The Council of Ministers approved Thursday the Research & Innovation Strategy and Action Plan for the period 2024-2026.

The Strategy reflects the government's commitment to the promotion and use of research and innovation, as pillars of sustainable development that contribute to the modernization, attractiveness and competitiveness of Cyprus, the Government Spokesperson Konstantinos Letymbiotis said in a written statement.

The Spokesperson says that the strategy takes advantage of the high potential Cyprus has in the fields of research and innovation, and proposes the next level of development with a focus on the utilization of infrastructure, the extroverted approach and the interconnection of research with the production network, the market work and business innovation.

According to Letymbiotis, the Government is implementing a series of reforms and targeted investments, through which the necessary conditions are created for the substantial development of the research and innovation ecosystem.

Letymbiotis also said that the Cabinet today approved proposals concerning three milestones of the 3rd disbursement request of the Cyprus Recovery and Resilience Plan.

These include the proposals by Ministry of Finance on the Protection of the Financial Interests of the European Union and Action Plan for the recording and monitoring of obligations of natural and legal persons.

The third one is the proposal of the Ministry of Energy, Trade and Industry for the Approval of a Progress Report for the Completion of the Milestone of Full Implementation and Full Operation of the Insolvency Legal and Institutional Framework.

The Spokesperson noted that so far, and following today’s decision, a total of 20 milestones out of 22 of the 3rd disbursement request have been implemented. These are included in the agenda of Friday's House Plenary Session.