President: Research and innovation ecosystem to be enhanced

President of Cyprus Nicos Anastasiades said on Monday that the Government has taken a series of actions and decisions that would enhance the research and innovation ecosystem in Cyprus, addressing the 2018 Research and Innovation Awards, presented by the Employers’ and Industrialists’ Federation (OEB) and the Research Promotion Foundation for the 12^th consecutive year.  
 
The President acknowledged that over time Cyprus has lagged behind in developing new productive sectors of the economy, which should meet the demands of a modern society and create a flexible and adaptable economy in a constantly competitive and changing international environment.
 
In this framework, he noted, the Government has attached great importance to the promotion of research and innovation as an integral part of its development actions.
 
He said that a comprehensive framework that includes reform actions has been adopted, always taking into account the necessary cooperation between the public and the private sector, which is based on interconnection and interaction between actors that produce knowledge and apply the necessary policies for its implementation, such as the public administration, universities, research centres, businesses, OEB and the Research Promotion Foundation.
 
President Anastasiades noted, among others, that the Government promotes the adoption of a new legislative framework on research and innovation and has been planning a framework to support the development of new clusters of innovation, while promoting new alternative funding tools, such as Venture Capital and Crowd-Funding.
 
“I have no doubt that the abovementioned actions, combined with a series of decisions taken by the Cabinet last month, are expected to further enhance the ecosystem for research and innovation, by shaping the appropriate conditions that will encourage relevant business actions” Anastasiades noted.
 
The President referred to the appointment of a National Research and Innovation Council. He also noted that the Government has drafted a bill to set up a deputy ministry for Research, Innovation and Digital Government.