Cyprus’ long-term business competitiveness will increasingly depend on how quickly the economy adopts green and digital technologies, Commerce Minister Michael Damianos said Thursday.
More than €500 million has been secured for related measures during the 2021-2027 programming period, with funding supporting entrepreneurship, industrial development, energy upgrades, the circular economy and business digitalization.
Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram
AI, Cybersecurity And Skills Pose Key Challenges
Speaking at the first Cyprus IT Directors Forum during the third Cyprus Tech Summit, Damianos said businesses should adopt artificial intelligence selectively, focusing on tools that solve practical problems, improve decisions and deliver measurable value.
Cybersecurity is becoming equally important as more business activity moves online, he said, linking digital resilience to business continuity, governance and trust. Human resources remain another challenge, with digital investment requiring specialized skills, continuous training and workplaces that can adapt to technological change.
Technology Can Help Smaller Businesses Compete
For Cyprus’ small, open economy, productivity, international market access and the ability to adapt quickly are increasingly important. Damianos said technology can improve customer service, inventory and supply chains in retail, while helping manufacturers increase efficiency, reduce energy and raw-material use, and strengthen quality control.
Small and medium-sized businesses can also use technology to offset disadvantages of scale and create new opportunities for growth.
CIOs Take On A Broader Strategic Role
Damianos said chief information officers are increasingly moving beyond IT systems and infrastructure to participate in business strategy and executive decision-making.
“Security is now a matter of business continuity, corporate governance and trust,” he said.
The government, he added, should not replace private-sector initiative but can reduce barriers, support investment and strengthen cooperation among businesses, technology companies, research institutions and the public sector.
Through funding, skills development and cooperation, Damianos said Cyprus can strengthen productivity, resilience and competitiveness as the economy undergoes its green and digital transition.
