Invest Cyprus on Monday announced the signing of a memorandum of understanding (MoU) with the Cyprus Space Exploration Organisation (CSEO).
The agency, tasked with the purpose of driving foreign investment to Cyprus, said that the MoU represents “another significant step into the space age” for the island.
“This collaboration strengthens Cyprus’ position as an international hub for innovation, investment, and space technology and exploration,” the announcement siad.
“It marks yet another initiative by Invest Cyprus aimed at fostering an economic environment that promotes sustainable development and innovation,” it added.
The MoU was signed at the CSEO offices in Nicosia by the organisation’s president George Danos, and the president of Invest Cyprus, Evgenios Evgeniou.
The agency explained that the agreement “seeks to develop a sustainable space ecosystem that will attract foreign investments, create high-value jobs, and further enhance research and development”.
The collaboration centers around four key areas. The first objective revolves around attracting foreign direct investment (FDI).
Invest Cyprus said it will collaborate closely with CSEO to “draw investments in cutting-edge technologies and space-related infrastructure“.
The agency said that Cyprus Space Research and Innovation Centre (C-SpaRC) is “recognised as a Centre of Excellence by COSPAR, serving as a cornerstone of this endeavour”.
In addition, the partnership aims to facilitate the transition from research to commercial application by supporting incubators and nurturing start-ups and spin-offs rooted in space technologies.
Moreover, by leveraging the strong global connections of both Invest Cyprus and CSEO, the collaboration aims to attract leading organisations, including space agencies, academic institutions, and companies.
The MoU will also entail the creation of a new framework to “support the growth and commercialisation of space technologies, thereby enhancing the export of related products and services to international markets”.
Speaking at the signing, Invest Cyprus president Evgenios Evgeniou said that the agency “is committed to contributing to Cyprus’ economic prosperity and diversification”.
“The space sector offers immense potential, and our collaboration with CSEO aligns perfectly with our strategic goals,” he stated.
“Through this partnership, we can develop a robust and innovative sector that creates high-value jobs, boosts economic growth, and positions Cyprus on the global stage,” Evgeniou added.
On his part, CSEO president George Danos said that the organisation’s collaboration with Invest Cyprus marks “a crucial step in advancing the space sector in Cyprus”.
“Together, we are creating a strong framework to accelerate innovation, attract foreign investments, and lay the foundations for the sustainable growth of the industry,” he said.
He also mentioned that “C-SpaRC and our participation in NASA’s Artemis programme are just the beginning”.
Meanwhile, the agency also stressed that “the partnership between CSEO and Invest Cyprus reinforces the country’s initiative to become a significant player in the global space scene”.
“Building on the achievements of C-SpaRC, Cyprus cements its position as a bridge for space collaboration and innovation, offering unique opportunities for businesses and investors alike,” Invest Cyprus concluded.
