Breaking news

€10 Million Funding Pushes Cypriot Innovation into High Gear

by News Editor

June 16, 2025

As part of a landmark effort to bolster the innovation and production capabilities of Cyprus-based startups, the Research and Innovation Foundation (RIF) has launched a major funding program, “STEP: Creating State-of-the-Art Production Facilities for New Products and Services” with a hefty budget of €10 million.

Set against the backdrop of the government’s commitment to economic reform as outlined in the 2025 Governance Program, this initiative underlines an enduring strategy aimed at fortifying the country’s industrial foundation.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

The program aspires to convert innovative ideas into high-value products or services by facilitating the development of contemporary production facilities—a sectoral push that promises broad commercial viability.

Who Can Benefit?

Cypriot businesses of all sizes looking to enhance their production capabilities can partake in this groundbreaking financial opportunity. Each project could receive up to €2 million, covering expenses from facility establishment to staff training.

The new funding opportunity aligns with the EU’s Strategic Technologies for Europe Platform (STEP) and is aimed at industries focusing on advanced digital technologies, clean technologies, and biotechnology.

General Director of RIF, Theodoros Loukaidis, emphasized, “STEP strategically invests in the evolution of Cyprus’s research and innovation ecosystem and industrial capabilities, empowering companies to transition from development to production, thus amplifying their global market presence.”

The program is open for proposals until September 5, 2025. For more details, interested parties can contact RIF’s Support Service at 22205000 or email support@research.org.cy.

The Future Forbes Realty Global Properties

Economist Calls For Hotel Incentives To Support Cyprus Tourism

by THEFUTURE.TEAM

March 16, 2026

Safeguarding Cyprus’ Reputation

Tassos Yiasemides said Cyprus must maintain its position as a stable destination for tourism and investment as regional tensions continue. He noted that the country’s economy is strongly influenced by external factors, making it sensitive to geopolitical developments.

Optimizing Hotel Operations

Yiasemides said policies that support hotel operations could help sustain tourism activity during periods of uncertainty. Incentives for hotels to remain open, even with reduced staffing levels, could help maintain visitor confidence. Christos Zannetou also stressed the importance of keeping hotels operating during winter months. Continuous activity supports Cyprus’s tourism image and helps maintain employment in the sector.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Enhancing Economic Diplomacy And Inflation Controls

Yiasemides said Cyprus should strengthen economic diplomacy and tourism promotion to offset possible declines in visitor numbers from conflict-affected regions. Diversifying tourist markets could also reduce reliance on specific source countries.

Rising prices and higher energy costs remain additional challenges for the economy. The Cyprus Consumers Association has called for measures, including fuel subsidies, to support households and limit price pressures.

Addressing Energy Challenges And Long-Term Stability

Yiasemides also highlighted structural challenges in the energy sector. He said expanding renewable energy production and improving energy storage could strengthen supply stability. Other measures discussed include targeted support for vulnerable households and adjustments to certain consumption taxes. These steps could help mitigate the economic effects of higher energy and food prices. The proposals outline possible policy responses to current economic pressures affecting Cyprus.