TUESDAY, 20 FEB 2018



Facebook Linked In Twitter

Syllouris: Cyprus Solution Exclusively Depends On Turkey Stance

Kouyialis: Cyprus Expects EU to Maintain Improved Direct Payments System In Future CAP



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


GCC Computers Named ‘Top Enterprise Partner of the Year’ For Greece and Cyprus Markets

In the context of the HPE Greece Annual Partner Event 2018 held in Athens, Greece, on ...

GOLD Magazine: From Warships to Wargaming

How did a nuclear engineer in the US navy end up as Chief Human Resources Officer at ...

New WEF/PwC Study Records Significant Opportunities for Innovation and Investment

A new study from PwC and the World Economic Forum examines how AI can help transform how ...



Ikea Joins Big Clean Switch to Offer 100% Renewable Energy Tariff

Joint venture claims cheaper green power could save UK households £300 a year Ikea is calling for households to join its latest joint venture ...

Cyprus Records Deflation Of 1.5% in January

Cyprus recorded deflation of 1.5% on an annual basis in January, official data released on Monday 20 February show.   The Harmonized Price Index for ...

Kouyialis: Cyprus Expects EU to Maintain Improved Direct Payments System In Future CAP

Cyprus expects the EU to maintain the role of direct payments as a means of supplementing and supporting agricultural incomes during the revision of the EU ...

HSBC Profits Jump to $17.2bn on Asia Growth

HSBC has posted a pre-tax profit of $17.2bn (£12.3bn) in 2017, saying its focus on Asia was driving growth. The results represent a 141% jump on the ...

KFC in UK Closing 900 Outlets

KFC has closed more than half of its 900 UK outlets after delivery problems meant they ran out of chicken. Last week, the fried chicken chain switched its ...

Significant Distinctions for Louis Hotels on Tripadvisor

2018 began very positively for Louis Hotels as it achieved high scores for 20 distinctions through the popular travelling website Tripadvisor. In fact, three ...

TUS Officially Launches Its Direct Flights to Ioannina

The Cyprus-based TUS Airways: "The Ultimate Schedule" officially launched, on Friday the 16th of February, its new route from Larnaca to Ioannina. ...

Production in Construction up By 0.1% In Euro Area For December 2017

Seasonally adjusted production in the construction sector in December 2017 compared with November 2017, increased by 0.1% in the euro area (EA19) and by 0.6% ...