The plan for a large Science and Technology park in Pentakomo village was approved on Wednesday by the Cabinet, according to Commerce Minister Giorgos Lakkotrypis who spoke to the media at the Presidential Palace.

“In today’s meeting, the cabinet approved the framework for the creation of a science and technology park, which has been in the pipeline for over a decade” Lakkotrypis said.

The tech park is a common feature in many countries where economic development draws from the success of private enterprises that focus on research and innovation.

The project is still on the drawing board but it appears a decision has been made to acquire the land via exchange with the current owners. A tender is to be announced soon for a land developer.

“Our intention is to find a strategic investor who can develop the campus site and attract high-tech and high profile companies who can add value,” Lakkotrypis said.

The cost to the state will run around €3.5 million which are necessary for infrastructure, such as roads, water, electricity, and a number of expropriation cases.

The minister said he believes the tenders could roll out in September and expressed hope that the government could come up with a solid plan to attract high-tech companies to Cyprus.

Source: InCyprus