Invest Cyprus CEO calls Plug and Play launch move of strategic importance

Invest Cyprus has welcomed the official launch of the Plug and Play Tech Centre in Cyprus, describing it as a development that opens a new chapter for the country’s innovation ecosystem and further reinforces its strategic direction towards high-value international partnerships.

The official launch of Plug and Play’s operations in Cyprus took place this week, at the presidential palace, in the presence of Deputy Minister to the President Irene Piki and Deputy Minister of Research Nicodemos Damianou.

The presence in Cyprus of one of the world’s leading innovation organisations, headquartered in Silicon Valley and active in more than 60 locations worldwide, is expected to strengthen the country’s position on the global innovation map, while also creating new prospects for startups, research organisations, investors and outward-looking businesses.

The development followed the recent visit of President Nikos Christodoulides to San Francisco and, in turn, was presented as further evidence of Cyprus’ push to deepen its international presence and build partnerships with organisations with a strong global footprint.

Invest Cyprus said it was in full coordination and communication with both the government and Plug and Play during the government’s most recent mission to the US, helping shape the conditions that led to the organisation’s presence in Cyprus.

According to the statement, Plug and Play is one of the world’s leading innovation organisations, with a broad startup network, partnerships with major multinational companies and strong links to investors and institutional stakeholders.

Its presence in Cyprus is expected to accelerate the growth of the local ecosystem, attract international talent and investment, and support Cypriot startups seeking to scale internationally, it added.

The statement also said the new tech centre would strengthen Cyprus’ links to a global network of know-how, entrepreneurship and capital, opening new opportunities for innovative businesses and further supporting the country’s development as a regional innovation hub.

Invest Cyprus chief executive Marios Tannousis said the official launch of the Plug and Play Tech Centre in Cyprus was “a development of particular strategic importance for our country”.

He described it as “a meaningful step that strengthens Cyprus’ innovation ecosystem and confirms that our country can attract internationally renowned organisations with a genuine development impact”.

Tannousis added that “the first contacts with Plug and Play began in the context of the government’s most recent mission to the US” and “evolved into a collaboration that creates new opportunities for startups, research bodies, investors and businesses”.

“Through such strategic moves,” he said, “Cyprus is steadily strengthening its position as a modern, reliable and competitive destination for investment, technology and innovation.”

Invest Cyprus added that, together with the Deputy Ministry of Research and the Research and Innovation Foundation (RIF), it continues to support the country’s startup ecosystem, with the focus on creating the right conditions to attract investment, leverage know-how and strengthen Cyprus’ international competitiveness.

The agency is the official investment promotion body of the Republic of Cyprus and is tasked with promoting investment and supporting the country’s economic development.

Its mission, it concluded, is to attract quality foreign direct investment, support international businesses seeking to establish operations in Cyprus and promote the country as an attractive and competitive business destination.