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Technology can fuel growth and create jobs in Cyprus

The technology sector can become the main source of growth for the Cypriot economy while offering young Cypriots high quality professional career opportunities, according to a study by the research organization IMR University of Nicosia.

The study, carried out on behalf of TechIsland, a non-profit association aiming to promote and accelerate the growth of the technology and innovation ecosystem in Cyprus, aimed to compare Cypriots’ views and opinions on the technology sector as well as theirs other industries in the country.

800 people from all over the island took part in the study, 39 percent from Nicosia, 29 percent from Limassol, 16 percent from Larnaca, 6 percent from the Famagusta district and 10 percent from Paphos.

The participants were evenly divided between men and women, with four different age groups between the ages of 20 and 55 being represented.

“On the one hand, the results of the study show that the economy is now seen as the main problem facing the Cypriots, who also share the need for the Cypriot economy to become independent from the traditional economic sectors and to expand the number of sectors on which the country’s economic model is based Techisland said on Friday.

“Technology, health and education sectors in particular are at the forefront of citizen reviews, perhaps outperforming traditional sectors such as tourism, financial services and real estate for the first time,” Techisland added.

The study also found that the vast majority of participants believe that Cyprus can attract high-tech international companies and professionals, while also in favor of expanding the country’s incentive package to make it happen.

In terms of diversifying the Cypriot economic model, a whopping 84 percent agreed that it was very necessary.

This was also reflected in a question asked about the sectors Cyprus should invest in, with healthcare ranked first at 61 percent, education second at 60 percent, and information technology at 59 percent. Participants were asked to indicate their first choice among a number of possible answers.

Regarding the perceived impact of information technology on the Cyprus economy, 76 percent of respondents said the impact was quite high, while 24 percent said the impact was negligible or nonexistent.

When asked about the financial implications of Cyprus’s future development as a technology center, a massive 86 percent said it would be a positive result.