Chinese investors keen on tech park

Cyprus aims to attract Chinese high tech giants to invest in the first science and technology park in Pentakomo, near Limassol, while the two countries are working to promote the basis for bilateral cooperation between universities, academic institutions and companies.

The Energy and Trade Minister Giorgos Lakkotrypis and the Chinese Minister of Science and Technology Wan Gang signed a bilateral agreement to jointly promote innovation, science and research.

In statements after the signing in Nicosia, Lakkotrypis said that the aim is to enhance relations and make it easier for researchers, universities and academic institutions to collaborate and promote innovation.

He also underlined that the agreement “comes for Cyprus at a very good moment, when the government is getting ready to publish the tender for the creation of a science and technology park.”

The tender for the first park in Pentakomo is expected to be announced soon, after the necessary legal screening is completed by the Law Office of the Republic.

Lakkotrypis said the agreement can help Cyprus draw best practices from China, which is already managing 120 technology parks, and promote potential Chinese involvement.

Wan Gang noted that with Lakkotrypis, they confirmed the priorities of bilateral collaboration in the field of high-technology and new-technology parks.

The emphasis is on technology parks, as well as on potential collaboration between universities, research institute and companies, Wan Gang said, noting that their findings must be translated into practical productivity. Priorities include clean energy, renewable energy, ICT, biotechnology and nanotechnology, the Chinese Minister said.

He added that later this year, the first China-Cyprus science, technology and innovation commission meeting will be held in Beijing.

Wan Gang also noted the co-funding mechanism China has established with the EU and invited universities from China, Cyprus and other EU member states to benefit from it.

Cyprus has available funding of EUR 30 mln for the 2014-2020 period from the joint China-EU fund, that may be directed to common research projects.