Nicodemos Damianou, the Deputy Minister of Research, Innovation, and Digital Policy, held productive discussions with officials from Amazon during their visit to Cyprus. This meeting builds on President Nikos Christodoulides’ recent US trip, continuing efforts to position Cyprus as a strategic hub for tech giants.
The discussions, highlighted in an Instagram post by Damianou, centered on leveraging Amazon Cloud Services and public sector solutions to bolster local innovation ecosystems. This move could potentially lead to the establishment of research and development centers on the island.
Damianou expressed enthusiasm about the ongoing talks, saying, “Honored to welcome Amazon’s leadership to Cyprus, following fruitful discussions in the US. We’re exploring the capabilities of Amazon Cloud and looking into strengthening our innovation capacity, exciting developments are on the horizon!”
Such collaborations signify a promising future where Cyprus could become a beacon for tech innovation and research, attracting top talents and investments globally.
Small and medium-sized enterprises (SMEs) remain a central pillar of Cyprus’ economy, supporting employment, innovation and local production networks. Their long-term competitiveness increasingly depends on access to modern technologies, operational upgrades and targeted investment that improves efficiency and productivity.
The Thalia Initiative: A Strategic Investment Framework
The Thalia 2021–2027 Program plays a key role in supporting this transition. The initiative provides financial assistance to both new and established SMEs, particularly in manufacturing and selected economic sectors, helping businesses modernize infrastructure, upgrade technology and improve production capacity. With a total budget of €50 million and co-financing from the European Union, the program aims to strengthen competitiveness while encouraging entrepreneurship and job creation.
Case Study: Pivo Microbrewery’s Production Revolution
Pivo Microbrewery illustrates how targeted investment can accelerate growth. Before receiving funding, co-owner Thanasis Poluneikis identified limited production capacity as a major obstacle to meeting rising demand. The introduction of modern machinery and updated technology has significantly improved production processes. According to Poluneikis, the new equipment has increased precision and consistency in quality control, helping maintain product freshness and standards throughout distribution. The upgrades also allowed the company to expand production and develop new partnerships, supporting broader market reach.
Enhancing Product Offerings: The Vanilla Aroma Bakery Experience
Vanilla Aroma Bakery represents another example of modernization through investment support. Owner Giannis Toumpas used the funding framework to upgrade both the facility layout and production equipment. The improvements have accelerated operations and increased efficiency, enabling the bakery to refine existing products while introducing new offerings. These changes have strengthened customer experience and reinforced the brand’s position in a competitive market where quality and presentation remain key differentiators.
Financial Support As A Catalyst For Growth
These examples highlight the role of the Thalia Initiative as a financing tool that translates investment into measurable business development. By supporting equipment upgrades, technology adoption and infrastructure improvements, the program contributes to the long-term sustainability of SMEs, encourages innovation and supports job creation. The continued modernization of small and medium-sized enterprises is helping build a more resilient and competitive business environment that supports broader economic growth in Cyprus.
Pivo Microbrewery modernizes its production line to meet growing demand.Vanilla Aroma Bakery enhances operational efficiency through technological upgrades.Financial support transforming local SMEs.
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