The establishment and development of a Technology Park near the facilities of the Cyprus University of Technology (CUT) in the “Vereggaria” area is among the key initiatives outlined in the Cooperation Protocol signed today, Thursday, November 28, by the Cyprus University of Technology (CUT) and the Cyprus Association of Research and Innovation Enterprises (CARIE).

The protocol was signed by the Rector of CUT, Professor Panagiotis Zaphiris, and the President of the Association, Dr. Tasos Kounoudes, during a special ceremony held at the Rectorate building. The President of the University’s Council, Mr. Costas Galatariotis, also attended the event.

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

The collaboration between CUT and CARIE aims to create a favorable environment for linking the university with Cyprus’ high-tech industry. The focus is on producing innovative Cypriot products with an export orientation. As part of this effort, the development of a Technology Park is expected to act as a catalyst for enhancing research and innovation while creating an ecosystem that offers significant benefits for the university, innovative Cypriot businesses, and the local and broader community.

The partnership also includes participation in cutting-edge research programs, such as artificial intelligence, biotechnology, and microelectronics. It provides opportunities for student internships and the potential employment of university graduates by association members. Moreover, it ensures access to advanced research and development infrastructure, while promoting the creation of a conducive environment for developing start-ups and spin-offs connected to the university. These initiatives aim to strengthen innovation and link academia with the job market.

The collaboration is expected to contribute to the creation of new jobs, attract investment to the area, and boost business activity, establishing the region as a center of excellence in high technology. It will also enhance the quality of life by fostering a dynamic innovation ecosystem and promoting lifelong learning through education and cooperation initiatives. To effectively achieve the protocol’s objectives, the formation of joint working groups and committees is planned.

Speaking at the event, the Rector of CUT, Professor Panagiotis Zaphiris, stated, “Today is an important day for CUT, as our longstanding collaboration with CARIE and its member companies is being elevated through this MOU signing.”

While the protocol primarily focuses on the creation of the Technology Park in “Vereggaria,” he added, it also includes many other initiatives, “forming a comprehensive framework that will bring us even closer. The creation of a Technology Park, which has been in the works for some time, will boost the research sector, creating a space where academic entities, start-ups, laboratories, and companies can coexist, offering opportunities for synergies and innovation,” he concluded.

On his part, the President of CARIE, Dr. Tasos Kounoudes, highlighted the long-standing and excellent cooperation between the Association and CUT. He emphasized the importance of enhancing this partnership through the signing of the MOU for the establishment of the Technology Park.

“Our Association, comprising 40 companies employing over 1,000 researchers and contributing €1.5 billion to the Cypriot economy, possesses a unique applied research infrastructure already collaborating with the University. With this new collaboration, students will gain more opportunities for internships and employment, while the benefits for innovation and the industrialization of research results are expected to increase significantly,” he noted.

In his address, the President of CUT’s Council, Mr. Costas Galatariotis, mentioned that “the collaboration with CARIE aims to maximize synergies between the academic community, the real economy, and industry—a model proven highly effective in advanced countries.”

He noted that the Technology Park would combine research, technology, and education, forming a comprehensive academic ecosystem. “We hope the Council of Ministers will officially approve the site allocation before Christmas,” he said, expressing CUT’s gratitude to the Municipality of Polemidia for its cooperation and support.