Source: in-cyprus.philenews.com
A new tender for the long-delayed Pentakomo Technology Park in Limassol is expected to be announced by early June, as Cyprus makes another attempt to attract investors for the project following several unsuccessful efforts in the past.
The development and potential impact of the Technology Park on research was examined Tuesday by the parliamentary Committee on Energy and Commerce.
Ministry of Energy representative Elena Damianou told the committee that external consultants had conducted consultations with the private sector and potential investors, completing a study and preparing an incentive package to attract investment.
The Council of Ministers approved the strategic framework and incentive package at the end of March, Damianou said, adding that the Ministry of Energy has prepared tender documents which will be submitted to the Commissioner for State Aid Control in the coming days.
According to the ministry’s timeline, interested parties will be able to submit proposals until October-November, with evaluations taking place between December 2025 and January 2026.
The second phase of the tender will follow, requiring investors to submit detailed proposals by April 2026. The successful investor, if a suitable proposal is received, will be selected by June 2026 and given five years to complete the first phase of the project.
The investor will have flexibility to present their own views on project viability, with the Technology Park offering flexibility in urban planning, including rental spaces, small-scale workshops, residential units and a hotel.
Due to lengthy delays, many previously expropriated land parcels have been returned to their owners, reducing the project’s scope from the initially planned 400,000 square metres to 192,000 square metres.
Representatives from public and private universities expressed support for the project, noting it would contribute to research and innovation, while Pentakomo community leader Nikos Economou hoped the state would not postpone the project again.
Democratic Rally (DISY) MP Averof Neophytou expressed doubts about private sector interest, stating: “No one will pay to make our country a research and innovation centre”.
Green Party president Stavros Papadouris emphasised the need for serious decisions while ensuring no environmental impact on the area.
(Picture: Noi Techpark Bolano)