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Cyprus Recognised As Strong Innovator For Third Consecutive Year

Cyprus has maintained its position as a “Strong Innovator” in the European Innovation Scoreboard for the third consecutive year. Ranked 10th among EU member states, Cyprus achieved 106.3% of the European average, marking the highest growth in innovation performance across Europe since 2017. The Deputy Ministry of Research, Innovation and Digital Policy reported increases in 15 of the 32 assessed indicators this year. Notably, Cyprus excelled in categories like “Linkages” and “Attractive research systems,” showcasing effective collaborations and robust research outputs.

Innovation Ecosystem and Government Policies

Deputy Minister Dr. Nicodemos Damianou highlighted the significant evolution and performance of Cyprus’ research and innovation ecosystem, attributing success to effective government policies. The country aims to create favourable conditions for scientists and entrepreneurs, ensuring that research and development spending translates into tangible benefits for society and the economy.

Focus on Collaboration and Research Excellence

Cyprus was acknowledged as a top performer in “Linkages,” reflecting strong collaborations between innovative businesses and research institutions. Additionally, the country scored high in “Attractive research systems,” underscoring the quality of its international scientific publications and the presence of prestigious research institutions.

Commitment to Continuous Improvement

The Deputy Minister stressed the importance of continuously evaluating and improving the innovation ecosystem. Through a new impact assessment mechanism, the government aims to ensure that Cyprus’ trajectory in innovation remains on a path of substantial improvement, benefitting both the economy and society.

By maintaining its strong position in the European Innovation Scoreboard, Cyprus demonstrates its commitment to fostering a dynamic and innovative environment, driving progress and development across multiple sectors. This achievement reflects the country’s strategic focus on research, innovation, and collaborative growth, positioning it as a key player in the European innovation landscape.

Digital Transactions: A Green Approach To Finance In Cyprus

As Cyprus increasingly embraces digital transactions, the environmental benefits of this shift are becoming evident. A recent report highlights that digital payments significantly reduce the carbon footprint associated with traditional banking operations. By decreasing the reliance on physical branches, paper-based processes, and the transportation of cash, digital transactions are contributing to a more sustainable financial ecosystem. This transition is in line with global initiatives to combat climate change and underscores Cyprus’ commitment to promoting a cleaner, more efficient financial landscape.

Digital transactions are not only more convenient and efficient but also significantly less resource-intensive. Traditional banking often involves extensive paperwork, the use of physical infrastructure, and the transportation of money, all of which contribute to higher carbon emissions. In contrast, digital transactions streamline these processes, resulting in lower energy consumption and reduced waste.

The environmental advantages of digital transactions are complemented by their economic benefits. By lowering operational costs and enhancing transaction speed and security, digital payments provide a compelling case for broader adoption. This shift supports sustainable development goals and aligns with the global push towards greener, more resilient economies.

Furthermore, the widespread adoption of digital transactions in Cyprus is expected to drive innovation within the financial sector. With the integration of advanced technologies such as blockchain and artificial intelligence, the digital financial landscape is set to become even more efficient and secure. These innovations not only enhance user experience but also contribute to environmental sustainability by further reducing the need for physical resources.

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