On Monday 8 July, the European Commission published the annual report European Innovation Scoreboard 2024, which presents the results of a comparative analysis of the innovation systems of EU countries and their ranking in terms of innovation development.
For the second year in a row, Cyprus has been ranked among the most innovative countries in Europe.
In 2024, the island state maintained excellent development rates compared to the EU average, thanks to which it remained in an honourable 10th place in the overall ranking.
According to the European Innovation Scoreboard report, all EU countries are divided into four groups: "innovation leaders", "strong innovators", "moderate innovators" and "emerging innovators". Cyprus is currently classified as a "strong innovator". Incidentally, its performance compared to other EU countries has improved significantly since 2017. Cyprus has achieved some of the best results in terms of innovation, joining the list of countries that managed to increase their index by more than 25 per cent.
Specifically, according to the head of the Ministry of Research, Innovation and Digital Policy, Nicodimos Damianou, Cyprus reached 106.3 per cent of the European average this year and recorded the highest growth rate (+39 per cent) in Europe. This year, Cyprus improved its position in 15 of the 32 indicators assessed in the report, and from 2017 to date, it has shown progress in a total of 28 indicators.
According to the report, Cyprus' strengths include: strong links between research organisations and enterprises; attractive research systems; innovation in product development and business processes; and high levels of employment in knowledge-producing sectors and activities.
Such achievements reinforce the country's reputation as a regional research hub and open new horizons for us. This is the result of the long-term efforts of the local research ecosystem, government investment and the work of the Foundation," said Damianou.
Cyprus also excelled in a number of areas, including trade mark applications, business innovation (both products and processes), employment in innovative companies and participation in knowledge-intensive activities. Factors related to the country's digital transformation, such as high-speed connectivity and investment by ICT companies in workforce training, are also identified as strengths. The results of the study also identified areas for improvement to further enhance the dynamic capabilities of the Cypriot ecosystem. These areas include increased investment in research and innovation, attracting private venture capital investment in innovative companies, exports of technology products, patent applications and environmental sustainability factors.
The ministry said it is implementing targeted policies to strengthen the capabilities of the ecosystem, maximise the impact of the sector on the economy and society, and enhance Cyprus' competitiveness as a regional centre for innovation and technology.
The government provides institutional support to research institutes and centres of excellence, the Research and Innovation Fund, academic and research institutions, companies and individual researchers have access to a wide range of funding instruments and support services for innovation and knowledge transfer. We need to take a deep and serious look at today's results and look beyond the numbers to all the elements and challenges that need to be improved to ensure that our trajectory remains on a path of meaningful progress," concluded Damianou.
