Cyprus is working to strengthen the integration of digital technology across businesses as companies adapt to a rapidly changing production and commercial environment, Energy, Commerce and Industry Minister Michalis Damianou said on Wednesday.
In an address at the 6th Technology in Action Conference and Exhibition, Damianou said the ministry was supporting industry and entrepreneurship through measures aimed at upgrading business capacity and accelerating digital transformation.
According to a ministry announcement, the conference focused on the strategic advantage that Cypriot companies and organisations can gain from artificial intelligence and smart solutions.
Funding for digital upgrades
Damianou said the ministry had secured €20 million from Cohesion Policy Funds for the 2021-2027 programming period, as well as an additional €10 million from the Recovery and Resilience Facility, for the implementation of the Digital Upgrade Scheme for Businesses.
Three calls have so far been launched under the scheme, in November 2022, March 2023 and May 2025, covering the full available budget of €30 million.
Interest from businesses has been particularly strong, the minister said, as small and medium-sized enterprises from almost all sectors of economic activity are eligible to apply. Certain sectors linked to primary production, the processing and marketing of agricultural products, as well as fisheries and aquaculture, are excluded.
Adapting to the fourth industrial revolution
The minister said the challenges facing businesses today underline the importance of investing in digital upgrades.
He added that technological progress linked to the fourth industrial revolution is creating new conditions with a significant impact on the economy and daily life.
The Internet of Things, industrial digitalisation, 3D printing, artificial intelligence applications and modern information and communication technologies are shaping a new business and production environment, Damianou said.
These developments, he added, make it necessary for organisations and businesses to adopt tailored strategies, redesign procedures and continuously adapt in order to meet the demands of digital transformation effectively.
Source: CNA
