Invest Cyprus announced on Monday the signing of a Memorandum of Understanding (MoU) with the Cyprus Space Exploration Organisation (CSEO), signaling a significant step forward for Cyprus in the global space industry.
According to Invest Cyprus, the MoU reinforces the island’s ambition to become a hub for innovation, investment, and space technology. The agreement aligns with efforts to create a sustainable economic environment that supports growth and innovation.
Strategic Partnership for Economic and Technological Advancement
The MoU was signed at CSEO’s Nicosia headquarters by George Danos, President of CSEO, and Evgenios Evgeniou, President of Invest Cyprus. Both leaders emphasized the transformative potential of this partnership, focusing on attracting foreign direct investment (FDI) and fostering job creation.
“This collaboration underscores Cyprus’ potential to position itself as a global player in space exploration and related industries,” Invest Cyprus noted.
The agreement targets four key objectives:
Invest Cyprus and CSEO aim to draw investments in cutting-edge technologies and infrastructure, with the Cyprus Space Research and Innovation Centre (C-SpaRC) at the forefront. Recognized as a Centre of Excellence by COSPAR, C-SpaRC serves as a vital element of this initiative.
By facilitating the transition from research to commercial application, the partnership will nurture start-ups and spin-offs rooted in space technologies, driving innovation and economic diversification.
The collaboration seeks to attract international organizations, including leading space agencies, academic institutions, and private companies, through the combined networks of Invest Cyprus and CSEO.
A framework will be established to support the commercialization of space-related products and services, enhancing Cyprus’ export potential in this burgeoning sector.
Comments from Key Stakeholders
Evgenios Evgeniou, President of Invest Cyprus, emphasized the agency’s commitment to economic diversification through high-value sectors.
“The space industry offers vast opportunities, and this partnership aligns perfectly with our strategic objectives,” he said. “Together, we can create a vibrant and innovative sector that generates high-value jobs, drives growth, and enhances Cyprus’ global standing.”
Echoing this sentiment, George Danos, President of CSEO, described the partnership as a pivotal moment for the local space industry.
“This collaboration accelerates innovation and sets the stage for sustainable industry growth. Initiatives like C-SpaRC and our participation in NASA’s Artemis programme are just the beginning,” he stated.
Positioning Cyprus on the Global Space Map
Invest Cyprus stressed that the partnership underscores Cyprus’ growing influence in the global space industry.
“Building on C-SpaRC’s achievements, Cyprus solidifies its role as a hub for space innovation and collaboration, offering unparalleled opportunities for businesses and investors,” the agency concluded.
Source: Cyprus Mail