Signing of a Memorandum of Understanding focusing on technology, investment, international outreach and Artificial Intelligence.

In a highly positive and constructive atmosphere, a meeting was held between the Cyprus Information Technology Enterprises Association (CITEA) and Invest Cyprus, during which the two organisations signed a Memorandum of Understanding (MoU).

The signing of the MoU represents another step in the new direction being pursued by CITEA 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.

A strategic priority for CITEA is to establish as many partnerships and bridges as possible between its members and organisations or international companies investing and developing activities in Cyprus. 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.

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.

Particular emphasis was placed on connecting foreign companies choosing Cyprus as an investment destination with Cypriot technology companies. The expertise and solutions already available in the Cypriot market can create significant synergies, while also offering new opportunities to CITEA members.

An important part of the discussion also focused on Cyprus’ strategy for Artificial Intelligence. CITEA President, Mr George Malekkos, presented the Association’s position on the key priorities that, in CITEA’s view, should form part of a meaningful national AI strategy.

He particularly stressed the need for the strategy to be linked to specific actions, investments, implementation mechanisms and measurable outcomes for the economy and businesses.

Mr Malekkos also noted that CITEA will follow up with Invest Cyprus with a more detailed position and specific recommendations to the Government, in order to explore how Invest Cyprus can provide practical support, particularly in areas relating to investment attraction, international partnerships, international outreach and the development of Cyprus’ AI ecosystem.

The aim is to identify specific initiatives through which the two organisations can work together and contribute to the implementation of a more ambitious and practical strategy for Artificial Intelligence in Cyprus.

Statement by CITEA President George Malekkos

“From the very first day we assumed office as the new Board of Directors, one of our key objectives was to open CITEA up to the outside world. We want to bring as many organisations as possible closer to us and create tangible opportunities for our members.

When an international company chooses to invest in Cyprus, we want it to know that there is a strong ecosystem of Cypriot technology companies here, with the expertise, products and people capable of working with it.

Our role is to build these bridges and help our members develop new relationships, synergies and business opportunities.

Regarding AI, we presented CITEA’s position and agreed to follow up with specific recommendations and proposals to the Government. We want to explore together with Invest Cyprus where meaningful support can be provided, so that Cyprus’ AI strategy is connected to investment, real projects, international outreach and the growth of the Cypriot economy.”

Statement by Invest Cyprus CEO Marios Tannousis

“Our cooperation with CITEA is strategic. When we attract an international investment to Cyprus, our objective is for it to create value here, together with the local ecosystem. Cypriot technology companies have the talent and solutions to become the natural partners of these investments. 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.”

The Memorandum of Understanding establishes a framework for closer institutional cooperation and the development of joint initiatives between CITEA and Invest Cyprus, with a focus on technology, innovation, investment and international outreach.

Through their cooperation, CITEA and Invest Cyprus aim to strengthen the connection between Cyprus’ technology ecosystem and international investors, businesses, markets and new business opportunities.

This cooperation forms part of the broader effort to create a more modern, digital and outward-looking business ecosystem and to strengthen Cyprus’ position as a regional hub for technology, innovation and international business activity.