Facebook Linked In Twitter

Syllouris and Zhang Reaffirm Cyprus - China Close Ties of Friendship

Anastasiades: A New Cyprus Effort Must Be Well Prepared



brought to you by Deloitte

R&D Expenditure in Cyprus Amongst the Lowest Rates in the EU

R&D Expenditure in Cyprus Amongst the Lowest Rates in the EU

The Innovation and Entrepreneurship Dynamics Newsletter which is published annually by EY, provides key information, data and developments in the Innovation and Entrepreneurship sectors in Cyprus, based on official data from the European Commission and the Government of Cyprus.

The promotion of innovative Companies and entrepreneurship is amongst the top policy priorities of the European Union as it is thought to be one of the main drivers of competitiveness and job creation. The 7th edition of the Regional Innovation Scoreboard1 (RIS) includes Cyprus at the country level and ranks it as a moderate innovator, a ranking that is well below the EU average.

As at the end of 2015, almost all the businesses in Cyprus (99.8%) were Small and Medium sized Enterprises (SMEs ) accounting for 45.7% of total employment. The European Union recognises that SMEs play an ever-increasing role in innovation and is exploring means of improving the environment for entrepreneurship and small firm development and increasing the innovation capacity of enterprises.

Research and Development (R&D) expenditure only accounted for 0.48% of Cyprus’s GDP in 2014, or €83.48m in real terms, amongst the lowest rates in the EU. At the same time, 52.7% (or €44m) of total R&D expenditure was attributed to research carried out at higher educational institutions (2014).

The Cyprus Entrepreneurship Fund was established by the Republic of Cyprus and financed by the European Investment Bank (EIB), with the view to facilitate access to finance for Cypriot SMEs, thereby supporting and strengthening entrepreneurship in the country. To promote investment in innovative businesses in Cyprus, the government has proposed new legislation that includes targeted personal income tax allowances. The proposed legislation is expected to go to the House of Parliament for a vote well before the end of the year.

To view the full newsletter, click here


Pamboridis Discusses the Cyprus NHS at CIBA Event

The Minister of Health, Dr. George Pamboridis accepted an invitation from the Cyprus ...

FML Receives 'People Development Award' at IBJ Awards in Amsterdam

Fleet Management was lauded with the 'People Development Award' for the 3rd time ...

YoungShip Cyprus Rewards Individuals in Maritime Industry

The annual gala dinner organized by “YoungShip Cyprus” on Friday ...



Reddy Reiterates New Zealand‘s Support towards Cyprus Settlement

New Zealand Governor-General Patsy Reddy has reiterated her country’s support to a settlement of the Cyprus problem, strongly commending the firm ...

Rahmon Stresses Need For Further Development of Ties with Cyprus

President of Tajikistan has stressed the need for further development of bilateral ties with Cyprus, especially in the fields of economy and tourism. President ...

Pamboridis Discusses the Cyprus NHS at CIBA Event

The Minister of Health, Dr. George Pamboridis accepted an invitation from the Cyprus International Businesses Association (CIBA), to inform the members ...

Juncker: Meeting with May Will Show If Brexit Progress Made

The president of the European Commission Jean-Claude Juncker said that a meeting with British Prime Minister Theresa May on December 4 will allow the EU to see ...

Multiyork Furnishing Collapse Puts 550 Jobs under Threat

The UK furniture retailer has gone into administration, putting 550 jobs under threat. The retailer will trade until Christmas at the earliest while ...

Kadis Highlights Need for Action to Promote Sustainable Development

Action needs to be taken, in order for the Education for Sustainable Development (ESD) to respond to the needs of the international community for social, ...

Pamboridis Performs Opening of HIV Checkpoint

In October, the Minister of Health George Pamboridis, on behalf of the President Nicos Anastasiades, performed the official opening of the first permanent HIV ...

Infocredit & LexisNexis Among Exhibitors at the 8th Annual AML and Financial Crime Conference

Infocredit Group and its strategic partner LexisNexis Risk Solutions were among the main exhibitors at the ACAMS 8th Annual AML and Financial Crime Conference ...