Cabinet gave on Wednesday the green light to a proposal allowing state universities to establish businesses based on their research outcomes, Education and Culture Minister Costas Kadis said.

In statements at the Presidential Palace, Kadis said that during today’s meeting the Cabinet approved the legal framework allowing universities to make the most of scientific research outcomes, the innovations, the scientific knowledge which results from state universities in Cyprus and turn it to products and services which could be marketed to benefit the country’s economy and society.

“It is a very important decision, which makes our universities even more modern, bringing them closer to the productive fabric and the country’s economy, a decision which we believe will create new jobs, will boost the economy.” In essence, he added, “we follow the examples of countries which have advanced on the basis of such policies.”

Kadis pointed out that the great progress achieved by Israel in the area of knowledge society has been based in such synergies.

Replying to a question as to which areas this will focus on he said that there are no exceptions and no limitations. Wherever there are any outcomes they will be able to be put to use on a business level or on a services level to the benefit our economy and society, he noted.