The Cyprus Information Technology Enterprises Association (CITEA) and Invest Cyprus have signed a Memorandum of Understanding (MoU) with the aim of strengthening the connection between the Cypriot technology ecosystem and international investors, businesses, markets and new business opportunities.
CITEA noted in a press release on Tuesday that the signing of the MoU represents another step in the new direction being pursued by the Association since the new Board of Directors assumed office, with a key objective of bringing Cyprus’ technology ecosystem closer to organisations, businesses and institutions that can create tangible opportunities for its members.
It is added that CITEA’s strategic priority is to establish as many partnerships and bridges as possible between its members and organisations or international companies investing and developing activities in Cyprus, adding that through these connections, new business relationships, synergies, partnerships and growth opportunities can be created, both in Cyprus and abroad.
‘The meeting with Invest Cyprus reaffirmed the importance of closer cooperation between Cyprus’ technology ecosystem and the country’s national investment promotion agency,’ it is further noted.
According to the press release, during the meeting views were exchanged on the digital transformation of the Cypriot economy and the important role that the technology sector can play in attracting new investment, creating added value and strengthening the international presence of Cypriot businesses.
It is added that particular emphasis was placed on connecting foreign companies choosing Cyprus as an investment destination with Cypriot technology companies.
As stated, CITEA President, George Malekkos, outlined the Association’s position on the key priorities which, in CITEA’s view, a substantive national AI strategy must include, and stressed the need for the strategy to be linked to specific actions, investments, implementation mechanisms and measurable outcomes for the economy and businesses.
Malekkos also said that CITEA will follow up with Invest Cyprus with a more detailed position and specific recommendations to the Government.
On his part, Marios Tannousis, Chief Executive of Invest Cyprus, said that the collaboration with CITEA is strategic and added that ‘when we attract international investment to Cyprus, our aim is for it to create value here, within the local ecosystem’.
‘Through this Memorandum, we are building exactly this bridge: connecting international capital with Cypriot innovation and positioning Cyprus dynamically on the global digital map of Artificial Intelligence,’ he concluded.