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Cyprus Sees a 4.3% Rise In Industrial Production In Early 2025

by News Editor

April 30, 2025

The island nation of Cyprus is experiencing a notable rise in industrial production, marking a 4.3% increase in the first two months of 2025. According to the Cyprus Statistical Service (Cystat), this surge represents a significant improvement over the same period last year. The Industrial Production Index climbed to 108.5 units in February 2025, using 2021 as a baseline.

Sector-Wide Growth

This growth spanned multiple sectors, most notably manufacturing, which saw a 2.4% increase. Key industries such as electricity supply surged by 14.2%, mining and quarrying grew by 8.1%, and water supply and material recovery rose by 3.8%.

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Manufacturing Sector Insights

Within the manufacturing domain, wood industry growth stood out with an 8.1% rise. Meanwhile, the production of electronic, optical, and electrical equipment increased by 7.2%, and other non-metallic mineral products by 5.1%. Food, beverages, and tobacco output rose by 4.3%.

Areas of Decline

However, not all sectors flourished. Paper and paper product manufacturing, as well as furniture production, experienced declines of 10.9% and 2.3%, respectively.

Cumulative Performance

The highest cumulative increases from January to February 2025 were seen in water collection and treatment, non-metallic mineral products, and mining and quarrying. Nonetheless, paper production, material recovery, and furniture manufacturing showed downturns.

RIF Unveils €16.2 Million Support for Cyprus’ Startups and Established Enterprises

by News Editor

May 22, 2025

RIF Unveils €16.2 Million Support for Cyprus’ Innovators

The Research and Innovation Foundation (RIF) has announced substantial funding of €16.2 million aimed at propelling Cyprus’s established and emerging businesses into the competitive global market. This funding initiative, targeting both seasoned enterprises and budding startups, is designed to cultivate the swift production of innovative products and services.

Upcoming Funding Calls

The funding will be distributed across three programs: INNOVATE and SEED, with a combined budget of €6.2 million, and the STEP programme, commanding a distinct budget of €10 million for expanding facilities and production lines. These programs collectively aim to supercharge competitive advantage on the international stage.

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Focus Areas and Participation

The INNOVATE program welcomes applications from companies in the pilot or market-testing stages, offering up to €1 million per project to enhance commercial production and worldwide distribution capabilities. Simultaneously, the SEED program directs its €3 million budget toward nurturing dynamic, startup ventures, each eligible for up to €500,000 to fast-track their competitive edge internationally.

A notable requirement for INNOVATE program applicants includes submitting audited financial statements and employer obligation documents from the Social Insurance Services.

STEP Program: Shaping Cyprus’ Innovation Future

The STEP program aligns with EU regulations, supporting Cyprus enterprises in developing advanced technologies, efficient green technologies, and biotechnologies. This initiative is anticipated to broaden Cyprus’s production infrastructure significantly.

Getting Ready

Potential participants should promptly prepare their proposals and gather necessary documentation to ensure their submissions upon the open call. Discover how enterprises are leveraging AI innovations to enhance their competitive stance.

Funded by the Republic of Cyprus and the European Regional Development Fund under Thalia 2021–2027, these initiatives promise a well-rounded boost to local innovation.