Cyprus is a “Strong Innovator” for the third consecutive year and has shown the greatest progress (39%) compared to 2017, according to the European Innovation Scoreboard 2024. This highlights the increased potential of its Research and Innovation ecosystem, which creates stronger prospects. It is the only country in Southern Europe to be ranked as a Strong or Leading Innovator.

Cyprus remains a leader across the EU in terms of linkages among ecosystem stakeholders. It also boasts an attractive research system, with a significant increase in innovative small and medium-sized enterprises. Cyprus has registered its highest performance in the collaboration between public research organizations and the private sector indicator, the international scientific co-publications and the collaborations of innovative companies between them and with other organizations.

Public and private investments in Research and Development, as well as venture capital investments in innovative businesses, along with environmental sustainability, are recorded as the three areas of significant improvement for the country.

The Chief Scientist for Research, Innovation, and Technology, who is also chairing the Board of Directors of the Research and Innovation Foundation, stated that this represents a significant achievement for Cyprus. The policies, funding programs of the Research and Innovation Foundation, and the incentives provided by the Government to support the entire R&D ecosystem are yielding results.

"As the R&D funding organization and in my capacity as Chief Scientist, I wish to congratulate all stakeholders in the ecosystem for their high quality work, which has led to international recognitions. As Chief Scientist but also as the Research and Innovation Foundation, we work methodically in collaboration with all parties to further develop the ecosystem."