Cyprus is a great place to build innovation centers, software development labs, and incubators, US Under Secretary of State for Economic Growth, Energy, and the Environment Keith Krach, who visited the island earlier this week, told Cyprus News Agency.
Krach has also signed a Memorandum of Understanding for cooperation in science and technology with the Deputy Minister to the President of Cyprus for Research, Innovation & Digital Policy Kyriacos Kokkinos.
Stressing the importance of enhancing US private investments in Cyprus, particularly regarding the innovation sector, he said: “there are several ways to be able to do that. Of course, one is private sector investment.
“I spent thirty years of my career in Silicon Valley building companies, and I think Cyprus is a great place to build innovation centers, software development labs, incubators.”
He also said significant human capital and know-how in Cyprus, excellent universities, and a crossroads location.
“I think another big area is in terms of the next-generation telecommunications and it is a particular area of focus in terms of 5G and the clean network which is a comprehensive approach to addressing long term issues of data privacy, security, trusted collaboration built on a coalition of partners,” he said.
Krach also said that officials he met in Cyprus are very like-minded and clearly understand the risk from untrusted vendors.
“Twenty-five NATO countries and over 25 EU countries and Japan, Australia, Singapore, Taiwan, Vietnam, Canada are on a clean network,” he added.
On the dangers from the introduction of the 5G, Krach said this would change how communication is done and bring significant benefits. But also there are risks in terms of authoritarian states, he noted, referring particularly to China.
“China has a national security law that requires any Chinese company, state-owned or otherwise, or any Chinese citizen to turn over any information, proprietary technology, intellectual property or data upon request to the Chinese Communist Party or their army or suffer the consequences, he said.
“So a key aspect is to make sure that the 5G providers are trusted, providers are clear, and that is a big requirement not only for the US private sector companies investing in Cyprus but also really the entire region as well,” he added.