Invest Cyprus on Tuesday welcomed the decision by i-BrainTech, an Israeli company specialising in athletic cognitive training to expand its operations in Cyprus.
i-BrainTech designs brain–computer interfaces for motor control neurofeedback therapy.
The company’s initial product is a football-themed video game that is controlled by a user’s thoughts only.
The game aims to help athletes improve concentration and decision-making on the pitch.
In an announcement, Invest Cyprus said that i-BrainTech’s decision is another indication that Cyprus is becoming a preferred destination for tech firms in the European Union. The organisation’s deputy director general, Marios Tannousis said that “this is due to the country’s targeted incentives, its low cost of living, and its commitment to developing and fostering an innovative tech ecosystem.”
Tanousis added that Cyprus offers a business-friendly environment, with a skilled and educated workforce, and a strategic geographic location.
On behalf of i-BrainTech, CEO Konstantin Sonkin said that “with our expansion to Cyprus, we are poised to make a lasting impact on the development of the next generation of athletes in the region through applying state-of-the-art brain training technology to the sports arena.”
“Cyprus is an ideal destination for our efforts, with unmatched procedures, a business-friendly environment, and professionalism. Invest Cyprus has been a valuable partner, facilitating smooth and efficient completion of necessary procedures,” Sonkin added.
Invest Cyprus notes that the number of foreign companies that relocated to Cyprus in 2022 increased by more than 50% on an annual basis, while the total number of jobs created increased by almost 80%. The total impact on the economy was estimated to be 3 billion euros.
