Insider Business Emphasis on technology rather than on public sector

Emphasis on technology rather than on public sector

Major changes will have to be made to the development model of the Cypriot economy in the coming years to win the challenge of stable and long-term growth in an increasingly competitive environment, according to an in-depth study by private consultancy firm EPOQ Partners on behalf of ruling Disy party.

This was presented at a working dinner focusing on the Cyprus 2030 vision and development agenda during the recent visit to Cyprus of Greece’s New Democracy leader Kyriacos Mitsotakis.

The study provides a roadmap and milestones for the development of each sector of the Cyprus economy. Specifically, it puts forward the underutilised capacity of infrastructure and the potential of Cyprus to harness growth with a technology-driven economy.

The study also points out that Cyprus may be a small economy but should target specific sectors to achieve economies of scale. This means that the Mediterranean island will have to escape the growth of the Public Service rationale and focus on technological developments instead.

If Cyprus does want to have a present and a future it cannot base its growth on the expansion of the state mechanism because this is not development, said the consultancy firm. The study then showed that there were 60,600 public employees in Cyprus in 2018 for a population of 860,000. This corresponds to one civil servant for every 14 citizens.

Cyprus, the report noted, should therefore invest in areas such as education so as to become a regional training center, in medical tourism, professional services, private banking, digital technology, as well as in sustainable energy research.

The consultancy firm also referred to the economic and institutional advantages of Cyprus such as the high educational level of its citizens, the possibility of becoming an energy hub for the region, exceptional infrastructure in tourism, the adoption of the EU’s public and financial rules.

Special reference was also made to high-end investments such as in Artificial Intelligence, Blockchain Services, and IT – a sector that should be developed further.

 

Read more:

https://in-cyprus.com/percentage-of-women-in-in-science-and-technology-in-cyprus-higher-than-eu-average/

Top Stories

Tersephanou rehabilitation centre becomes part-prison for inmates testing positive to Covid-19

Justice Minister George Savvides announced on Monday a series of measures put in place to tackle prison overcrowding and curb a potential spread of...

Cyprus spent 6.69% of social protection budget on family benefits in 2017

  Cyprus spent 6.69% of its total social protection budget (€242.77 million, or €282.45 per inhabitant) on family benefits in 2017, according to Eurostat figures...

Airlines showing interest; Cyprus airports ready to open says minister

    Larnaca and Paphos Airports are ready to reopen on June 9, and several airline companies have already notified authorities that they will be scheduling...

Bikes, gin and chickpeas on auction by Limassol customs

  Motorbikes, furniture, gin and bags of Egyptian chickpeas will go under the hammer on June 18 at the public warehouse of Limassol Customs. Notification of...

Karousos visits ancient monuments, urges public to explore Cyprus

  Transport Minister Yiannis Karousos marked today's reopening of museums, archaeological sites and monuments with a visit to Kolossi Castle and the archaeological sites of...

Taste

Local cuisine: An introduction

Rich in fresh ingredients and tasty herbs, offers the very best of Mediterranean culinary delights. Head out to a tavern and feast on a...

Spiced lamb with beetroot salad and scented yoghurt

Lay the lamb on a tray, skin side down. Rub with crushed garlic, sprinkle with spices and ground pistachios, wrap in plastic wrap and...

Easy seafood pasta with white wine sauce

Ingredients: 2-3 tbsp olive oil 1 garlic clove, chopped 2-3 tablespoons of whipped cream 1/3 cup white wine 300g spaghetti, roughly broken 300-400g of...

Traditional salads that will blow your mind away

This traditional salads will make you actually love salads! Cyprus may be famous for souvla and kleftiko but if you try the traditional salads with...