Translation of the Press Release from the Press and Information Office (www.pio.gov.cy) No. 5

The Minister of Commerce, Industry and Tourism Mr. Nicos Rolandis today had a meeting with officers from his Ministry and the Planning Bureau in order to discuss the issue of the establishment and operation of business incubators and the promotion of High Tech industries in Cyprus.

The promotion of High Tech industry is opening a new chapter in the industrial history of Cyprus. Without overlooking  the existing industrial structure of Cyprus, the Government is taking a big  step forward towards technology, which is expected to strengthen, support and enrich the economy of Cyprus.

During the meeting, the up to-date developments in the promotion of the implementation of this insitution were discussed. There was also an exchange of views about the ways for speeding the implementation process.

From the discussion it was concluded that though the implementation of this institution in Cyprus is complex, yet the Ministry of Commerce, Industry and Tourism is at the final stage for its accomplishment.

The Government of Cyprus is already negotiating with four private companies for the setting up and operation of a number of incubators. The preselection was reached after an exploration of the interest of the private sector to co-operate with the Government in such a venture and was based on the Government tender . It is expected that very soon the preparation of the final contract that will be signed between one or more of the above preselected companies will be finalised.

It is expected that the date for accepting the first applications by inventors or  groups of inventors for admission to the business incubators will be announced very soon.