National investment promotion agency Invest Cyprus and TechIsland, Cyprus’ largest tech association, on Wednesday announced the signing of a memorandum of understanding (MoU).
According to the announcement, the agreement aims to position Cyprus as a regional technology hub, fostering a sustainable tech community to drive economic growth and job creation.
Founded in 2021, TechIsland represents more than 300 technology companies, working to strengthen Cyprus’ tech landscape by offering members guidance, training, and networking.
The nongovernmental organisation (NGO) aims to transform Cyprus into a key technology destination.
Invest Cyprus, the official agency promoting foreign direct investment (FDI), seeks to enhance the country’s competitiveness by assisting foreign businesses and collaborating with both the public and private sectors.
Through this collaboration, the two organisations plan to share information on a consistent basis, conduct joint research and industry studies, and support each other in hosting conferences, business meetings, and events focused on innovation and sector growth.
Additionally, they will work together to address regulatory and procedural challenges, aiming to create a more favourable business environment for international technology companies looking to expand or relocate to Cyprus.
Chairman of Invest Cyprus, Evgenios Evgeniou, commented that “Cyprus is establishing itself, steadily but surely, as a tech hub”.
“Today’s memorandum of understanding represents an important step towards our collective vision to enhance further the technology sector by identifying synergies and exploring new avenues for innovation and growth,” he added.
This, he noted, “will strengthen the position of Cyprus as a premier destination for businesses, investments, and talent in emerging technology niches”.
On behalf of TechIsland, Chairman Valentinos Polycarpou said that “this partnership underscores TechIsland’s deep commitment to advancing the technology sector in Cyprus”.
“Together with Invest Cyprus”, he continued, “we aim to create an environment conducive to innovation and entrepreneurship, attracting and retaining skilled talent and strategic investments”.
“This partnership will lay the foundation for a technology-driven, resilient economy by creating an environment that fosters both growth and global competitiveness for tech enterprises in Cyprus,” Polycarpou concluded.
