Cyprus’ Minister of Finance, Makis Keravnos, has called for greater EU investment in cutting-edge technologies, stressing the importance of such funding in driving Europe’s competitiveness on the global stage. Speaking at a recent conference, Keravnos highlighted the critical need for the European Union to prioritise technological innovation, particularly in sectors like artificial intelligence, green energy, and digital transformation.
As the world faces increasingly complex challenges—ranging from climate change to geopolitical shifts—Keravnos emphasised that technology must play a central role in finding solutions. However, he expressed concern that the EU’s current funding mechanisms are not sufficient to support the kind of large-scale investments needed to keep Europe at the forefront of global technological advancements.
Positioning Europe for Global Leadership
In his address, Keravnos pointed out that while Europe has made strides in the tech sector, it still lags behind global leaders such as the United States and China in key areas like AI and next-generation manufacturing. He argued that the EU should be more proactive in ensuring it doesn’t fall behind in the technology race, urging for a coordinated and comprehensive strategy across member states.
Keravnos’ vision for European innovation rests on the belief that the EU must create funding programmes specifically targeting disruptive technologies. These technologies, he stated, have the potential to not only boost economic growth but also solve some of the most pressing issues facing the world today, such as the transition to green energy and the digitisation of economies.
“Investing in cutting-edge technologies is not just an opportunity for economic growth; it is essential for Europe’s long-term competitiveness,” said Keravnos. “The EU should be at the forefront of these developments, ensuring that Europe remains a global leader in innovation.”
A Call for Increased Collaboration
In addition to advocating for greater funding, Keravnos called for enhanced collaboration among EU member states. He stressed that no single country can shoulder the immense financial burden required to achieve technological dominance. Instead, Europe must work together to pool resources, share knowledge, and build a robust innovation ecosystem that can compete globally.
As part of this broader European ambition, Cyprus is actively positioning itself as a hub for technological innovation. Keravnos noted that the country is already attracting international interest in fintech, healthtech, and renewable energy sectors. However, he emphasised that without substantial support from the EU, individual member states may struggle to realise their full potential.
