The government has prioritised bolstering innovative enterprises in Cyprus, according to Finance Minister Makis Keravnos, who made the announcement during a visit to SignalGeneriX in Limassol, a firm specialising in the design and development of electronic and defence systems, on Friday.
“The government has set as a priority the strengthening of innovative businesses in Cyprus, which are created by Cypriot scientists, employ Cypriot scientists and make use of new technologies,” he stated.
Keravnos highlighted the significance of his visit, saying, “My presence here today underlines this initiative and the priority we have as a government,” and stressed that the Ministry of Finance backs Cypriot companies that harness new technologies and hire local scientists, contribute to the nation’s infrastructure, and produce cutting-edge technology goods for export.
“This is what our economy needs, what is needed to improve and strengthen our economic development model,” he further noted, assuring the firm of the government’s continued support.
When queried about the government’s practical support for such enterprises, Makis Keravnos mentioned that the Council of Ministers, following suggestions from the Ministry of Finance, has endorsed various schemes that bolster these companies.
He mentioned, “Yesterday, the government announced the Equity Fund project, an organisation that will cover the financing needs of businesses and a study is being done that will be submitted to the Cabinet in April.”
Moreover, Keravnos elaborated on a scheme currently being executed that provides funding, both capital and other forms, to small enterprises, startups, and even smaller companies that might collaborate or merge, ultimately transforming the business landscape in Cyprus.