Cyprus looks to Chinese investment for tech park

Cyprus aims to attract Chinese high tech giants to invest in the first science and technology park in Pentakomo, on the southern coast of the island, while the two countries are working to promote bilateral cooperation between universities, academic institutions and companies.

Energy Minister Giorgos Lakkotrypis and the Chinese Minister of Science and Technology Wan Gang on Monday signed a bilateral agreement to jointly promote innovation, science and research.

In statements afterwards, Lakkotrypis said that the aim was to enhance relations and make it easier for researchers, universities and academic institutions to collaborate and promote innovation.
He also underlined that the agreement “comes for Cyprus at a very good moment, when the government is getting ready to publish the tender for the creation of a science and technology park”.

The tender for the island`s first such park in Pentakomo is expected to be announced soon, after the necessary legal screening is completed by the legal service.

Lakkotrypis said the agreement could help Cyprus draw best practices from China, which is already managing 120 similar technology parks, and promote potential Chinese involvement. “With the fast development of science and the reconstruction of industries, it is for us to create new opportunities for the young people, to help them employ their knowledge and realise their ambitions,” the Chinese Minister of Science said.

The emphasis is on technology parks, as well as on potential collaboration between universities, research institute and companies, Wan Gang said, noting that their findings must be translated into practical productivity. He expressed hope that academic and private sector bodies from both countries would work together in research projects, with potential industry applications.

Priorities include clean energy, renewable energy, ICT, biotechnology and nanotechnology, the Chinese minister said.

He added that later this year, the first China-Cyprus science, technology and innovation commission meeting will be held in Beijing.

Wan Gang talked about the co-funding mechanism China has established with the EU and invited universities from China, Cyprus and other EU member states to benefit from it.
Cyprus has available funding of around €30 million for the 2014-2020 period from the joint China-EU fund, that may be directed to common research projects.

Source: Cyprus Mail