly skilled workforce plays in strengthening the local research and innovation ecosystem, while underlining the need to develop the domestic In this area, we need to invest much more in technical schools and post-secondary institutes. Mistakes have been made in the past. The decision to close the Higher Institute of Technology (ATI) was wrong, but in any case, we are learning from the mistakes made and we are currently working in the direction I mentioned.
In the same context, we are promoting the interest of our students in the subjects of Science, Technology, Engineering, Arts and Mathematics, expanding the institution of STEAM schools both in Primary Education and in our schools that operate as full-day schools.
Cyprus in recent years - and the very important work that has been done should be acknowledged - has made significant steps in the areas of research and innovation, showing one of the highest average annual growth rates of research and innovation investment among the 27 EU Member States. According to the relevant results of recent years, Cyprus has been upgraded to a strongly innovative country.
Our efforts, however, need to be strengthened and intensified. In recent years we have the tools, a high level of education, ingenuity and entrepreneurship. At the same time, we are an EU member state that offers us many opportunities, the exploitation of which can lead us to significant success.
Moreover, in today's increasingly competitive world, every business is called upon every day to fight its own battle to survive and distinguish itself. It is therefore the duty and obligation of all of us, and first and foremost of the State, to shield the entrepreneurial struggle and provide the necessary resources to meet today's challenges.
I assure you that as a Government we will continue to stand by your side, helping you, providing all possible support. Your success is our success.
In conclusion, I would like to stress that today's event and the level of work of the awardees are proof of the progress that has been achieved in recent years. I would therefore like to personally congratulate the award winners and wish them even more and greater success in the future. This is something that can be achieved through collective action and cooperation between the public and private sectors.
(PM/MS/EATH)
Contents of this article including associated images are owned by PIO
Views & opinions expressed are those of the author and/or PIO
Source
