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Cyprus gives priority to knowledge based economy

  • Publish Date: Posted 13 February 2011
  • Author: AP Group

The Minister of Commerce, Industry and Tourism, Mr Antonis Paschalides, has expressed the Cyprus Government’s priority of transforming the economy to a knowledge based economy.

Speaking during the “Cyprus Entrepreneurship Competition” ceremony, awarding the “Startup Entrepreneur of the Year” award, at the University of Cyprus, Paschalides said that, following the relevant policy of the European Union, the goal can be achieved through the exploitation of local human scientific potential.

Cyprus cannot compete in the new economic order unless it becomes more inventive and innovative and begins to react better to consumer needs and preferences, Paschalides added.

He moreover said that the Ministry realizes the importance of innovation for the improvement of the economy’s competitiveness and stated that policy measures and innovation support mechanisms are being discussed to this end.

Paschalides said moreover his commitment in promoting all forms of innovation, including technological and organizational innovation and innovation in services.

“At our Ministry, we are working hard for the establishment of the Science Technology Park in the area of Pentakomo, as this will prove to be a fundamental element towards achieving our vision” he said.

The competition, which is organised by the University of Cyprus for eight consecutive years, aspires to encourage Cypriot and foreign students, scientists and researchers, to transform their innovative entrepreneurial ideas into high-tech enterprises.

The Minister said he appreciated such events that promote and develop entrepreneurship in Cyprus, and added that his Ministry has supported and sponsored this competition from the beginning.

“Entrepreneurship and entrepreneurial innovation constitute the most fundamental components of the most competitive economies, with the main requirement for success being the quality and calibre of human resource” Paschalides noted.

He said finally that Cyprus has a wealth of creative people, and it is necessary to stimulate the entrepreneurial mindsets of young people, encourage innovative business start-ups and foster a culture that is friendlier to entrepreneurship and the growth of Small and Medium enterprises.

First published on on 03/02/2011