Source: cyprus-mail.com
The Cyprus Information Technology Enterprises Association (CITEA) and Invest Cyprus signed a memorandum of understanding (MoU) aimed at strengthening links between international investors and Cypriot technology companies, while expanding cooperation in artificial intelligence, investment and international outreach.
The agreement sets out a framework for closer institutional cooperation and joint initiatives, with particular emphasis on connecting foreign companies choosing Cyprus with technology businesses already operating on the island.
For CITEA, the memorandum also forms part of the direction being pursued by its new board, which is seeking to bring the domestic technology ecosystem closer to organisations, businesses and institutions that can create new opportunities for its members.
In particular, the association wants to build more partnerships between its members and international companies investing or developing activities in Cyprus, creating scope for new business relationships, synergies and growth opportunities both in Cyprus and abroad.
The meeting with Invest Cyprus also focused on the digital transformation of the Cypriot economy and the role the technology sector can play in attracting investment, creating added value and strengthening the international presence of Cypriot businesses.
Particular emphasis was placed on linking foreign companies choosing Cyprus as an investment destination with local technology firms, with the expertise and solutions already available in the Cypriot market seen as an important basis for new cooperation.
Artificial intelligence was another central part of the discussion, with CITEA president George Malekkos presenting the association’s position on the priorities that, in its view, should form part of a meaningful national AI strategy. He stressed that the strategy should be linked to specific actions, investment, implementation mechanisms and measurable outcomes for the economy and businesses.
Explaining the wider approach behind the agreement, Malekkos said that “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”, adding that “we want to bring as many organisations as possible closer to us and create tangible opportunities for our members”.
He said the same principle applies to companies coming into Cyprus, noting that “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”.
Malekkos added that CITEA’s role is to make those connections more practical, saying “our role is to build these bridges and help our members develop new relationships, synergies and business opportunities”.
Turning to artificial intelligence, he said CITEA had already presented its position and would now follow up with more detailed proposals, noting that “regarding AI, we presented CITEA’s position and agreed to follow up with specific recommendations and proposals to the Government”.
He added that the association also wants to examine where Invest Cyprus could provide practical backing, saying “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”.
Invest Cyprus CEO Marios Tannousis also placed the emphasis on ensuring that foreign investment creates value within the domestic economy, saying “our cooperation with CITEA is strategic” and that “when we attract an international investment to Cyprus, our objective is for it to create value here, together with the local ecosystem”.
He added that “Cypriot technology companies have the talent and solutions to become the natural partners of these investments”, before describing the memorandum as the mechanism for building that connection.
“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,” Tannousis said.
The two organisations will now look at specific initiatives through which they can work together on technology, innovation, investment and international outreach, as well as proposals linked to the development of Cyprus’ AI ecosystem.
More broadly, the cooperation is aimed at strengthening links between Cypriot technology companies and international investors, businesses and markets, while supporting efforts to expand Cyprus’ role as a regional centre for technology, innovation and international business activity.