Written Statement by the Government Spokesman of the Republic of Cyprus, Mr Konstantinos Letymbiotis, on the President of the Republic of Cyprus’ visit to San Francisco

The President of the Republic of Cyprus, Mr Nikos Christodoulides, departs today from Houston for San Francisco, California, where he will continue his round of contacts in the global centre of technological and business innovation, Silicon Valley, to promote Cyprus as a regional hub of technology and innovation.

President Christodoulides will have meetings with leading executives of global technology and investment giants, including OpenAI, Amazon, Google, Nvidia, Oracle, Tenstorrent, Plug & Play, Andreessen Horowitz, and Fortress Investment Group. These meetings aim to connect Cyprus with global innovation, promote strategic synergies, and attract investment and technology organisations seeking a presence and growth in the European Union (EU) and the wider region.

The initiative is part of the Government’s broader strategy to promote Cyprus as a reliable, stable, and technologically evolving environment, capable of hosting start-ups, research centres, and highly specialised technology companies.

This strategy leverages and enhances Cyprus’ comparative advantages, promoting our country as an ideal destination for high-tech investments and home to start-ups. By capitalising on its geographical location, which offers access to markets in the EU, the Middle East, and North Africa, Cyprus can act as a bridge for cross-border cooperation and interconnection of three continents.

The fast-growing technology sector, which currently contributes over 14% of Gross Domestic Product (GDP) and has an annual growth rate of between 15% and 17%, is supported by advanced digital connectivity infrastructure and a highly skilled Infromation and Communication Technology (ICT) workforce. At the same time, Cyprus is among the most competitive ecosystems for start-ups and innovation, ranking 8th in the EU and 15th globally, in terms of venture capital investment as a percentage of GDP.

President Christodoulides will be accompanied to San Francisco by the Deputy Minister of Research, Innovation and Digital Policy of the Republic of Cyprus, Mr Nicodemos Damianou, the Deputy Minister to the President of the Republic of Cyprus, Ms Irene Piki, the Government Spokesman of the Republic of Cyprus, Mr Konstantinos Letymbiotis, the President of Invest Cyprus, Mr Evgenios Evgeniou, the Chief Scientist for Research, Innovation and Technology of the Republic of Cyprus, Mr Demetris Skourides, as well as government officials.

(TG/IA/MS)

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