Cyprus prioritizes green and digital transition to boost business competitiveness with €500 million funding
Cyprus’ business competitiveness increasingly relies on a green and digital transition, according to Commerce Minister Michael Damianos. Speaking at the Cyprus IT Directors Forum during the Cyprus Tech Summit, Damianos revealed that over €500 million has been secured under the 2021-2027 period to support entrepreneurship, industrial development, energy upgrades, circular economy initiatives, and digital transformation of businesses.
The minister emphasized that government policies and grants are designed to modernize business infrastructure, increase productivity, and foster outward market orientation. Key challenges highlighted include artificial intelligence, cybersecurity, and human resources, with an emphasis on using AI responsibly and enhancing digital resilience as businesses shift more operations online.
Damianos also noted technology’s potential to improve sectors like retail, trade, and industry, while enabling SMEs to overcome scale limitations. He underscored the evolving role of IT directors as strategic business leaders and called for greater collaboration between government, businesses, and research institutions to build a more productive and competitive Cypriot economy through investment in knowledge and innovation.
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