Cyprus’s first science and technology park is being set up in the Limassol district of Pentakomo. The project will be a catalyst not just in promoting and developing scientific research, but also for technological innovation, with positive implications for business growth and the implementation of the national digital strategy. The aim is to foster the construction of a more sustainable development model by encouraging economic diversification and transforming Cyprus into a technology hub for the eastern Mediterranean. Located near the country’s main electricity power station and a short distance from the island’s main ports and airports, the Park will have the capacity to host academic centres and business clusters.
The science and technology park will extend for about 340,000 square metres. Its development will include key services (university departments, research centres, business development areas), “auxiliary” structures (a 100-room hotel, conference and exhibition spaces, leisure centres, sports facilities) and urban infrastructure (roads, aqueduct, water purification plant, electricity supply).
Incentives to attract foreign investment are also planned. These include tax breaks, greater flexibility in authorisation procedures, easier application process for residence and employment permits, and 3 million euro in government support for investment. The tender notice will be published at the end of this month (November 2015) on the website www.eprocurement.gov.cy.
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